** Pioneer Natural Resources has inked a deal to acquire energy independent DoublePoint Energy for a consideration of $6.4 billion, including the assumption of some $900 million in debt, Pioneer said in a press release. The rest of the price will be made up of $1 billion in cash and 27.2 million Pioneer shares.
** The Organization of the Petroleum Exporting Countries and its allies agreed in a meeting Thursday to increase their overall oil production by 350,000 barrels per day in both May and June, followed by another 450,000 bpd in July. Separately, Saudi Arabia decided to relax its unilateral cuts of 1 million bpd gradually, and plans to phase them out entirely by the end of July.
** A federal appeals court on Thursday rejected New York City’s effort to hold five major oil companies liable to help pay the costs of addressing harm caused by global warming. Ruling in favor of BP Plc, Chevron Corp, ConocoPhillips, Exxon Mobil Corp and Royal Dutch Shell Plc, the 2nd U.S. Circuit Court of Appeals in Manhattan said the regulation of greenhouse gas emissions should be addressed under federal law and international treaties.
** U.S. auto sales rose more than 11% in the first quarter, as strong March sales far outpaced last year when coronavirus pandemic began.
** The Houston Chronical reports the Texas death toll from February’s storm and outages has reached at least 194, nearly twice the official count and four times more than initial reports.
** A federal judge orders West Virginia Gov. Jim Justice and one of his family-owned coal companies to pay a Pennsylvania coal exporter $6.8 million after failing to fulfill a 2017 agreement according to the Associated Press.
** Editorial writers at the Dallas Morning News say Texas should reject Berkshire Hathaway’s plan to build 10 new natural gas plants as a “ham-handed,” expensive and ineffective response to February’s winter storm and resulting outages, writes an editorial board.
** Exxon Mobil expects first-quarter earnings to be reduced by as much as $800 million due to the deep freeze that plunged Texas into darkness last month.
** A group of 33 Democratic lawmakers call on President Biden to shut down the Dakota Access pipeline as the administration faces an upcoming deadline to decide the project’s future.
** The Interior Department’s Jennifer Van der Heide, was removed from the chief of staff position after the White House shut down a planned celebration for Secretary Deb Haaland’s confirmation.
** Pioneer Natural Resources Company announced that it has entered into a definitive purchase agreement to acquire the leasehold interests and related assets of DoublePoint Energy in a transaction valued at approximately $6.4 billion as of April 1, 2021, comprised of approximately 27.2 million shares of Pioneer common stock, $1 billion of cash and the assumption of approximately $0.9 billion of debt and liabilities.
