New base 06 february 2021 energy news issue 1403 by khaled al awadi

Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 1
NewBase Energy News 06 February 2021 - Issue No. 1403 Senior Editor Eng. Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oman: PDO award $300m EPC contracts for Petrofac
Oman Observer
UK-based international energy services provider Petrofac has announced that it has been awarded
two contracts, together worth around $300 million through Petroleum Development Oman (PDO),
the majority state-owned producer of oil and gas in the Sultanate.
The first is a direct EPC contract for PDO’s Marmul Main Production Station (MMPS) – Gas
Compression project. The scope of work for the 30-month, lump-sum turnkey contract includes
engineering, procurement, construction, commissioning, start-up and initial operational support.
Located at Marmul in the South of Oman, approximately 800 kilometres from Muscat, the purpose
of the new facility is to eliminate permanent flaring and manage associated gas.
The work includes gas recovery and booster compressors, gas sweetening, dehydration and other
units, utility systems and modification of existing facilities. The second is a project delivery contract
with Petrofac’s partner and main PDO contract holder Arabian Industries Projects LLC, for selected
PDO concession areas in the North of Oman.
The scope of this seven-year contract is for provision of reimbursable engineering services,
integrated project support and management services, and has an option to extend for three years.
In line with the main objectives of the integrated project services part of this contract, Petrofac will
ensure the effective management, control, execution and documentation of changes and additions
to production facilities through specific technical studies related to concept development,
development of front-end engineering design (FEED) and detailed design.
Elie Lahoud, Chief Operating Officer – Engineering & Construction, commented: “Petrofac has a
significant track record in Oman and PDO are a long-standing client. We look forward to building on
our strong relationship through these latest contract awards. Both will be delivered by our teams in
the Sultanate, with the focus on safety, maximising local and sustainable delivery, and generating
In-Country Value.”

Jordan:Yellow Door Energy to develop renewable projects
The National - Jennifer Gnana
Yellow Door Energy, a UAE-based renewable energy developer, secured $31.2 million in loans from
multilateral lenders for the development of solar projects in Jordan.
The European Bank for Reconstruction and Development (EBRD) and German Investment
Corporation (DEG) have agreed to provide $10.6m in local currency for the development of eight
solar photovoltaic plants in Jordan.
The EBRD financing is backed by a loan of up to $5m provided by the Global Environment Facility
as well as a parallel $15.6m senior loan in local currency from the DEG as well as an equity
contribution from Yellow Door Energy.
Spain, through the European Union, will also provide results-based payments of up to €1.5m as well
as technical assistance. The solar PV plants under development will supply all the power needs of
Umniah, Carrefour supermarkets, Safeway supermarkets and Taj Mall as well as Classic Fashion.
"In total, 48.3 Megawatt per hour of renewable energy capacity will be added to Jordan’s power
system, generating over 81 Gigawatt per hour of renewable electricity per year during the lifetime
of the project," the company said in a statement.
The scheme is expected to lower carbon dioxide emissions by more than 49,000 tonnes
annually.The development will be the largest such portfolio of projects serving solar power to private
entities under Jordan's regulations, allowing customers to establish and lease or own their own
renewable energy plants.
HSBC acted as the offshore bank and security agent, while Arab Bank was the onshore bank and
security agent. Yellow Door Energy operates solar photovoltaic projects in the UAE, Saudi Arabia,
Egypt, Jordan and Pakistan and has clean energy assets worth $100m.
The company, which was spun-off from Middle East-focused solar energy investor Adenium Energy
Capital in 2015, counts the International Finance Corporation, Mitsui & Co, Norway's Equinor
Energy Ventures and Dammam-based Arab Petroleum Investments Corporation (Apicorp) among
its investors.
In an interview with The National in January, chief executive Jeremy Crane said the firm plans to
add $100m worth of renewable energy assets this year, as it looks to grow its portfolio to $1 billion
by 2025.

