Comprehensive Energy Data Intelligence
Information About Energy Companies, Their Assets, Market Deals, Industry Documents and More...
How Grinch Almost Made Off with All Oil from Santa's TX-based Barrels12/22/2023
❄️It's beginning to look a lot like Christmas, alright! And nowhere more so than in Texas, where oil rigs could pass off as giant metallic Christmas trees. The Lone Star State, already a beacon of cowboy hats and BBQs, was now shimmering with a different kind of sparkle - the gleam of oil, Texas's very own liquid gold.
While families hung their stockings and decked their halls, the oil fields of Texas were bustling, not just with the usual drillers, but with a rather green, rather grumpy character - none other than the Grinch himself. The Grinch had set his sights on something grander than ruining Whoville's Christmas. He was after the biggest prize of them all – the vast reserves of Texas oil. He have a plan to make Santa's naughty list!❄️
This isn't your typical Christmas story. This was the year Texas was hitting the jackpot with its oil production, but the Grinch had his own holiday plans.
Texas's Oil Richness
Let's roll back the years and peek into Texas's oil chronicles before Grinch. Picture this: the year is 1901 in Beaumont, a sleepy town about to wake up in a big way. Enter Spindletop, the gusher that changed everything. It wasn't just a burp of oil; this was a full-on eruption, sending oil sky-high and turning Texas into an overnight oil giant. We're talking 100,000 barrels a day – a real jackpot!
Now, to the year of 2023. Texas wasn't just doing well; it was smashing records:
❄️The oil fields, those vast stretches of Texan land, were churning out an unbelievable 5.7 million barrels per day in November and December.
❄️In 2023, Texas was like Santa's workshop, but for oil. The state was bustling with over 164,826 oil wells and 87,414 gas wells, all working like busy elves.
❄️The result? A record-breaking production of 111,887,873 barrels of crude oil and 890,886,382 thousand cubic feet of natural gas in September alone.
And in this land of abundant oil, the Grinch found his perfect target. It was the ideal place for his most ambitious heist yet. Aiming for the biggest prize, the Grinch set his sights on Santa's Texas barrels, ready to turn the oil-rich state into his personal playground.
Grinch Targets - Wells and Pipelines
Grinch's grand plan, two wells were in the spotlight: the Adams Unit A 7 well in DeWitt County and the Rio San Jacinto 38-43 Unit 2 well in Midland County.
❄️Adams Unit A 7
Well in DeWitt County produced 52,405 barrels of oil and 118,722 MCF of gas. That's like filling up every car in Texas and still having some to spare!
❄️Rio San Jacinto 38-43 Unit 2
Rio San Jacinto 38-43 Unit 2 well in Midland County produced 160,202 barrels of oil and 174,175 MCF of gas.
But let's not forget the pipelines – the veins and arteries of Texas oil.
❄️Plains Pipeline LP
The largest crude oil pipeline network in the U.S. and Canada, managed by Plains Pipeline LP, spans 14,919 miles, extending from Alberta, Canada, to the southern coasts of Texas and Louisiana.
❄️Texas Eastern Pipeline
Owned and operated by Texas Eastern Transmission, this pipeline, starting operation in 1989, is 14,202 km long with a design capacity of 11,682 million cubic feet per day (mmcfd).
Other major pipeline networks include Enbridge Energy Partners LP (12,974 miles), Sunoco Inc. (6,409 miles), MPLX LP (5,913 miles), and Lotus Midstream (5,767 miles).
In the Grinch's eyes, these wells and pipelines were more than just impressive feats of engineering. They were his golden ticket, the key to pulling off the greatest heist the oil world had ever seen.
A Green Shadow in the Texan Night
On a chilly Texas night, with everyone dreaming of Christmas, the Grinch was wide awake with a naughty twinkle in his eye. He was about to pull off something huge – stealing all the oil in Texas! Imagine, he thought, "taking all that oil, just like swiping a giant candy cane!"
The Grinch knew the numbers: Texas was pumping out an unbelievable 5.7 million barrels of oil and 33.6 billion cubic feet of natural gas every single day. "That's a lot of Christmas lights and heaters!" he giggled to himself. But how do you steal so much oil? Well, if anyone could figure it out, it was our sneaky Grinch.
His plan? Simple but crazy:
❄️The Grinch would creep into the biggest oil wells, like the Gwendolyn and Mabee, under the starry night sky.
❄️He'd use his crafty Grinch gadgets to change the flow of the oil.
❄️But the real trick was with the pipelines – those long, winding pipes that carried the oil.
❄️The Grinch had set up his own secret pipes, leading all the oil to a hidden spot only he knew about.
It was like trying to steal the moon with a lasso. But the Grinch was all in. He couldn't wait to see Texas's face when they found their oil wells dry as a bone, all thanks to him.
And so, the night of the big heist came. It was quiet, the perfect time for a bit of Grinchy mischief. As the Grinch set his grand plan in motion, he was about to make oil-stealing history.
