330-725-4949 ext. 122

October Oil & Gas News Roundup

In October, Earthstone announced a share repurchase, the U.S. is to hold their first-ever pacific offshore wind lease sale, continental resources announced a definitive agreement to be acquired by the Hamm family, Shell Closed their UK hydrogen filling stations, and Biden laid out a plan to complete emergency oil sales. Continue reading our oil and gas news roundup to learn more about what’s happening in the industry this month.

Earthstone Announces Share Repurchase

Earthstone Energy, Inc. announced today that it has purchased 3,000,000 shares of Earthstone’s Class A Common Stock for a total purchase price of approximately $44 million from certain affiliates of Warburg Pincus, LLC.

Earthstone Energy, Inc. is a growth-oriented, independent energy company engaged in acquisitions and the development and operation of oil and natural gas properties. Its primary assets are located in the Permian Basin of west Texas and New Mexico.

For more information, visit Earthstone’s website at www.earthstoneenergy.com.

The U.S. To Hold First-Ever Pacific Offshore Wind Lease Sale

The U.S. Bureau of Ocean Energy Management (BOEM) will hold an offshore wind energy lease sale in December for areas off of central and northern California.

This will be the first-ever offshore wind lease sale on America’s west coast and the first-ever U.S. sale to support potential commercial-scale floating offshore wind energy development. This sale is needed to achieve the Biden-Harris administration’s deployment goals of 30 GW of offshore wind energy by 2030 and 15 GW of floating offshore wind energy by 2035.

Click here to read the full article on this topic.

Continental Resources Announces Definitive Agreement with the Hamm family

Continental Resources, Inc. announced that it has entered into an Agreement and Plan of Merger with Omega Acquisition, Inc., an Oklahoma corporation owned by Harold G. Hamm. Pursuant to the Merger Agreement, Merger Sub will commence a tender offer to purchase any and all of the outstanding shares of Continental’s common stock at $74.28 per share, other than the following:

  1. Shares of common stock owned directly or indirectly by Mr. Hamm and the Hamm family
  2. Shares of common stock underlying unvested equity awards issued pursuant to Continental’s long-term incentive plans.

The Transaction is governed by Section 1081.H of the General Corporation Act of the State of Oklahoma and does not require a vote by the Continental’s shareholders. Subject to the satisfaction of customary closing conditions, the Transaction is currently expected to close prior to December 31, 2022.

For more information on this upcoming deal click here.

Shell Closes UK Hydrogen Filling Stations

Shell quietly shut down two UK hydrogen filling stations earlier this year as electric vehicles became the preferred way to cut greenhouse gas emissions on the roads.

Sites at Gatwick and Cobham in southeast England were closed, according to the energy giant. The decision reflects an uptick in the use of EVs, with major automakers plowing resources into new models as batteries improve. Although hydrogen vehicles are quicker to fill up, there are few sites to do so and prices remain steep.

Read more by checking out the full article on rigzone.com.

President Biden Lays out a Plan to Complete Emergency Oil Sales

U.S. President Joe Biden announced a plan to sell off the last portion of his release from the nation’s emergency oil reserve by year’s end and detail a strategy to refill the stockpile when prices drop.

The plan is intended to add enough supply to prevent oil price spikes that could hurt consumers and businesses, while also assuring the nation’s drillers the government will swoop into the market as a buyer if prices plunge too low. Biden will lay out a plan to refill the emergency reserve in the upcoming years, but only at prices at or below a range of $67 to $72 dollars a barrel.

Click here for more information and to read the full article.

Reach Out to Tiger General

We hope you found our October oil and gas news roundup interesting. If you need a new piece of equipment, fill out the Tiger General Truck Inquiry Form today!