EIA: U.S. LNG exports outpacing pipeline exports
February 5, 2021, by Adnan Bajic
The United States liquefied natural gas (LNG) exports have been outstripping the exports of natural
gas by pipeline recently.
Courtesy of Cheniere
According to the U.S Energy Information Administration’s Natural Gas Monthly LNG exports
exceeded pipeline exports in November 2020 by 1.2 billion cubic feet per day. The first time LNG
exports outpaced pipeline exports since 1998 was April last year, with LNG exports ending up on
top by 0.01 Bcf/d.
Preliminary estimates for December 2020 and January 2021, suggest a continuation of this trend.
In November and December 2020, U.S. LNG exports set two consecutive monthly records at 9.4
Bcf/d and 9.8 Bcf/d, respectively, and set another monthly record in January 2021 at 9.8 Bcf/d.
In the January Short-Term Energy Outlook (STEO), EIA forecasts that U.S. LNG exports will exceed
natural gas exports by pipeline in the first and fourth quarters of this year and on an annual basis in
2022, as global natural gas and LNG demand recover to pre-COVID-19 levels.
Since November 2020, all six U.S. LNG export facilities have been operating near full design
capacity. In December, Corpus Christi LNG facility in Texas commissioned its third and final
liquefaction unit six months ahead of schedule, bringing the total U.S. liquefaction capacity to 9.5
Bcf/d baseload (10.8 Bcf/d peak) across six export terminals that include 15 standard-size
liquefaction units and 10 small modular liquefaction units.
From November 2020 through January 2021, monthly U.S. LNG export volumes were almost three
times higher than the monthly export volumes in the summer months of 2020.
The recent significant increase in U.S. LNG exports has been driven by rising international natural
gas and LNG prices, particularly in Asia, following a sustained period of significantly-below-normal

temperatures in the key LNG-consuming countries in northeast Asia, as well as reduced global LNG
supply caused by unplanned outages at several LNG export facilities worldwide.
EIA forecasts that U.S. LNG exports will average 9.8 Bcf/d in February 2021, before declining to
seasonal lows in the shoulder months, and will average 8.5 Bcf/d and 9.2 Bcf/d on an annual basis
in 2021 and in 2022, respectively.
U.S. gross exports by pipeline to Mexico and Canada also grew in 2020, averaging 7.9 Bcf/d in the
first 11 months of the year, 3 per cent higher than during the same period in 2019, according to
EIA’s NGM.
Although pipeline exports to Canada declined by 5 per cent in the first 11 months of 2020, U.S.
pipeline exports to Mexico grew during the same period.
Weekly LNG exports bounce up
After a four-week decline, weekly LNG exports bounced back, EIA noted.
A total of 22 tankers departed the United States LNG export facilities between January 28 and
February 3, 2021. The vessels had a combined LNG-carrying capacity of 80 Billion cubic feet (Bcf).
This compares to 18 vessels with a combined LNG-carrying capacity of 65 Billion cubic feet (Bcf)
that departed in the previous week. Out of the 22 cargoes, nine were exported from Cheniere’s
Sabine Pass facility, four each from Cameron and Freeport exports plants and three from the Corpus
Christi plant.
Additional two cargoes have been exported from Dominion’s Cove Point plant in Maryland. Natural
gas deliveries to U.S. LNG export facilities averaged 10.9 Bcf/d, or 0.88 Bcf/d higher than last week.

Norway: Equinor strikes oil and gas near Troll field
Off-Shorenergy- Nermina Kulovic
Equinor and partners DNO Norge, Petoro, and Wellesley Petroleum have struck gas and oil in
production licence 923, the first discovery this year made near the Troll field in the North Sea.
Recoverable resources are estimated at between 7 and 11 million standard cubic metres of oil
equivalent, corresponding to 44 – 69 million barrels of oil equivalent, Equinor said on Friday
announcing the discovery.
The Røver North discovery adds to a number of discoveries in the Troll/Fram area in recent years.
It started with Echino, which gave several answers in the autumn of 2019, and continued with
Swisher in the summer of 2020.
Recoverable oil equivalent from these three discoveries can already measure against the total
production from fields like Valemon, Gudrun and Gina Krog and the exploration continues.
Equinor and the partners have matured several neighbouring prospects. The Blasto and Apodida
prospects in production licence 090 will be drilled after Røver Nord.
The first discovery this year was made in one of the most mature areas of the Norwegian continental
shelf. After more than fifty years of exploration drilling there are still many unknown pieces in the
geological jigsaw puzzle. For each exploration well that is drilled, a new piece is put into place.
Røver North discovery map; Source: Equinor
Geologists, geophysicists and other subsurface personnel gain new insight and understanding
which later forms the basis for new exploration opportunities. This is done in parallel with the ever-
increasing use of new digital tools. In addition, the prospects drilled today face ever-stricter
requirements for CO2 emissions per barrel produced. Nick Ashton, Equinor’s senior vice president
for exploration in Norway, said: “The discovery is a direct consequence of thorough subsurface work
in the Troll/Fram area over many years, and shows the importance of not giving up, but starting
over, looking at old issues from new angles.

