Chevron and Exxon are set to write off billions of dollars worth of California assets because of strict laws and regulations that the companies say won’t change oil consumption but will shift profits to foreign producers such as Saudi Arabia.
To convince the market of OPEC+’s ability to sway oil prices, the international organization will have to take back control and maintain production cuts at least until the second quarter of 2024.
The OGInterview Time for Transition Rich Dealy steps into the Pioneer Natural Resources CEO role as the Permian Basin pure-play integrates operations with Exxon Mobil in a $60 billion merger. Features Bryan Sheffield: Asset Sellers Need Bid/Ask Therapy Advisers need to sharpen their pencils at the negotiation table because “all you’re going to do is upset your seller by promising a market that isn’t there. No one’s going to pay you.”
In 2023, majors Chevron and Exxon Mobil took four public names off the board Pioneer Natural Resources, Denbury, PDC Energy, and Hess Corp. using all-equity takeout mechanisms with scant premiums.