Schlumberger will buy coiled tubing units from a Canadian company while it looks to reduce 2016 global spending by nearly 25%, including up to 50% in North America.
Casillas Petroleum purchased 12,000 net acres from Chesapeake. In January, a Chesapeake subsidiary produced at least 17.2 MMcf/d on the acreage.
The company expects startups of 2016 and 2017 projects to put in place 500,000 barrels per day of new net BP capacity by year-end 2017.
Corporate restructuring is a reality of today’s oil and gas landscape. As balance sheet and liquidity problems hit home, some companies have to consider drastic strategies.
Texegy LLC acquires working interest in Swift's Louisiana assets while note holders take control of the virtually all of the company's equity. The company holds 77,000 gross acres in the Eagle Ford Shale.
The upward movement in the price of Brent crude oil was supported by the significant drawdown in inventories of distillate fuel oil in the U.S. coupled with a report from the Labor Department that indicated jobless claims in the U.S. had dropped to 247,000 for the week of April 16.
Some see private equity as casting the production, ultimately deciding who still has the chops to play a pivotal role. At the recent Energy Capital Conference presented by Oil and Gas Investor, two operators who successfully raised capital in this downturn discussed how they handled the auditions so as to play a strong role in the oil industry today.
Though financial details of its deal will remain undisclosed, the sale of 19 GoM fields aids Chevron’s efforts to reach up to $10 billion in divestitures by year-end 2017.