“Exploration thus creates great values for society, at the same time as the resources can be realised
in accordance with the requirements for CO2 emissions through the value chain, from discovery to
consumption”.
Exploration well 31/1-2 S and appraisal well 31/1-2 A in production licence 923 were drilled some
10 kilometres northwest of the Troll field, 18 kilometres southwest of the Fram field and 130
kilometres northwest of Bergen.
The primary exploration target for exploration well 31/1-2 S was to prove petroleum in the Brent
group from the Middle Jurassic period and in the Cook formation from the Early Jurassic period.
The purpose of 31/1-2 A was to delineate the discovery made in the Brent Group in well 31/1-2 S.
According to Equinor, both wells proved hydrocarbons in two intervals in the Brent Group.
Well 31/1-2 S encountered an about 145-metre gas column in the Brent Group (Etive and Oseberg
formations) and a 24-metre oil column where the oil/water contact was not encountered. A total of
50 metres of effective sandstone reservoir with good reservoir quality was found in this interval.
In addition, six metres of oil-bearing
sandstone with moderate to poor
reservoir quality was struck in the
upper part of the Dunlin Group. The
wells were drilled by the West
Hercules drilling rig.
Appraisal well 31/1-2 A struck
sandstones with good to moderate
reservoir quality in the Etive formation
and upper part of the Oseberg
formation. The lower part of the
Oseberg formation contained
sandstone with moderate to poor
reservoir quality.
An estimated total of 41 metres of
effective sandstone reservoir was found in the two formations. The well proved 12 metres of oil in
the Etive formation, where the oil/water contact was not encountered, and a 17-metres oil column
in the Oseberg formation. The Cook formation proved to be water-filled in both wells, but with
moderate to good reservoir quality. The wells were not formation tested, but extensive data
acquisition and sampling took place.
The licensees consider the discovery commercial, and will explore development solutions in towards
existing infrastructure. The wells are the 1st and 2nd exploration wells in production licence 923.
The licence was awarded by the Government in 2018 through the “Awards in Pre-defined Areas
2017” (APA) licensing round.
Well 31/1-2 S was drilled to a vertical depth of 3439.5 metres below sea level and a measured depth
of 3555 metres. The well was terminated in the Amundsen formation from the Early Jurassic
period.Well 31/1-2 A was drilled to a vertical dept of 3452 metres below sea level and a measured
depth of 3876 metres. The well was terminated in the Cook formation.
The water depth at the site is 349 metres. The well has been permanently plugged and
abandoned.The wells were drilled by the West Hercules drilling rig, which will now drill an exploration
well 31/2-22 S in production licence 090 in the northern North Sea.

NewBase February 06-2021 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil hits highest level in one year, posts best week since October
Reuters + NewBase
Oil prices hit its highest in a year on Friday, closing in on $60 a barrel, supported by economic
revival hopes and supply curbs by producer group OPEC and its allies. Oil was also supported as
U.S. stock markets hit record highs on signs of progress towards more economic stimulus, while a
closely watched jobs report confirmed the labor market was stabilizing.
Brent crude settled 0.85% higher at $59.34 per barrel. U.S. West Texas Intermediate crude settled
1.1% higher at $56.85 per barrel. The contract hit its highest level since Jan. 22, and posted its best
week since October.
Oil price special
coverage

