All articles tagged with #oil producer
Chevron has announced plans to acquire US oil producer Hess for $53 billion, in a move that would further consolidate the energy industry. The deal would give Chevron access to Hess' assets in the Gulf of Mexico and strengthen its position in the Permian Basin, one of the largest oil fields in the US. The acquisition is subject to regulatory approval and is expected to close in the fourth quarter of 2022.
Nigerian petrol prices have reached a record high of 617 naira ($0.78) per litre after the removal of a popular but costly fuel subsidy by President Bola Tinubu in May. The subsidy, which had kept fuel prices cheap for decades, cost the government $10 billion last year. Since the removal, 56 private firms have been licensed to import petrol, with 10 of them set to start deliveries in the third quarter. Nigeria imports almost all its refined fuel due to inadequate refining capacity and neglect of existing refineries.
New Mexico regulators have fined Texas-based oil and natural gas producer Ameredev $40.3 million for burning off excessive amounts of natural gas in violation of pollution reporting and control requirements. The burning caused excessive emissions of pollutants linked to climate warming and health issues. Ameredev is accused of mining oil and gas without means of transporting the gas via pipeline, resulting in the burning of natural gas in excess of limits or without authorization. The fines are the largest ever imposed by the state, and the company has been ordered to cease all excess emissions and seek accurate permits.
Warren Buffett's company, Berkshire Hathaway, has purchased an additional 2.1 million shares of Occidental Petroleum, bringing its total ownership to over 25% of the oil producer. With more than 224 million shares worth nearly $13 billion acquired over the past year and a half, Buffett may continue buying as the stock price remains favorable. While investors often follow Buffett's lead, his statement that he has no plans to acquire all of Occidental may temper enthusiasm. However, Berkshire holds warrants to buy an additional 83.9 million shares, and it also owns preferred shares worth over $10 billion.