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Industry News
Swings in Oil Prices Putting Pressure on US Producers

The supply glut on the market is not showing many signs of slowing, which is further helping bring down prices which have hit 7-month lows this week.

OPEC is signalling resistance to further cuts for the time being and may decide to keep production stable adding to the downward pressure on oil prices.

Jluy 24 marks the date on which OPEC leaders will come together and determine their short-term strategy. Countries spared from cuts in the last rounds of negotiations may still not have to face cuts as caps are considered.

With just under a month to go until these meetings, US production continues to grow at a steady pace, despite these low prices. As crude continues to fall, wider effects will also start to be felt in other markets.

EQT, Rice Merger to Create Gas Giant in Northeastern US

EQT Corp announced on June 19 its intention to buy fellow gas producer Rice Energy Inc. Still subject to regulatory and shareholder approval, the transaction could be completed by Q4-2017.

The combined companies will be one of the largest shale producers in the US. The offer is valued at $6.7bn, representing a 37% premium over Rice's share price at the announcement of the merger. In addition to the $6.7bn acquisition, EQT will assume or refinance $1.5bn of Rice's debt.

Both companies are active in the Marcellus shale in the North-Eastern US, and based on Q1 production figures would have produced 3,085 MMcf/d pro-forma; enough to overtake the current largest gas producer in the US, Exxon-Mobil.

News Headlines
  • Bullish Signals Pointing to Crude Oil Price Recovery - CNBC
  • OPEC Looks Totally Bewildered by the Oil Market - Bloomberg
  • Shell, Exxon to Appeal Latest Groningen Gas Production Cap - Reuters
  • Donald Trump Suggests Solar Panels to Save Money on U.S.-Mexico Border Wall - The Wall Street Journal
  • Carbon in Atmosphere is Rising, Even as Emissions Stabilize - The New York Times
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