While We Wait, We Deal

Chevron Sells Canadian Oil Sands, Duvernay Shale Assets for $6.5B to Canadian Natural Resources Ltd.; Chevron’s Haynesville assets may fetch $1B in sale to Tokyo Gas; Financiers: Family Offices Worldwide are Queuing to Invest in E&P; A Historic Short Squeeze In Oil Has Only Begun; U.S. natural gas-fired electricity generation set new daily records in summer 2024

Author

Rob Quigley
October 09, 2024

Good morning. Rob is back at it after vacay. Since when do kids get a 'fall break'?... BUSY BUSY times in the deal market. So many assets hitting the market right now. While waiting on news of their merger with Hess, Chevron sold Canadian assets for $6.8B and is also rumored to sell its Haynesville assets to Tokyo Gas for $1B. Also, Hart article talks about Aethon being IPO ready. Did you know they were trying to go public a few years ago? In other new - a good piece on family offices investing in O&G, EIA said that nat gas-fired generation set new daily record, and we got an oil 'short squeeze' prediction by Tyler Derden with Zero-Hedge. Let's drill down!

Daily Headlines

  • Financiers: Family Offices Worldwide are Queuing to Invest in E&P Hartenergy$$$

  • A Historic Short Squeeze In Oil Has Only Begun Zerohedge

  • U.S. natural gas-fired electricity generation set new daily records in summer 2024 Eia

  • U.S. natural gas output to decline amid rising demand, EIA says BOE Report

  • New Permian crude hub in Orla TX surrounded by lower quality oil RBN Energy

  • Shell raises its guidance for LNG and upstream production WSJ$$$

Deal Flow

M&A/Investment

  • Chevron Sells Canadian Oil Sands, Duvernay Shale Assets for $6.5B to Canadian Natural Resources Ltd WSJ$$$.

  • Chevron’s Haynesville assets may fetch $1B in sale to Tokyo Gas FT.com .

  • Drilling Tools International buys European oilfield service assets Biz Journals$$$

  • Equinor acquires a 9.8% stake in Ørsted, becoming its second-largest shareholder World Oil

IPO/Direct Listing/Issuances/Block Trades

  • Aethon had supposedly hoped to go public a year or two ago Hartenergy$$$

Debt

  • Aker BP raises $1.5 billion through a debt instrument sale to boost operations Rigzone

  • Alternus sheds $100 million in debt through the disposal of subsidiaries Oil & Gas 360

  • Ecopetrol launches cash tender offer for notes due in 2026 Oil & Gas 360

  • Obsidian Energy increases credit facility to $300M Oil & Gas 360

VSO is the go-to consulting firm for buy-side technical due diligence. We can handle all your technical evaluations or can be your spare capacity when you need overflow help. If you’re in the deal flow, let’s work together.

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