September 4, 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.
- Shell to cut 20% of workers in oil and gas exploration units
- Summary: Shell plans to cut jobs in its oil and gas exploration divisions as part of a broader cost-cutting strategy under CEO Wael Sawan, focusing on efficiency and reducing operating expenses.
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- Oil drops 5% with resolution to Libyan dispute in sight
- Summary: Oil prices dropped to their lowest in nearly nine months due to signs of a resolution in Libya’s oil production dispute and concerns over weak demand from China.
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- AI demand could strain electrical grid in coming decade
- Summary: U.S. data centers are expected to consume massive amounts of electricity by 2030, potentially straining the grid as coal plants retire faster than renewable energy sources can be developed.
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- US drillers cut oil and gas rigs for third week in a row
- Summary: U.S. energy firms reduced the number of active oil and gas rigs for the third consecutive week, with the total rig count hitting its lowest level since June amid declining gas prices and reduced capital spending.
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- Oil and gas giants invest in energy transition
- Summary: Major oil and gas companies, including BP and ExxonMobil, are investing £600,000 ($788,000) in a University of Aberdeen initiative to reduce emissions and support energy transition research.
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- Marathon Oil shareholders vote in favor of $16 billion ConocoPhillips deal
- Summary: Marathon Oil has received stockholder approval for its pending merger with ConocoPhillips, with the transaction expected to close by late 2024, subject to regulatory clearance.
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