Jeff Schlegel

BP has abandoned its target to cut oil and gas output by 25% by 2030 (after first announcing in 2020 that BP would slash production by 40% during the same time period). Despite the ongoing energy evolution (that will continue to increase), oil and gas will remain an important source of energy for decades to come. The energy challenge will be to invest in innovation to reduce emissions and, at the same time, expand energy sources to ensure the developing world has access to affordable energy and the developed world has the energy it needs to fuel new technologies like AI. BP's announcement underscores the continued need for realistic energy solutions.

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Honored to be featured in Mergermarket's article which outlines key trends likely to shape the #energy sector in #2025. Key insights from the article include: 💼 Non-core #oil and #gas divestitures are expected to accelerate as operators optimize their portfolios to focus on premium inventory. 🔗 Midstream consolidation continues to gain momentum, with players seeking efficiencies and scale in response to current market dynamics. 📊 Private equity remains a key driver of fundraising and deal activity. A special shoutout to our friends at Houlihan Lokey, Moelis & Company, Petrie Partners, LLC, Baker Botts, Kirkland & Ellis and Vinson & Elkins for their invaluable contributions and perspectives. #EnergyLaw #MergersAndAcquisitions #OilAndGas #PrivateEquity

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Apex International Energy Issues Upbeat Operations and Commercial Update ● Production reaches 12,000 barrels of oil equivalent per day (boepd) ● Audited 2P reserves climb 14% to 29 million barrels of oil equivalent (mmboe) ● Ras Qattara new concession agreement signed into law ● Exploration campaign in Qattara Depression in progress ● Budgeted US$100 million of operating and capital expenditures in 2024 ● Thomas Maher, Apex’s President and CEO, said: “Since our last update we have continued to focus on the successful integration of our six operated concessions and personnel following our transaction with IEOC, which is now paying off and is reflected in Apex’s continued growth in production and reserves.” #apex #PetroFarah #oilandgas #egypt #westerndesert #oilfield #energy #reserves #resources #exploration #privateequity Press Release: https://lnkd.in/gRuQqrAn

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Congratulations to firm client XGS Energy, an innovator in next-generation geothermal energy technology, on its $20 million Series A! XGS has developed technology that makes geothermal energy water-independent and scalable. Current geothermal systems cycle millions of gallons of water down injection wells, through hot rock, and then back to the surface via a separate production well—losing sizable volumes of water in each cycle. These systems limit geothermal energy production to areas where there is an ample supply of water. XGS Energy’s system, by contrast, recirculates the same water over and over again through a closed-loop, hermetically-sealed system. By eliminating the need for large volumes of water, XGS Energy's solution makes geothermal production possible even in water-scarce regions. The $20 million Series A was led by Valo Ventures and VoLo Earth Ventures. This financing will support XGS’ first commercial-scale project in California later this year and accelerate deployment of its proprietary technology across its global project pipeline.

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As part of our refreshed Clifford Chance blog keeping track of global #groupaction #litigation developments, Kaia Pankey and I discuss some interesting characteristics (maybe flaws?) in the pending US shale oil #classactions. Subscribe to get regular updates from the US, UK, Netherlands, and every other jurisdiction implementing (or about to implement) group litigation. https://lnkd.in/dk3cjDWj

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Spring-based Exxon Mobil Corp. (NYSE: XOM) has inked the largest offshore lease for carbon dioxide storage in the U.S. nearly a year after acquiring Denbury Inc.’s vast carbon capture infrastructure. The oil and gas supermajor has leased 271,000 acres in Texas state waters near Jefferson, Chambers and Galveston counties from the Texas General Land Office. The lease will generate millions of dollars in revenue, which will go toward the Texas Permanent School Fund. The news comes just after Exxon announced it had announced its fifth third-party carbon capture and storage project, this time with New Generation Gas Gathering (NG3) to capture 1.2 million tonnes per annum of carbon dioxide in Louisiana. With that deal, the total carbon dioxide Exxon has agreed to store for customers has reached 6.7 million tpa. Exxon has CCS projects planned from Baytown to Yazoo City, Mississippi, which are connected by the carbon dioxide pipelines Exxon obtained when it acquired Denbury for $4.9 billion last year. Because Exxon now has existing carbon dioxide pipelines, the new storage space can store carbon dioxide from any of these projects, not just from nearby emissions, Dan Ammann, president of ExxonMobil Low Carbon Solutions, told the Houston Business Journal. https://lnkd.in/gD6zvB-x

