ConocoPhillips has a significant institutional ownership of 83%, making its stock price sensitive to institutional trading actions. The top 19 investors hold a combined 50% stake, with The Vanguard Group being the largest shareholder at 9.3%.
APA Corporation is selling non-core assets in Texas for over $700 million, with divestments in the Midland Basin and East Texas.
Phillips 66 is acquiring Pinnacle Midland Parent LLC for $550 million to expand its natural gas gathering and processing in the Midland Basin. This acquisition includes the Dos Picos system, which adds significant capacity and complements Phillips 66’s existing infrastructure. The transaction is expected to close by mid-2024, pending regulatory approval.
Key Energy Services, Inc. (“Key” or the “Company”) today announced the purchase of substantially all the assets of the well servicing division of Endeavor Energy Resources, L.P. (“Endeavor”) in an all-cash transaction effective May 19, 2024. Key will continue support Endeavor’s well servicing needs in the Permian Basin with these assets.
In FY2023, ConocoPhillips reported substantial reserves and production, with significant contributions from the Lower 48 regions, including the Permian and Eagle Ford.
Enbridge Inc. has taken significant steps to expand its operations in the Permian Basin. A key initiative is the launch of an open season to increase the Gray Oak pipeline capacity by up to 120,000 barrels per day, contingent on the success of this period.
Oil and gas producer Crescent Energy (CRGY.N), opens new tab has agreed to buy rival SilverBow Resources (SBOW.N), opens new tab for $2.1 billion, a deal which would create the second-largest operator in the Eagle Ford basin in south Texas.
Mach Natural Resources LP delivered a strong performance in the first quarter of 2024, with solid production numbers, controlled operating expenses, and significant net income.
Companies like E3 Lithium and Imperial Oil in Canada, Occidental Petroleum, and ExxonMobil in the US are investing in technologies to extract lithium from brine. This shift is driven by the increasing demand for lithium, particularly for electric vehicle (EV) batteries, and national initiatives to secure domestic sources of battery metals.
Governor Michelle Lujan Grisham supports using treated water as a strategic resource, despite legislative setbacks and public opposition.