“Brent is eyeing the $60 level now that OPEC+ has successfully eased most supply side concerns
and optimism on the COVID front improves globally,” said Edward Moya, senior market analyst at
OANDA in New York.
“The fundamentals remain solid for crude, but a consolidation seems likely given the recent runup.”
Brent is on track to rise more than 6% this week. The last time it traded at $60 a barrel, the pandemic
had yet to take hold, economies were open and people were free to travel, meaning demand for
gasoline, diesel and jet fuel was much higher.
The rollout of COVID-19 vaccines, however, is fuelling hopes of lockdowns being eased, boosting
fuel demand. But even demand optimists such as OPEC do not expect oil consumption to return to
pre-pandemic levels until 2022.
“What is really helping the market today, and is a more valid reason for the price rise we see, once
again comes from Saudi Arabia and its top firm, Aramco,” said Rystad Energy’s head of oil markets
Bjornar Tonhaugen.
Aramco raised its Arab Light official selling price (OSP) to Northwest Europe by $1.40 a barrel from
the previous month. The move could be a signal that Saudi Arabia is more confident in the outlook
for oil demand, which is fueling bullish sentiment in the market, Tonhaugen said.
Oil also gained support from supply curbs by producers. OPEC and its allies, collectively known as
OPEC+, stuck to their supply tightening policy at a meeting on Wednesday. Record OPEC+ cuts
have helped to lift prices from historic lows last year.
“OPEC+ discipline has been a real positive,” said Michael McCarthy, chief market strategist at CMC
Markets.
Further boosting the market, a weekly supply report showed a drop in U.S. crude inventories to their
lowest since March, suggesting that output cuts by OPEC+ producers are having the desired effect.
Opec+ urges vigilance as it sounds caution over uncertain markets
Opec+ urged oil producers within its group to remain 'vigilant and flexible' to uncertain market
conditions as it renewed commitments to undertake corrections. The group, which convened online
for a joint ministerial monitoring committee (JMMC), reported an overall compliance of 101 per cent
among its members."While economic prospects and oil demand would remain uncertain in the
coming months, the gradual rollout of
vaccines around the world is a positive factor
for the rest of the year, boosting the global
economy and oil demand," the group said in
a communique.
The group will maintain its current level of
curbs set at 7.2 million barrels per day until
the end of March, which has been in place
since the beginning of the year. Opec+ also
received commitments from Kazakhstan and
Iraq to make up for earlier shortfalls.
Saudi Arabia, the biggest exporter of crude has committed to a voluntary pledge of 1m bpd to
compensate for seasonal increased production from Russia and Kazakhstan.
The group came together to enforce historic market curbs of 9.7m bpd between May and July last
year as oil demand crumbled following the halt of air travel and mass lockdowns around the world

due to Covid-19. It has since tapered cuts in line with a recovery in demand in Asia and expected
future growth.
Oil prices rallied ahead of the meeting, with US crude futures at a one-year high, trading above $55
per barrel. Brent, the international crude benchmark, was up 1.74 per cent at $58.46 per barrel at
7.36pm UAE time, while West Texas Intermediate, the US marker, was up 1.81 per cent at $55.75
per barrel.
A steep drawdown of OECD stocks for the fifth consecutive month in December also helped to
rebalance markets, Opec noted.
Oil stocks of around 290 million barrels were drained from the markets in the second half of last
year. Declines in OECD stock levels picked up pace, from 0.57m bpd in the third quarter to 2.58m
bpd in the final three months of the year, according to UBS.
Opec+ will convene for another JMMC on March 3, followed by a ministerial meeting on
March 4 to assess its plans for the remainder of the year.
U.S. drillers add oil and gas rigs for 11th week in a row -Baker Hughes
U.S. drillers this week added oil and natural gas rigs for an 11th week in a row for the first time since
June 2017 as crude prices hit pre-pandemic highs.
The U.S. oil and gas rig count, an early indicator of future output, rose by eight to 392 in the week
to Feb. 5, the highest since May, according to data on Friday from energy services firm Baker
Hughes Co.
Despite rising for six months in a row, that count is still 398 rigs, or 50%, below this time last year.
The total count, however, has soared since hitting a record low of 244 in August, according to Baker
Hughes data going back to 1940.

