Pressure pumpers are seeing bids cluster, a signal that concessions for E&Ps may have bottomed and that some oilfield service companies may start to fall by the wayside.
The company reported a 58% drop in earnings for fourth-quarter 2015 over the same quarter last year, down to $2.8 billion.
Midstream assets figure heavily into deal, with Dominion calculating that $425 million in EBITDA could be moved into its midstream MLP. The merger would put Eastern and Western gas market under Dominion’s roof.
The company is progressing with major upstream projects and becoming more efficient as it looks to grow production, sell assets and further reduce spending.
With plans of bringing their “best-in-class technologies” to West Texas, Luxe's founders struck out on their own with eyes for the Delaware Basin.
At closing, expected in the first quarter of 2016, the gathering system will consist of more than 220 miles of oil, gas and water gathering lines installed in conjunction with WPX’s drilling in the Gallup oil play.
Production in the Eagle Ford Sugarloaf increased 54% in fiscal year 2014-15 as did proved and possible reserves. However, the company is looking at gas assets nearer to home.
Keane said it will purchase the U.S. assets of Trican Well Service, Canada’s largest pressure pumper, and expand its presence in the Midcontinent, Permian, Bakken and Utica/Marcellus shale plays.