Major Operators Expanding Rapidly

The biggest producers in the U.S. oil and gas sector are set to increase their production significantly, largely driven by ongoing mergers and acquisitions (M&A). The top 20 publicly traded oil and gas operators in the U.S. will boost their output by approximately 3 million barrels of oil equivalent per day (boe/d), representing a 16% increase over the last 18 months.

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BP predicts global oil demand will peak in 2025

BP’s recent projections suggest that global oil demand will peak in 2025, largely driven by the rapid growth of renewable energy sources such as solar and wind. This transition is expected to contribute to a significant reduction in global carbon emissions by the mid-2020s. BP’s annual Energy Outlook study outlines two potential scenarios: the current trajectory of the energy transition and a pathway to achieve net-zero emissions by 2050.

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Devon Energy to acquire the Williston Basin business of Grayson Mill Energy in a transaction valued at $5 billion

Devon Energy (NYSE: DVN) announced today it has entered into a definitive purchase agreement to acquire the Williston Basin business of Grayson Mill Energy in a transaction valued at $5 billion, consisting of $3.25 billion of cash and $1.75 billion of stock to the sellers. The transaction is subject to customary terms and conditions, including various purchase price adjustments, and is expected to close by the end of the third quarter of 2024, with an effective date of June 1, 2024.

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