Jingle Bells and Billion-Dollar Deals
In the world of Texas oil in 2023, it wasn't just about drilling and pumping; it was about big, festive-sized deals that would make even Santa do a double-take. This year, the oil giants were not just filling stockings; they were filling their portfolios with billion-dollar deals.
❄️Occidental's $12 Billion Candyland
Picture Occidental Petroleum Corp. wrapping up a massive, $12 billion deal to acquire CrownRock L.P., shining bright in the Midland oil fields like a candy cane in a Christmas parade.
❄️Civitas and Vencer's $2.1 Billion Holiday Package
Civitas Resources Inc. and Vencer Energy team up in a $2.1 billion deal, like elves teaming up to wrap a giant present for the oil industry's holiday season.
❄️ExxonMobil's $60 Billion Festive Mood
ExxonMobil is in the festive spirit with a whopping $60 billion deal to acquire Pioneer Natural Resources, making the industry's holiday season a bit more sparkly.
❄️Chevron's $53 Billion Christmas Wishlist
Chevron writes a big number on its Christmas wishlist with a proposed $53 billion acquisition of Hess Corporation, akin to a child dreaming of the ultimate Christmas morning.
❄️Endeavor Energy's $30 Billion Snowball
Endeavor Energy Partners hints at a potential $30 billion sale, like rolling a small snowball that could turn into a giant snowman in the oil industry's winter wonderland.
In the midst of all these festive-sized deals, the Grinch was plotting. He wasn't just after oil; he was eyeing these mega-deals with glee. How could he stir up trouble in this winter wonderland of billion-dollar deals? Well, if anyone could make the industry's Christmas a bit more 'interesting', it was the Grinch.
With a mischievous "Hehehe," the Grinch set about enacting his complex regulations and policies. Twisting through the oil rigs with a sly grin, he embodied the challenging and often restrictive nature of bureaucracy.
Just as Texas was reeling from the Grinch's grand oil heist, a jolly figure appeared on the horizon – Santa Claus himself! In a twist befitting a Christmas tale, Santa swooped in with a plan to restore order. With a hearty "Ho Ho Ho," Santa set about undoing the Grinch's evil plans.
The future of Texas's oil industry shines as brightly as the star atop a Christmas tree . The approval of the largest oil export terminal off the Gulf Coast of Texas marks a significant milestone. This project, expected to add 2 million barrels per day to the U.S. oil export capacity.
A Merry Conclusion of 2023
Our tale of the Grinch's big oil robbery in Texas comes to an end. It turns out, even a clever Grinch can't swipe all of Texas's oil. He almost did it, though! Sneaking around the oil fields, he almost made off with the black gold. But in the end, Santa stepped in, saving the day and the oil.
From the land of black gold and holiday cheer, we wish you a Merry Christmas and a Happy New Year!
If you are looking for more information about energy companies, their assets, and energy deals, please, contact our sales office email@example.com, Tel. 619-349-4970 or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.
2023 was quite a year for the oil and gas sector, with some big deals making the news. In the US, giants like ExxonMobil and Chevron grabbed headlines with their plans to acquire companies like Pioneer and Hess. Internationally, ADNOC wasn't left behind, expanding its reach as well. As we ring in the new year, let's recap the biggest oil and gas deals of 2023.
CrownRock's 94,000+ net acres acquisition complements Occidental's Midland Basin operations, valued at $12.0 billion. This expansion enhances Occidental's Midland Basin-scale and upgrades its Permian Basin portfolio with ready-to-develop, low-cost assets. The deal is set to add around 170 thousand barrels of oil equivalent per day in 2024, with high-margin, sustainable production.
An Exxon Mobil-led group is looking into launching Guyana's first offshore natural gas project near its sea border with Suriname, according to an executive from the U.S. oil major.
Last year, Saudi Arabia's sovereign wealth fund spent more than any other country in the world, making up a quarter of the $124 billion total spent by such funds globally. The kingdom has been pouring money into huge projects both inside and outside its borders, including the ambitious $500-billion Neom City and launching a new airline. Due to this massive spending spree, the Public Investment Fund saw its cash and assets decrease from over $105 billion in 2022 to around $37 billion by September, as the Wall Street Journal reported. With oil prices hovering around $80 per barrel, financing these large-scale projects is becoming more difficult.
Occidental Petroleum is looking into selling Western Midstream Partners. OXY focuses on natural gas pipelines in the U.S. and is worth around $20 billion, including its debt. This sale could help the company cut down its large debt of $18.5 billion, which grew due to buying other companies. Recently, Occidental agreed to buy CrownRock for $12 billion, adding more debt to its books. This comes after its huge $54 billion purchase of Anadarko Petroleum four years ago. The news about possibly selling Western Midstream made its shares go up by 5.7% to $30.81, reaching their highest value since July 2019. However, Occidental's shares fell by 1.6% to $59.56, as part of a wider drop among energy companies.