Oil: Minor Notes -- April 2, 2024

Locator: 46895B.

Another article by a Bloomberg writer who simply doesn't get it. Link here. 

The Dallas Fed’s survey is a fixture in the energy sector, polling about 200 oil and gas companies based in Texas, New Mexico and Louisiana about their outlooks and views on the industry. It includes anonymous comments from executives, allowing them to offer unvarnished views they may not otherwise publicly express.

The dissonance between their comments and current conditions in the oil sector reflects the industry’s frustration with a president who has championed clean energy, pushed to limit new crude development on federal lands and, most recently, froze new permits to export liquefied natural gas.

Despite all that, fossil-fuel production has surged, and many oil companies have thrived. [And the writer's point would be?}

The fact that executives remain unwavering in their criticism shows just how deep today’s political tribalism runs. [Oh, give me a break.]

Nonetheless, US oil production is forecast to keep rising, on pace to end the year at about 14 million barrels a day, according to Macquarie Group Ltd. [Actually, according to everybody. This is like saying the sun will come up in the east, according to The New York Times.]

--David Wethe, Bloomberg News

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SLB Acquisition

Link here. Charles Kennedy.

SLB, the world’s top oilfield services provider, announced on Tuesday a definitive agreement to buy smaller competitor ChampionX Corporation in an all-stock deal valued at $7.75 billion, as the energy sector consolidation extends to the oilfield services segment.

SLB and ChampionX announced the agreement whose terms stipulate that ChampionX shareholders will receive 0.735 shares of SLB common stock in exchange for each ChampionX share. At the closing of the transaction ChampionX shareholders will own around 9% of SLB’s outstanding shares of common stock.