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Shale Producers

All articles tagged with #shale producers

energy2 years ago•2 min saved

Devon Energy Cuts Budget and Dividend as Profits Decline

Shale producers Pioneer Natural Resources and Devon Energy have tightened their budgets and warned of lower drilling and completions activity due to a drop in oil and gas prices, which significantly impacted their second-quarter profits. Pioneer has cut its 2023 budget by $125 million and plans to operate fewer drilling rigs and place fewer wells on production. Devon has reduced its capital spending for the third quarter and maintained its full-year production forecast. Despite the profit decline, Pioneer's second-quarter earnings beat analysts' estimates.

via Reuters|

#budget-cuts #energy #oil-and-gas-prices

energy2 years ago•1 min saved

Exxon's Potential Acquisition of Pioneer Natural Resources Boosts Shale Stocks.

American shale producers' shares rose after reports that Exxon was in informal talks for the potential acquisition of Pioneer Natural Resources, whose stock jumped 8.5% on the day. The market is viewing Exxon’s purchase as the potential start of an M&A spree, with Big Oil flush with cash and Permian asset holders looking attractive. Chevron is also potentially on the lookout for Permian assets this year.

via OilPrice.com|

#energy #exxon #mergers-and-acquisitions

finance2 years ago•2 min saved

Exxon Mobil Reportedly Eyeing Pioneer Natural Resources Acquisition

Shale producers, including Pioneer Natural Resources, Diamondback Energy, and Devon Energy, saw their shares rise as traders speculated they could be potential takeover targets for Big Oil companies looking to expand after Exxon Mobil's reported interest in Pioneer. Buying Pioneer would make Exxon the largest producer in the Permian Basin and provide more than a decade-long runway of lucrative locations to drill wells. Analysts expect the rest of 2023 to be a busy time for oil deals, with Chevron and other firms also on the hunt to boost inventory.

via Yahoo Finance|

#exxon-mobil #finance #manda