ConocoPhillips, Saudi Crude Oil Exports: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CORPORATE
ConocoPhillips to Buy Concho Resources - ConocoPhillips (NYSE:COP) on Monday agreed to buy U.S. shale oil producer Concho Resources Incorporated (NYSE:CXO) for $9.7 billion, as the energy sector continued to consolidate amid lower fuel prices and demand. The purchase would propel ConocoPhillips to the ranks of the top producers in the Permian Basin. (Reuters)

NATURAL GAS
Natural Gas Spot Prices at Waha Hub Turn Negative - Spot natural gas prices at the Waha hub in the Permian Basin in West Texas turned negative for the first time since April as mild weather cut demand for the fuel. Longer term, however, Waha forwards were trading at their highest levels in years on expectations gas supplies from oil drilling in shale basins like the Permian will drop after low crude prices this year due to coronavirus demand destruction caused energy firms to cut rigs. Next-day prices at Waha dropped to an average of minus 32 cents per million British thermal units for Monday, their lowest since falling to -$3.67 in April, according to pricing data from Refinitiv. (Reuters)

CRUDE OIL
Saudi Crude Exports Rise to 5.97 Million BBL/d in August - Saudi Arabia's crude oil exports rose for a second consecutive month to 5.97 million barrels per day (BBL/d) in August, from 5.73 million BBL/d in July, official data showed on Monday. The country's crude output rose by 500,000 BBL/d to 8.98 million BBL/d in August, the official figures showed. (Reuters)

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About Industrial Info
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