Another Powerhouse Merger: Chevron Buying Hess for $53 Billion
Not even a full two weeks ago, MDN brought you the news that Exxon Mobil, the #5 oil producer in the Permian Basin, is buying Pioneer Natural Resources, the #1 oil producer in the Permian, in an all-stock deal valued at $59.5 billion, plus assuming $5 billion in debt, for a total deal value of $64.5 billion (see Shale Megadeal: Exxon Buys Pioneer Natural Res. for $64.5 Billion). We told you that experts were predicting Exxon’s megamerger with Pioneer would touch off more mergers. And it has. Chevron announced via press release this morning that it is buying Hess Corporation in an all-stock transaction valued at $53 billion. Chevron doesn’t want to be left behind in the oil drilling wars.
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The Big Green group Save Ohio Parks is trying to block legally permitted and state-encouraged drilling under some of Ohio’s state-owned lands, including shale drilling under (not on) state parks. Save Ohio Parks recently tried to prove shale drilling is a problem in the Buckeye State by using data from the Ohio Dept. of Natural Resources (ODNR). In a funny turnabout, the group actually proves the opposite — that shale drilling is super safe and not harming the environment in Ohio.
The U.S. rig count rose last week for the second week in a row, albeit just slightly. The national rig count added a piddly two rigs for 624 active rigs. We remain near the lowest point of active rigs running since February 2022. It feels like a dead cat bounce to us. The count in the Marcellus/Utica, after gaining one rig two weeks ago (in Pennsylvania), remained steady at 39 active rigs last week. The M-U’s biggest competitor, the Haynesville, added three rigs last week and now sports 40 active rigs, one more than the M-U. Darnit!
On Friday, Range Resources Corporation, the very first driller to sink a Marcellus Shale well (in Pennsylvania) back in 2004, announced it had appointed a new member to its Board of Directors — Charles G. Griffie. Mr. Griffie has an extensive background in the oil and gas industry with expertise in managing midstream assets. Among his previous positions, Griffie did a 2.5-year stint as Senior Vice President of Midstream and Marketing for Huntley & Huntley Energy Exploration (now called Olympus Energy).
A very small but mouthy group of legislators, doctors and faux “scientists” is pressuring the weak-willed New York Gov. Kathy Hochul to pass the NY Home Energy Affordable Transition Act, just months after Hochul’s controversial move to ban gas stoves, furnaces and propane heating in new residential buildings in the Empire State (see 
NATIONAL: Green energy bubble about to burst, taxpayers will suffer; Democrat ‘fix was in’ when Louisiana lost out on hydrogen hub; INTERNATIONAL: Europe gas settles at week-high on Mideast conflict fears.