Nat Gas News – January 19, 2017

By Published On: January 19, 2017Categories: Daily Natural Gas Newsletter

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In the News

Exxon Mobil buys Bass family holdings in Permian for $6.6 billion
Star-Telegram reports: Exxon Mobil is buying 275,000 acres in the booming Permian Basin oil fields from the Bass family for $5.6 billion in stock and $1 billion in contingent cash payouts. The Irving-based oil company said Tuesday that the purchase covers 3.4 billion barrels of oil equivalent, nearly doubling its existing resources in the Permian to 6 billion barrels. XTO Energy in Fort Worth, which was sold to the energy giant in 2010, will manage the project. “This acquisition strengthens Exxon Mobil’s significant presence in the dominant U.S. growth area for onshore oil production,” Darren W. Woods, Exxon Mobil chairman and chief executive officer, said in a statement. reports: U.S. natural gas futures declined for the second day in a row on Wednesday, falling toward a one week low as weather forecasts for the end of January turned warmer, which should dampen demand for the heating fuel. Weather models initially predicted colder temperatures throughout most parts of the U.S. during the period. Natural gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns. Meanwhile, market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 220 and 230 billion cubic feet in the week ended January 13. That compares with a withdrawal of 151 billion cubic feet in the preceding week, 178 billion a year earlier and a fiveyear average drop of 170 billion cubic feet.

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