HEADLINES: QEP’s Offer, Oil Majors Take Interest In Carbon Emissions

HEADLINES: QEP’s Offer, Oil Majors Take Interest In Carbon Emissions


Hello everyone. Thank you for joining us for
Hart Energy Headlines. I’m Jessica Morales. Activist Investor Elliott Management has offered
to buy soon-to-be Permian Pure play QEP Resources in an all-cash deal. That deal is valued at
$2.07 billion. Hart Energy’s Emily Patsy spoke with analysts from Cowen & CO. Equity
Research team. They estimate QEP’s Permian acreage is garnering roughly $25,000 per acre.
That acreage is located in the Midland Basin in Martin and Andrews Counties in Texas.
BP is betting big on the U.S. Gulf of Mexico, where the company has unveiled a $1.3 billion
expansion of the Atlantis Field. Exploration efforts have led to two oil discoveries and
seismic imaging has uncovered 1 billion more barrels of oil in place near an existing field.
The EIA says that U.S. crude oil stockpiles fell less than expected last week, and that
gasoline and distillates inventories rose more than expected.
Oil majors Chevron and Occidental Petroleum are taking a minority stake in a Bill Gates-backed
startup company. Carbon Engineering has developed technologies to suck CO₂ directly from the
atmosphere and use it to make synthetic fuel. The deal marks the first significant investment
by energy groups into the technology. That technology is known as direct air capture,
which pulls CO₂ by using chemicals and fans. Speaking of CO₂ emissions, the leader of
the American Petroleum iInstitute says every generation has its own defining challenges
and accomplishment. API CEO and President Mike Sommers said this generation is defined as
generation energy because of the unprecedented dual achievement of meeting record world energy
demand while driving record CO2 emissions reductions.
That’s it for this week, thank you for watching. I’m
Jessica Morales.

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