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Updated Dec. 11, 2023 8:13 am ETOccidental Petroleum announced a $12 billion agreement Monday to buy West Texas producer CrownRock as the independent oil company seeks to keep pace with rapid consolidation in the industry. As part of the cash and stock deal, Occidental said it would incur $9.1 billion of new debt, issue about $1.7 billion of common equity and take on CrownRock’s $1.2 billion existing debt.Copyright ©2023Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 Updated Dec.…

Exxon Mobil is buying pipeline operator Denbury for almost $5 billion, a big bet by the oil giant on the business of transporting and storing carbon. Exxon Mobil is buying pipeline operator Denbury for almost $5 billion, a big bet by the oil giant on the business of transporting and storing carbon. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified.…

Companies are shelling out big dollars to get rights to subsurface holes where they hope to store carbon dioxide. Companies are shelling out big dollars to get rights to subsurface holes where they hope to store carbon dioxide. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their…

The stock awards that Elon Musk got for running Tesla lost nearly $10 billion in value last year. Stock declines erased $237 million in compensation for Expedia’s boss and roughly $149 million for Amazon.com Chief Executive Andy Jassy.What's NewsSee MoreWhat's News The stock awards that Elon Musk got for running Tesla lost nearly $10 billion in value last year. Stock declines erased $237 million in compensation for Expedia’s boss and roughly $149 million for Amazon.com Chief Executive Andy Jassy.What's NewsSee…

Not long ago, Warren Buffett seemed like he was mostly done with oil stocks. The renowned investor lost big on an oil-company investment in 2008, and bailed out of another in 2014. He assured his shareholders he had learned his lesson. Then, last year, Mr. Buffett built up a fresh $39 billion bet. Not long ago, Warren Buffett seemed like he was mostly done with oil stocks. The renowned investor lost big on an oil-company investment in 2008, and bailed out of another in 2014. He assured…

About fifty miles southwest of Midland, Texas, deep in the oil-saturated Permian Basin, more than 100 workers are busy laying out roads and water lines, preparing to build an elaborate complex of fans, each as large as a tennis court. When they start running in 2024, the fans will suck massive amounts of carbon dioxide out of the air. The carbon will be funneled thousands of feet down deep wells into geological formations, where it should remain for centuries.  The company behind this environmental moonshot…

Oil companies delivered the market’s best shareholder returns last year, but Wall Street is still wary.    The biggest Western oil companies, Exxon Mobil Corp. XOM 0.69% , Chevron Corp. CVX 0.26% and Shell SHEL 1.16% PLC, together cleared a record of more than $132 billion in annual profit in 2022 and handed investors $78 billion via share buybacks and dividends, about…

Sixty-five miles off the coastal Norwegian city of Bergen, a drilling rig is punching through layers of mud and rock below the North Sea. The energy firms behind the rig aren’t prospecting for oil or gas. They are searching for a place to stash vast amounts of the greenhouse gases emitted by industrial facilities across Europe.The Northern Lights project—a $2.6 billion joint venture of Shell PLC, TotalEnergies SE, Equinor ASA and the Norwegian government—is one of almost 200 …

Occidental Petroleum Corp. OXY 1.75% entered the thick of the pandemic among the worst prepared of its U.S. oil-and-gas peers. Struggling with debt from an ill-timed $38 billion deal, Chief Executive Vicki Hollub was fending off activist investor Carl Icahn, who controlled two board seats.Two years later, the company has emerged as the top performer in the S&P 500, and Ms. Hollub has traded Mr.…

As the pandemic set in, investors including Warren Buffett ditched shares of Occidental Petroleum Corp. OXY 9.88% Now, the oil-and-gas producer is the best-performing stock in the S&P 500 this year, and a newfound favorite of the veteran investor.More than two years after selling off its common shares of Occidental, Mr. Buffett’s Berkshire Hathaway Inc. BRK.B -2.30% is the company’s…