Emerald said Aug. 3 it has an agreement worth about $24.4 million with a subsidiary of Koch Industries and is also working on a midstream JV in the Williston Basin.
Drill-to-earn JVs have benefits, but investors should keep in mind these caveats.
The Fort Worth, Texas, company will be able to drill while hunting down more acquisitions—and without taking a major hit to its balance sheet.
The reasons for the sale weren't disclosed, but in April, Shell said it was buying BG Group Plc, which has a global portfolio of LNG, for about $70 billion.
Midstream assets included in the joint venture include a natural gas processing plant in Tioga, N.D. Hess Infrastructure will make an IPO of Hess Midstream Partners LP common units.
Pennsylvania Services Corp. will be sole owner and operator of joint venture that supports a concentrated gas resource in Greene County, Pa., in “core of the core” of the Marcellus.
The partnership could serve as a launching point for continued growth in the region, analyst says.
Oilfield technologies company Blue Water Petroleum Corp. signed a letter of intent with Viscos Energy Partners to form STO (Sludge to Oil) to operate Viscos’ oil sludge remediation, upgrading system.
JVSA will provide JV management, JV auditing, contract and agreement management, vendor compliance and dispute resolution services at offices in Houston and Calgary, Alberta, said PKF Texas, an advisory firm.
Hess is selling half of its Bakken midstream assets in a joint venture deal with Global Infrastructure Partners that will form a premier midstream company valued at $5.35 billion.
Following the acquisitions, the company said its acreage position in the Permian Basin in southeast New Mexico and West Texas increased to about 155,500 gross acres.
Springbok’s new fund, focused on mineral and royalty interests in mature and emerging unconventional U.S. plays, will invest in a new partnership with Natural Gas Partners.