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Shareholders have approved ConocoPhillips acquisition of Concho Resources. PHOTO SOURCE: ConocoPhillips
ConocoPhillips (NYSE: COP) reported Friday that it has completed its acquisition of Concho Resources (NYSE: CXO), with shareholders of both firms having approved the combination.
“We appreciate the strong support for this transaction from the shareholders of both companies, which we view as further affirmation of the significant benefits it will deliver,” ConocoPhillips Chairman and CEO Ryan Lance commented in a written statement. “This acquisition results in the combination of two premier companies that can lead the structural change for our vital industry that’s critical to investors.”
According to a fact sheet on ConocoPhillips’ website, the transaction creates an approximately $60 billion company with:
by Bloomberg
|Monday, January 18, 2021
The cold snap that s pushed LNG prices to record highs is also roiling LPG.
(Bloomberg) The cold snap that’s pushed liquefied natural gas prices to record highs is also roiling LPG, leading to shortages of the gas that’s used for heating and cooking as well as being a feedstock for petrochemical plants.
Frigid weather is spurring a rush for liquefied petroleum gas, which is used to heat homes and can also be blended with LNG to generate electricity. That’s on top of a longer-term increase in demand due to several new petrochemical plants in Asia. Saudi Arabia’s move to cut crude output, meanwhile, is set to reduce supplies of LPG, a byproduct of oil production and refining.
Here are some of Rigzone s top upstream stories during the last week, just in case you missed them.
Here are some of Rigzone s top upstream stories during the last week, just in case you missed them…
Halliburton Claims Electric Frac First
Halliburton reported that it has deployed the industry’s first successful electric grid-powered hydraulic fracturing operation. The company noted that, compared to turbines and Tier 4 dual-fuel engines, grid-powered electric fracturing provides a means of achieving the lowest possible emissions profile.
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Baker Hughes Reveals 67 Additional Rigs
Baker Hughes reported that the number of rotary drilling rigs operating in the United States and Canada rose by 67 recently. Against the year ago figure of 781, the U.S. rig count is down 421 drilling units for the period.