taking notes
Things to know: Beryl in the rearview, Devon Energy's big deal, and events not to miss
Editor's note: Dive headfirst into the new week with three quick things to catch up on in Houston's energy transition.
Hurricane Beryl's big impact
Hundreds of thousands of people in the Houston area likely won’t have power restored until this week, as the city swelters in the aftermath of Hurricane Beryl.
The storm slammed into Texas on July 8, knocking out power to nearly 2.7 million homes and businesses and leaving huge swaths of the region in the dark and without air conditioning in the searing summer heat.
Although repairs have restored power to nearly 1.4 million customers, the scale of the damage and slow pace of recovery has put CenterPoint Energy, which provides electricity to the nation's fourth-largest city, under mounting scrutiny over whether it was sufficiently prepared for the storm and is doing enough now to make things right.
Some frustrated residents have also questioned why a part of the country that is all too familiar with major storms has been hobbled by a Category 1 hurricane, which is the weakest kind. But a storm's wind speed, alone, doesn't determine how dangerous it can be. Click here to continue reading this article from the AP.
Big deal: Devon Energy to acquire Houston exploration, production biz in $5B deal
Devon Energy is buying Grayson Mill Energy's Williston Basin business in a cash-and-stock deal valued at $5 billion as consolidation in the oil and gas sector ramps up.
The transaction includes $3.25 billion in cash and $1.75 billion in stock.
Grayson Mill Energy, based in Houston, is an oil and gas exploration company that received an initial investment from private equity firm EnCap Investments in 2016.
The firm appears to be stepping back from energy sector as it sells off assets. Last month EnCap-backed XCL Resources sold its Uinta Basin oil and gas assets to SM Energy Co. and Northern Oil and Gas in a transaction totaling $2.55 billion. EnCap had another deal in June as well, selling some assets to Matador Resources for nearly $2 billion. Click here to continue reading.
Events not to miss
Put these Houston-area energy-related events on your calendar.
- 2024 Young Leaders Institute: Renewable Energy and Climate Solutions is taking place July 15 to July 19 at Asia Society of Texas. Register now.
- CCS/Decarbonization Project Development, Finance and Investment, taking place July 23 to 25, is the deepest dive into the economic and regulatory factors driving the success of the CCS/CCUS project development landscape. Register now.
- The 5th Texas Energy Forum 2024, organized by U.S. Energy Stream, will take place on August 21 and 22 at the Petroleum Club of Houston. Register now.