U.S. oil rigs rose four to 299 this week, also their highest since May, while gas rigs rose four to 92,
their highest since April, according to Baker Hughes data. Coronavirus travel restrictions last year
crushed oil demand and prices, but U.S. crude futures climbed over $57 a barrel this week, their
highest since January 2020. [O/R]
The pace of recovery in output in the world’s top producer, however, is slow. The government this
week projected U.S. crude output will not to top its 2019 record of 12.25 million barrels per day until
2023. Production in 2020 tumbled 6.4% to 11.47 million bpd.
Looking forward, U.S. crude futures were only trading around $55 a barrel for the balance of 2021
and $51 for calendar 2022, which could prompt some producers to reduce activity in the future.
Most energy firms plan to continue cutting spending for a third year in a row in 2021 as they keep
focusing on improving earnings rather than increasing output.
U.S. financial services firm Cowen & Co said the 45 independent exploration and production (E&P)
companies it tracks plan to cut spending by about 6% in 2021 versus 2020. That follows capex
reductions of roughly 48% in 2020 and 12% in 2019.

NewBase Special Coverage
The Energy world – Feb-06- -2021
Exxon and Chevron If Merged, what are its values
Barrons + NewBase
Exxon Mobil and Chevron, the two largest oil companies in the U.S., discussed a megamerger last
year that would leave the country with just one oil giant for the first time in decades, according to
The Wall Street Journal.
The Merge would create a company worth at least $300 billion that could produce 7 million barrels
of oil and equivalents a day, making it the largest operator in the world outside of Saudi Aramco.
It would have been unthinkable for this to happen before 2020, and it still seems unlikely today. Both
companies declined to comment. The Journal says the talks are off the table for now, though it’s
possible they could be restarted.
With oil prices rising again, a merger seems like a stretch. The logic behind a tie-up doesn’t seem
to work right now, and may not make sense at all during the current oil cycle.
That Exxon (ticker: XOM) and Chevron (CVX) have considered merging is a sign of just how much
the oil industry has changed over the past year as the pandemic exacerbated problems that had
already begun to pile up.
But it doesn’t look like investors are taking the idea very seriously yet. Both stocks were essentially
flat on Monday morning, with Chevron later poking up about 1%. The idea isn’t entirely new; analyst
Paul Sankey had floated it in October.
The merger talks reportedly occurred last year during the worst of the oil downturn. In April, oil
futures prices went negative for the first time ever as the pandemic caused global oil demand to
plummet 30%.
As of today, both companies have rebounded from the lows and rising oil prices look like they could
help fix Exxon’s balance sheet in particular. Analysts had worried that Exxon would once again
produce too little cash flow to cover its dividend, which happened in both of the last two years. But
higher prices and cost cuts may allow the company to self-finance the dividend and ease the stress
on its balance sheet.

