Chevron's Big Shop: Trading Basins for Billions

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Lone Star Stories

• Chevron's Big Shop: Trading Basins for Billions

Chevron is set to acquire Hess Corporation for $53 billion, diversifying its assets and following Exxon Mobil's large-scale purchase in the booming U.S. fossil fuel market. The acquisition comes during a period of rapid growth in U.S. oil and gas production, with the Permian Basin being a significant contributor and U.S. crude oil exports reaching record highs in the first half of 2023.

• Economy's Cold, Oil Gets a Cold

Slow economic data from Germany, the euro zone, and Britain caused oil prices to fall for the third consecutive session, with concerns about a potential global recession. While European economic indicators were weak, U.S. data showed a slight uptick in business output for October, and diplomatic efforts in the Middle East also impacted oil prices.

Reader Question of the Day

What economic factors are leading oil companies to venture into unconventional oil resources?

Oil is like the gold of the energy world, and just like gold miners, oil companies are always on the hunt for more. But, as the easy-to-reach oil gets used up, companies are looking at unconventional sources, like oil sands or shale rocks. Why? Well, the demand for energy keeps growing, and with it, the price of oil often rises, making these once too-expensive sources now worth the effort and cost.

Plus, with advancements in technology, extracting oil from these tricky places has become more doable. So, while it might be more challenging and costly than traditional drilling, the potential payoff, especially when oil prices are high, is tempting. For oil companies, it's like digging deeper in a treasure hunt, hoping to strike it rich in places they once overlooked.

Sources: 1