**Summary**
Blackstone Inc. is reportedly the leading candidate to acquire Enverus, an energy-focused data provider, for approximately $6 billion. This development follows Hellman & Friedman’s recent efforts to sell the Texas-based company, which they acquired in 2021 for $4.25 billion, including debt.
Despite initially withdrawing from the bidding process, Blackstone has re-entered negotiations, positioning itself ahead of other interested parties, including Veritas Capital, which owns Wood Mackenzie. Sources indicate that while discussions have been ongoing for several months, the outcome remains uncertain, and additional bidders could still emerge.
Enverus specializes in providing data, analytics, and software solutions tailored for the oil and gas sector. The sale process has attracted significant attention, reflecting the continued robust activity in software business transactions, even as other sectors experience a slowdown.
In related news, major U.S. oil producers Exxon Mobil and Chevron are expected to report their lowest earnings in four years due to declining oil and gas prices. The second quarter of the year saw a volatile market, with OPEC+ increasing production, which pressured crude prices and reduced revenues for oil companies.
Analysts predict Exxon will report adjusted earnings of $6.67 billion, a 27% decrease from the previous year, marking its lowest earnings since 2021. The company has indicated that lower prices could reduce earnings by about $1.5 billion compared to the first quarter. However, improved refining margins may provide a slight boost.
Chevron is also anticipated to report a significant earnings drop of 33%, with adjusted earnings expected to be around $3 billion. The company recently completed its acquisition of Hess, which is projected to yield $1 billion in cost synergies by year-end. Chevron plans to provide updated financial guidance for the combined entity during its investor day in November.
Both companies are navigating challenges, including production disruptions and fluctuating market conditions. TotalEnergies and Shell have also reported declines in profits, highlighting the broader impact of lower oil prices across the industry.
As the market awaits further earnings reports, attention will likely shift to company-specific results and insights into the macroeconomic landscape affecting oil demand.