One rationale behind a merger is that the last period of big oil mergers went pretty well for the
industry—when Exxon and Mobil merged in 1999, it led to a period of strong growth for the industry
and the stocks.
But there’s a key difference now. That period in the late 90s and early 2000s coincided with an
expansion in possible drilling opportunities. “There were big new opportunities in Venezuela, Qatar,
Kazakhstan, and Angola required capital,” wrote Citi analyst Alastair Syme. “Mergers provided the
industry with the balance sheets to compete.”
The new era of oil and gas drilling shows promise, but most major producers are headed in the
opposite direction—they are narrowing the number of projects they plan to undertake, rather than
expanding them. Most companies are intensely focused on reducing their break-even prices to
make sure they can survive in a world of low prices.
It is difficult to see how talk of a merger between Exxon and Chevron could be viewed through the
same lens as the late-1990s consolidation, Syme added. If anything, the industry’s opportunity-set
is shrinking, not expanding—at least in traditional oil and gas.
In addition, the companies probably couldn’t gain as much benefit from scale as they once did.
We do not see a major benefit from a merger of these two behemoths, wrote CFRA analyst Stewart
Glickman. A merger would be unlikely to drive pricing power either upstream or downstream, as a
merged entity would still wield only 7% of global crude oil production, and roughly 15% of U.S.
refining capacity.
That said, stranger things have certainly happened. Exxon is set to report earnings on Tuesday,
and is likely to report its fourth loss in a row. It’s facing a board challenge from activist investors.
Analysts say they’ll be looking for more information on how the company will improve its results in
the coming year. Absent a good answer, the merger talks could gain more steam.
Exxon Reinforces Dividend
Exxon Mobil (XOM) beat earnings views and sought to further reinforce its dividend with more cost
cuts, following reports the oil giant and Chevron (CVX) discussed a merger last year. Exxon stock
rose.
Exxon Earnings
EPS plunged 92.7% to 3 cents, beating views by 2 cents, as revenue dropped 30.7% to $46.54
billion, missing views for $48.6 billion. The upstream division reported a loss of $18.5 billion vs. a
gain of $6.1 billion in the year-ago quarter. But downstream operations posted a loss of $1.2 billion
vs. a profit of $898 million.
Total production fell 8% to 3.7 million barrels of oil equivalent per day. Permian production climbed
42% year-over-year to 418,000 oil-equivalent barrels per day in 2020. Exxon now sees volumes of
approximately 700,000 barrels per day by 2025, down from an earlier view of more than 1 million
bpd by 2024.
In the Permian, CEO Darren Woods told analysts Tuesday that Exxon is "pacing permanent
investment to maintain positive cash flow."
Management also announced the creation of the new ExxonMobil Low Carbon Solutions business,
which will focus on carbon capture and sequestration projects, and named Tan Sri Wan Zulkiflee
Wan Ariffin, former Petronas president, to the board.

Exxon’s share-price bounce and management’s confidence in their ability to bounce back
from the wreckage of 2020 stands in contrast to disappointing fourth-quarter results from
Chevron Corp. and BP.
Exxon Chief Executive Officer Darren Woods said capital spending this year would be the
lowest since the Mobil tie-up two decades ago. Even so, the company faces an uphill battle
to convince investors it can generate sufficient returns in a world moving toward lower-
carbon energy.
Exxon Stock Dividend
Exxon expects 2021 cash flow to cover capital expenditures while maintaining the dividend and a
strong balance sheet. That's the case with Brent crude oil prices at $50 per barrel and low
downstream and chemical margins.
Woods told analysts that Exxon can maintain its dividend with Brent at $45 a barrel, while $50 would
allow the company to focus on reducing debt or returning capital to investors.
Such was the pressure exerted by last year’s price collapse that Woods held preliminary talks
with his counterpart at Chevron about a megamerger, the Wall Street
Journal reported Sunday. Woods declined to comment on the report in the call.

Excluding the historic $19.3 billion impairment, Exxon returned to profit in the fourth
quarter, earning 3 cents per share, and ending a run of three consecutive quarterly losses.
That compared with the Bloomberg Consensus estimate for a 2-cent profit.
Shrinking Tiger
Exxon has substantially cut growth plans all the way out to the mid-2020s
Exxon also sees additional annual structural operating expense cuts of $3 billion expected by 2023,
resulting in total annual cuts of $6 billion vs. 2019 levels.
The oil giant is adamant about maintaining its quarterly dividend. But to protect its payout, the
company is cutting spending and jobs. Earlier, Exxon said it sees its 2021 capital program at $16
billion-$19 billion, down from $21.37 billion in 2020. On Tuesday, Woods said 2021 capex will be
the lowest in 20 years.
Exxon stock rose 1.6% to 45.63 on the stock market today. Exxon stock is on a downward trend
toward its 50-day and 200-day lines. Chevron rose 0.75%. It unexpectedly reported a Q4 loss Friday
despite the rebound in crude oil prices. BP (BP) fell 6.6% after its quarterly results Tuesday. Royal
Dutch Shell (RDSA), which will report Thursday, lost 1.2%.
Exxon-Chevron Merger Chat
The talks between Chevron CEO Mike Wirth and Woods were preliminary, sources told the Wall
Street Journal, and aren't currently ongoing. But the sources told the Journal the discussions could
be revisited in the future.
Woods said Tuesday that said he wouldn't speculate on reports in the press but the company
"continues to be active to look for opportunities to grow value."

