Energy Sector Sees Dramatic Increase in Private Equity Funding
During the last ten days of October, almost $20 billion worth of private...
During the last ten days of October, almost $20 billion worth of private equity funding—most of it targeting oil, gas, and midstream development—was announced, a sum that dramatically dwarfs the totals raised in previous post-pandemic years.
Indeed, the industry’s ability to access capital of any kind took a walloping from the demand decimation of COVID-19, combined with years of poor returns and a global anti-fossil fuel sentiment.
According to Quantum Capital Group founder and CEO Wil VanLoh, between 2010 and 2019, some $21 billion in private equity was raised annually; since 2020, the annual figure has been closer to $3 billion.
New Mexico's November oil and gas lease sale generated $5.5 million...
New Mexico's November oil and gas lease sale generated $5.5 million in high bids, outperforming earlier 2024 auctions despite trailing October and September totals, State Land Office records show. Dudley Land made the top bid at $2.4 million, while Federal Abstract was the most active participant, winning six leases valued at $1.5 million.
The US crude market is signaling oversupply, with the prompt spread trading...
The US crude market is signaling oversupply, with the prompt spread trading in negative territory, marking a contango structure for the first time since February. This shift suggests near-term supply is ample and could lead to inventory increases if OPEC and allies boost production in 2025. Rising US crude production and reduced Chinese demand are key factors contributing to the looming global surplus.
$1.2B deal expands DT Midstream's Midwest gas network
DT Midstream is adding 1,300...
DT Midstream is adding 1,300 miles of natural gas pipelines across seven Midwest states to its portfolio through a $1.2 billion acquisition of Guardian Pipeline, Midwestern Gas Transmission and Viking Gas Transmission systems from Oneok. The deal increases DT's gas transmission capacity by more than 3.7 Bcf/d.
Elon Musk and Vivek Ramaswamy want federal workers back in the...
Elon Musk and Vivek Ramaswamy want federal workers back in the office. In a WSJ opinion piece outlining their plan to curb government waste, the co-heads of the newly created Department of Government Efficiency (DOGE) wrote that they want to bar federal employees from working from home and compel them to come into the office five days a week. “American taxpayers shouldn’t pay them for the Covid-era privilege of staying home,” Musk and Ramaswamy wrote, and if workers don’t comply, it “would result in a wave of voluntary terminations that we welcome.” If adopted by the incoming Trump administration, mandating fully in-person attendance for the country’s largest workforce could set off fierce battles with federal worker unions.
The DOJ asked a judge to force Google to sell its Chrome browser, following his ruling that Google maintained an illegal monopoly in search.
Ford said it is cutting 4,000 jobs in Europe, about 14% of its workforce on the continent, citing weak demand for EVs and competition from Chinese cars.
Alec Baldwin’s Rustpremiered at a film festival in Poland and included a dedication to Halyna Hutchins, the cinematographer who was fatally shot on the set in 2021.
The McRib is coming back to McDonald’s locations nationwide on Dec. 3.
Coachella announced the lineup for its 2025 music festival. Lady Gaga, Post Malone, Green Day, and Travis Scott will headline.
