US, European Companies Strike Deals to Further Consolidate Oil Industry -- At a Glance
October 23 2023 - 7:32AM
Dow Jones News
Large energy players in the U.S. and Europe are striking deals
with smaller companies this year amid efforts to consolidate the
oil industry. The moves are seen as a vote of confidence in the
long-term resilience of fossil-fuel demand despite policymakers'
growing efforts to promote low-carbon energy.
--Oil giant Chevron agreed to acquire medium-sized rival Hess in
an all-stock deal valued at $53 billion. Chevron said the
acquisition would upgrade and diversify its portfolio, and that
Hess would add about 10% to its overall oil-and-gas production of
about 3 million barrels a day.
--Exxon Mobil struck a nearly $60 billion deal to buy
exploration-and-production company Pioneer Natural Resources,
cementing its status as the dominant player in the U.S. fracking
industry, now centered in West Texas, where Pioneer has more places
to drill than almost all of its rivals.
--Italy's Eni and Norway's Var Energi agreed to acquire Neptune
Energy's global and Norway businesses for around $4.9 billion
including debt. The Italian oil major said the deal would support
its goal to increase the share of gas in its portfolio by the end
of the decade.
--BP and Abu Dhabi National Oil Co., also known as ADNOC, have
made a nonbinding offer to acquire Israeli gas producer NewMed
Energy, aiming to form a joint venture focused on gas
development.
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(END) Dow Jones Newswires
October 23, 2023 07:17 ET (11:17 GMT)
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