September 16, 2024 Edition
At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.
- Viper Energy Strikes $1.1 Billion in Deals to Expand Midland Basin Footprint
- Summary: Viper Energy Partners LLC has agreed to acquire mineral and royalty interests from Tumbleweed Royalty IV LLC for $461 million in cash and 10.1 million Viper units, with the deal expected to significantly boost Viper’s production in the Midland Basin, driven by Diamondback Energy’s development plans.
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- Brent Crude Rises Amid Unusual Investor Pessimism and Tight Supply
- Summary: Brent crude prices rose slightly per barrel, but market sentiment is unusual, with a record low in investor confidence and more bets on falling prices, despite declining global oil inventories, signaling potential volatility ahead.
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- U.S. Oil and Gas Rig Count Jumps
- Summary: The U.S. rig count rose by 8 to 590 this week, reversing a recent decline, with oil rigs up by 5 and gas rigs up by 3, while crude production held steady and oil prices saw a slight increase.
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- Fifth of US Gulf of Mexico Crude Oil and 28% of Gas Offline
- Summary: Nearly 20% of crude oil and 28% of natural gas production in the U.S. Gulf of Mexico remains offline due to Hurricane Francine, with cumulative losses reaching 2.16 million barrels of oil and 4.635 billion cubic feet of gas.
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- Federal Judge Temporarily Blocks Biden Administration Rule to Limit Flaring of Gas at Oil Wells
- Summary: A federal judge in North Dakota has temporarily blocked a Biden administration rule aimed at reducing gas flaring at oil wells, citing concerns that the rule may overstep regulatory authority and hinder oil and gas production.
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- DOE Announces $15 Million to Reduce Methane Emissions From the Oil and Gas Sector
- Summary: The U.S. Department of Energy announced $15 million in funding for research to reduce methane emissions from undocumented orphaned oil and gas wells, supporting the Biden administration’s 2030 methane reduction goals.
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The information provided by Valor in this blog is for general informational purposes only, not to provide specific recommendations or legal or tax-related advice. The blog/website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
