In April, Chevron and USW meet to end a strike, California almost runs solely on clean energy, an oil worker shortage hits Canada, Oil output and prices are rising in the US, and SilverBow announces new acquisitions. Continue reading our oil and gas news roundup to learn more about what’s happening in the industry this month.
Chevron and USW to meet over California oil refinery strike
Negotiators from Chevron Corp and the United Steelworkers union (USW) are scheduled to meet to discuss a possible end to a strike at the company’s oil refinery in Richmond, California. Some 500 workers at the 245,271 barrel-per-day refinery formally began the strike on March 21 after the two sides failed to reach an agreement on a new labor contract.
For more information on the strike click here.
California Almost Runs Solely on Clean Energy This Month
California, which aims to have a carbon-free power grid within 25 years, got a short glimpse of that possibility earlier this month.
The state’s main grid ran on more than 97% renewable energy, breaking a previous record of 96.4% that was set just a week earlier. While these all-time highs are for a brief time, they solidly demonstrate the advances being made to reliably achieve California’s clean energy goals
For more information on California’s clean energy plan click here.
Oil Worker Shortage Hits Canada
There is a shortage of oil and gas workers in Canada. After years of sector instability and a recession, many workers pivoted to careers outside the oil and gas industry. The shortage is likely primarily due to workers not returning to the industry following the recession and the crash in crude prices in 2020.
To read the full article on this labor shortage click here.
U.S. oil drilling, output moving higher with energy prices
U.S. oil production forecasts are being revised upwards despite labor and supply chain constraints as higher prices spur more drilling and well completion activity, according to industry experts. Calls for new oil supplies are being answered by more producers as U.S. prices stay above $100 per barrel, propelled by Russia’s invasion of Ukraine. Prices are up 70% year-over-year, offsetting worries of a second pandemic price drop and inflation.
For more check out oilandgas360.com
SilverBow Resources announces acquisitions of Sundance Energy and Sandpoint Resources
SilverBow Resources, Inc. announced it has entered into a definitive agreement to acquire substantially all of the assets of Sundance Energy, Inc. and certain affiliated entities for a total purchase price of $354 million and up to $15 million of contingent payments based on future commodity prices.
The Sundance transaction, which is expected to close in the third quarter of 2022, has been unanimously approved by the Boards of Directors of both companies.
The SandPoint transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the second quarter of 2022, subject to customary closing conditions.
For more information on the acquisitions click here.
Reach Out to Tiger General
We hope you found our April oil and gas news roundup interesting. If you need a new piece of equipment, fill out the Tiger General Truck Inquiry Form today!