Market
The EIA forecast is for American oil production to continue rising, with production in 2022 expected to average 11.8 million barrels per day, up 6.3% YoY.¹
US oil imports, meanwhile, will need the support of even more domestic production to prevent an upward trend and the erosion of America’s level of energy independence.
We are committed to adding to America’s oil production while reducing its energy imports.
Industry Leaders in Our Region
NYSE:XOM
Market Cap:
$430.3B
Aera’s operations are centered in California’s San Joaquin Valley, where much of Aera’s heavy oil production comes from the oil fields of Kern County, one of the largest oil producing regions in America.¹
NYSE:CVX
Market Cap:
$293.4B
California production mainly from 3 major crude oil fields in the San Joaquin Valley: Kern River, Midway Sunset & Cymric. Also operates & holds interests in the McKittrick, Coalinga, Lost Hills and San Ardo fields.²
NYSE:NFG
Market Cap:
$4.8B
Seneca’s West Division fields are mainly oil-producing properties with long-life reserves, low decline rates & low operating costs. They’re also focused on acquiring low- to moderate-risk properties.³
NYSE:CRC
Market Cap:
$3.7B
Operations in California’s 4 major oil & gas basins: LA Basin, Ventura Basin, Sacramento Basin, and the San Joaquin Basin, which makes up ~72% of their estimated proved reserves, including their flagship Elk Hills Field near Bakersfield.⁴
NASDAQ:BRY
Market Cap:
$636.3M
California-focused independent upstream energy company engaged primarily in the development & production of conventional oil reserves, targeting onshore, low-cost, low-risk, oil-rich basins, such as the San Joaquin basin.⁵
All figures in USD from October 25, 2023
Reserve and resource estimates provided are for wells and fields in the region near Trio Petroleum’s assets. These are provided for information purposes and are not indicative of potential results on assets owned by Trio Petroleum. Estimates are provided per sources below which may or may not conform to recognized industry standard reporting.
$
0
B
Combined value of deals across upstream oil & gas sector in 2021¹
0
-Yr High
Deals in 2021 returned to pre-Covid levels with highest value in 3 years¹
70%
Percentage increase in total value of deals over 2020¹
Large Notable Deals in 2021
merged with
valued at ~$17B¹
announcement to acquire O&G portfolio of
valued at ~$14B¹
acquired Permian Basin position of
for ~$9.5B¹
merged with
valued at ~$17B¹
announcement to acquire O&G portfolio of
valued at ~$14B¹
acquired Permian Basin position of
for ~$9.5B¹
Annual Upstream M&A Deal Value By Year
Billion USD
Source: Rystad Energy Upstream M&A Solution, Rystad Energy research and analysis
