By Paul Sankey
Published on January 22, 2025 at 10:06 AM
Hybrid bonus Refining Conference/E&P Session tomorrow Thursday 4PM, leading private equity and refining executive: Jeff A. Stevens. Jeff was a stalwart of the Sankey Refining conference back when he was CEO of Western Refining, which was ultimately sold to Greg Goff’s Tesoro for $6bn in 2017. Subsequently he built and just sold a major Permian private E&P player, Franklin Mountain. He has fascinating insight to US oil investment. Coterra Announces Accretive Permian Basin Acquisitions November …
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By Paul Sankey
Published on June 1, 2024 at 12:27 PM
“That must mean we’re up here at Gobbler’s Knob, waiting for the forecast from the world’s most famous weatherman, Punxsutawney Phil.” Phil Connors (Bill Murray), Groundhog Day (1993) We are back to writing about E&P M&A … again. Our conclusions are broadly unchanged: Big companies are being incentivized by the market to take over the small, but with an evolution on the margin that finds asset quality now of equal importance to valuation; we are …
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By Paul Sankey
Published on May 29, 2024 at 7:55 AM
First thought is not only Devon, as always the bridesmaid, but ever the bridesmaid to ConocoPhillips, who trumped them for Shell’s Permian asset package (~$9bn) and now announces the takeover of Marathon Oil. Devon was seen as in pole position to take over MRO; these are multi-basin deals and the best first for MRO were COP or Devon. Second thought, good news to get a decent premium back in oil deals. “It shows a decent …
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