Eight Wells Coming Off Confidential List Heading Into The Weekend -- October 26, 2023

Locator: 45839B. 

GM: during Mary Barra's era, shares have dropped 25% over the past nine years -- Barron's. One would never know that by listening to CNBC's auto analyst, Phil LeBeau. Worse: even with reinvested dividends, the stock has had a slightly negative annualized return. Meanwhile, excluding reinvested dividends, Ford shares have appreciated almost 30% over the past five years. However, going back nine years, as Barron's did with GM, Ford share price:

• today, $11.54
• October 31, 2014: $14.09
• 14.09 - 11.54 = a 22% decline.

Which, I guess tells another story.

Is it the CEO or the American car industry?

Something suggests to me that with the new UAW contract, the next ten years may not be a whole lot better. And then throw in the transition to EVs.

See this post.

Cramer

Israel: tell me the ground invasion has not begun by telling me the ground invasion has not begun.

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Back to the Bakken

WTI: $83.78.

Friday, October 27, 2023: 67 for the month; 67 for the quarter, 637 for the year
39718, conf, Kraken, Sutton 3-10 6H,
39495, conf, CLR, Thaxton 5-35H,
38094, conf, Enerplus, Ommuura 148-93-05D-06H,
31204, conf, BR, Abercrombie 5-8-12MBH,

Thursday, October 26, 2023: 63 for the month; 63 for the quarter, 633 for the year
39494, conf, CLR, Thaxton 6-35H,
38923, conf, Oasis, Kestrel 54001 43-22 3B,
38093, conf, Enerplus, SEI 148-93-05D-06H,
31203, conf, BR, Abercrombie 44-8-12UTFH,

RBN Energy: Chevron shuns Permiaan for $60 billion grab of Guyana-focused Hess.

Rumors about potential oil and gas mergers are always swirling, but the announcement of ExxonMobil’s record-breaking deal to acquire Pioneer Natural Resources a couple of weeks ago generated a fever pitch of speculation about potential matchups. In the past week, we’ve seen media reports of possible courtships between Devon Energy and Marathon Oil and then Chesapeake Energy and Southwestern Energy. However, it was Chevron that shocked the oil patch by swiping right on former integrated oil company Hess Corp., opting for a $60 billion acquisition of an E&P with no Permian Basin exposure. In today’s RBN blog, we analyze the drivers and implications of what is now the second-largest U.S. upstream transaction ever. 

Chevron, the #2 global integrated oil company with a market cap of $311 billion, had been expected to respond to the dramatic acquisition by #1 ExxonMobil, and speculation logically focused on a move to boost scale in the Permian Basin. In contrast with peers that have focused on shale-related acquisitions, Chevron has been developing the substantial legacy position created with its 2000 merger with Texaco. The company’s Q2 2023 output of 772 Mboe/d placed it second among Permian producers, well ahead of ExxonMobil’s 560 Mboe/d. The company’s aggressive development plan targeted 1 billion boe/d of Permian production by 2025, well ahead of its larger competitor’s goal of reaching that level by 2027, but the Pioneer acquisition will catapult ExxonMobil to 1.3 billion boe/d. Would Chevron respond with a Permian deal of its own?