A merger between the two oil giants would create the second largest oil company by market
capitalization and production, with only state-run Saudi Aramco ahead.
An Exxon-Chevron merger also would be one of the largest in history, with their combined market
caps reaching just over $350 billion. Depending on how any deal is structured, it could also top the
$181 billion takeover of German conglomerate Mannesmann by Vodafone AirTouch in 2000,
according to Dealogic data cited by the Journal.
Still, at around $350 billion, a combination of Exxon and Chevron would be less than half
of Tesla's (TSLA) $764 billion market cap, which has soared amid expectations for an EV boom.
Meanwhile, Exxon stock was booted from the Dow Jones Industrial Average last year.
But the merger would face massive regulator and antitrust hurdles, especially under a Biden
Administration that is pushing renewable energy investment.
Chevron and Exxon were among the over 30 companies descended from the breakup of Standard
Oil a hundred years ago. Both are also amalgams of former Standard Oil companies
Oil majors have been on a buying spree for smaller oil companies in recent years to expand their
shale assets in the U.S. Chevron bought Noble Energy for $13 billion last year.
But analysts question the value of an Exxon-Chevron merger.
"We do not see a major benefit from a merger of these two behemoths. A merger would be unlikely
to drive pricing power either upstream or downstream, as a merged entity would still wield only 7%
of global crude oil production, and roughly 15% of U.S. refining capacity," wrote Stewart Glickman,
energy equity analyst at CFRA Research, in a note Monday. He kept his hold rating on Exxon stock.

NewBase Energy News 06 February 2021 - Issue No. 1403 call on +971504822502, UAE
The Editor:” Khaled Al Awadi” Your partner in Energy Services
NewBase energy news is produced Twice a week and sponsored by Hawk Energy Service – Dubai, UAE.
For additional free subscriptions, please email us.
About: Khaled Malallah Al Awadi,
Energy Consultant
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
www.linkedin.com/in/khaled-al-awadi-38b995b
Mobile: +971504822502
khdmohd@hawkenergy.net or khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas
sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S.
Universities. Currently working as Technical Affairs Specialist for Emirates General
Petroleum Corp. “Emarat “with external voluntary Energy consultation for the GCC
area via Hawk Energy Service, as the UAE operations base. Khaled is the Founder
of NewBase Energy news articles issues, an international consultant, advisor,
ecopreneur and journalist with expertise in Gas & Oil pipeline Networks, waste
management, waste-to-energy, renewable energy, environment protection and
sustainable development. His geographical areas of focus include Middle East,
Africa and Asia. Khaled has successfully accomplished a wide range of projects in
the areas of Gas & Oil with extensive works on Gas Pipeline Network Facilities &
gas compressor stations. Executed projects in the designing & constructing of gas
pipelines, gas metering & regulating stations and in the engineering of gas/oil supply routes. Has drafted &
finalized many contracts/agreements in products sale, transportation, operation & maintenance agreements.
Along with many MOUs & JVs for organizations & governments authorities. Currently dealing for biomass
energy, biogas, waste-to-energy, recycling and waste management. He has participated in numerous
conferences and workshops as chairman, session chair, keynote speaker and panelist. Khaled is the Editor-
in-Chief of NewBase Energy News and is a professional environmental writer with more than 1400 popular
articles to his credit. He is proactively engaged in creating mass awareness on renewable energy, waste
management and environmental sustainability in different parts of the world. Khaled has become a reference
for many of the Oil & Gas Conferences and for many Energy program broadcasted internationally, via GCC
leading satellite Channels. Khaled can be reached at any time, see contact details above.
NewBase: For discussion or further details on the news above you may contact us on +971504822502, Dubai, UAE
NewBase 2021 K. Al Awadi

For Your Recruitments needs and Top Talents, please seek our approved agents below

New base 06 february 2021 energy news issue 1403 by khaled al awadi

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Similar to New base 06 february 2021 energy news issue 1403 by khaled al awadi

Similar to New base 06 february 2021 energy news issue 1403 by khaled al awadi (20)

More from Khaled Al Awadi

More from Khaled Al Awadi (20)

Recently uploaded

Recently uploaded (20)

New base 06 february 2021 energy news issue 1403 by khaled al awadi