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Shale Revolution

All articles tagged with #shale revolution

energy2 years ago•2 min saved

"Surging U.S. Oil Exports Shake Up Global Market Dynamics"

The United States has reached a record-breaking crude oil production of 13.2 million barrels per day, surpassing expectations and causing concerns for OPEC+, which recently agreed to further output cuts. The US accounts for 80% of the global oil supply expansion this year, and its production is expected to continue growing. This surge in supply is the main reason why oil markets have not tightened as anticipated. Despite a rebound in crude oil futures, prices have experienced a seventh consecutive weekly loss.

via Seeking Alpha|

#crude-oil-futures #energy #global-oil-market

business2 years ago•4 min saved

Exxon Mobil Dominates US Oilfield with $60 Billion Pioneer Acquisition

Exxon Mobil has agreed to acquire U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, making it the largest producer in the largest U.S. oilfield and securing a decade of low-cost production. The deal, set to close in early 2024, combines the largest U.S. oil company with one of the most successful names in the shale revolution. The acquisition will leave four of the largest U.S. oil companies in control of much of the Permian Basin shale field and its infrastructure. Despite facing scrutiny, the companies are likely to complete the deal as they argue that they will account for a small fraction of the global oil and gas market.

via Reuters|

#business #exxon-mobil #oilfield