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White & Case LLP has advised CNOOC Energy Holdings USA. Inc., a wholly owned subsidiary of CNOOC Limited, on the sale of CNOOC Holdings USA Inc. to INEOS Energy. Read more. https://ow.ly/YpLf50Ushf0 #whitecase

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White & Case LLP has advised CNOOC Energy Holdings USA. Inc., a wholly owned subsidiary of CNOOC Limited, on the sale of CNOOC Holdings USA Inc. to INEOS Energy. Read more. https://ow.ly/PK9K50UtfzK #whitecase

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White & Case LLP has advised CNOOC Energy Holdings USA. Inc., a wholly owned subsidiary of CNOOC Limited, on the sale of CNOOC Holdings USA Inc. to INEOS Energy. Read more. https://ow.ly/GFr750UvEGx #whitecase

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Preparation is crucial: to mitigate these risks, companies should prioritize compliance with CS3D obligations. Read more: https://rebrand.ly/j7j8y5x #ESG #supplychain #CS3D #energytransition

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Looking forward to being on a panel next week with David H., Sarah Kiriluk, CFA, Robert Parker, and Robert Sternthal at the S&P Global Commodity Insights Financing US Power Conference at the Marriott Marquis in Houston. We’ll be discussing how to navigate the complex landscape of tax equity in US power finance (including trends in tax equity for renewable energy projects, the impact of the tax credit transferability market, and much more). #ey #energy

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Find all the advisers on DT Midstream's $1.2 billion purchase of three natural gas pipeline systems from ONEOK in David Marcus' Deal Diary. Weil, Gotshal & Manges LLP's Omar Samji is counsel to DT Midstream, and Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates' Eric Otness represents Oneok. https://lnkd.in/eqrVnv7b

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Upstream oil and gas companies have been on an M&A tear of late. What is driving this? An increased emphasis on energy security and a concurrent belief that hydrocarbon usage is not going away anytime soon. #energy #mergersandacquisitions #energysecurity

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𝙀𝙭𝙭𝙤𝙣 𝙈𝙤𝙗𝙞𝙡 𝙎𝙚𝙩 𝙩𝙤 𝙎𝙚𝙘𝙪𝙧𝙚 𝙁𝙏𝘾 𝘼𝙥𝙥𝙧𝙤𝙫𝙖𝙡 𝙛𝙤𝙧 𝙋𝙞𝙤𝙣𝙚𝙚𝙧 𝙉𝙖𝙩𝙪𝙧𝙖𝙡 𝙍𝙚𝙨𝙤𝙪𝙧𝙘𝙚𝙨 𝘼𝙘𝙦𝙪𝙞𝙨𝙞𝙩𝙞𝙤𝙣 ExxonMobil's impending $60 billion acquisition of Pioneer Natural Resources Company, making it the largest oil and gas producer in the Permian Basin, is expected to receive approval from the U.S. Federal Trade Commission (FTC). The approval comes with the condition that Pioneer’s co-founder, Scott Sheffield, will not join Exxon's board due to concerns about his previous attempts to influence oil pricing and output. The decision, likely announced soon, follows scrutiny over Sheffield's advocacy for Texas oil production caps and his indirect involvement in a lawsuit alleging collusion with OPEC. Despite this, Exxon aims to boost its production in the Permian Basin significantly, from 600,000 barrels last year to about 2 million by 2027. This deal is part of a broader industry consolidation that the FTC is monitoring closely, especially under the leadership of Lina Khan and amidst political pressures related to energy prices and environmental impacts. Exxon plans to reduce Pioneer's emissions to net zero by 2035, enhancing its sustainability commitments. https://lnkd.in/gVWKJ7CD

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