Chevron Announces $5B Takeover Of Oil And Gas Company
San Ramon-based oil and gas company Chevron has bought Noble Energy for $5 billion.
Noble Energy, a Houston oil and gas company, came with $8 billion in debt, according to a news release from Chevron. The $13 billion transaction comes at a time that oil companies have been hit hard by a steep downturn in travel and commuting.
Analysts have called it the biggest oil deal since the beginning of the pandemic, as CNN reported.
“Our strong balance sheet and financial discipline gives us the flexibility to be a buyer of quality assets during these challenging times,” said Chevron Chairman and CEO Michael Wirth in the news release. “This is a cost-effective opportunity for Chevron to acquire additional proved reserves and resources.”
America Behind Using CNG, LNG
Imran Khan and Jeremy Pate, Swan Energy, Inc., discuss some of the recent natural gas investment activity from Warren Buffet buying pipelines to Mexico’s desire for our gas to Lake Charles, Louisiana.
Natural gas as an investment and energy source is discussed in detail. Khan compares the natural gas energy monetary conversion from the 1990’s as context for modern times.
CNG and LNG are touched on briefly as more investments and innovations see their way into the United States. Khan points out that liquefying natural gas for consumer and commercial use is something the U.S. has fallen behind on.
“The real difference between CNG and LNG is that LNG is just more compressed. But from a fueling standpoint, honestly, the U.S. we are kinda more into gasoline and obviously electricity is becoming bigger, what is it like 1% of the market now,” Khan said.” But CNG vehicles are used in Europe and South America. Basically there are switches on vehicles that switch through the different types of fuels so you are able to use whatever type of fuel you need.”
Trucking Industry Critical to Oil and Gas
Zach Ellis, Commercial Finance Professional talks about the trucking industry in relation to the oil and gas industry. Ellis also opines about the current state of industry and its supply chain economics.
Ellis explains how many oilfield workers are at a crossroads, whereas their trucks and equipment are still their lifeline despite having less work or none at all.
The Crude Life Podcast can be heard every Monday through Thursday with a Week in Review on Friday.
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