Acquisitions & Divestitures - Midstream

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WPX Jumpstarts Deleveraging Plan With $185 Million Midstream Sale

WPX Energy Inc. (WPX) has quickly hit the pavement, selling assets to free up capital for its newly acquired position in the Permian Basin.

WPX Energy said Aug. 31 it has agreed to sell a North Dakota gathering system to a private equity fund managed by the Ares EIF Group, a subsidiary of Ares Management LP (ARES). The transaction is worth about $185 million and is expected to close in 60 days.

The gathering system supports WPX's development in the Van Hook peninsula area in the Williston Basin. The Van Hook facility is an oil, natural gas and water gathering system.

The Tulsa, Okla.-based company is working to quickly reduce debt just two weeks after closing its acquisition of privately held RKI Exploration & Production LLC. The $2.75 billion deal added decades of drilling inventory in the core of the Permian's Delaware Basin.

Emily Moser
Mon, 08/31/2015 - 10:01
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Canadian Oil Sands Stops Syncrude Oil Production After Fire

Fire started hours after province's energy regulator said it would shut in 95 pipelines operated by Nexen, because of safety issues identified after large oil-related spill in July, Reuters said.

Erin Pedigo
Mon, 08/31/2015 - 08:58
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Keystone XL Permit On Verge Of Rejection?

President expected to announce denial of TransCanada project before Labor Day holiday, sources say.

Fri, 08/28/2015 - 14:40
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LNG Prices Fall Due To Large Supply, Re-exports From Europe

Re-exports from European LNG import terminals could intensify given the wide spread between domestic gas hub prices, currently trading around $6.10 per million British thermal units, and Asian markets, Reuters said.

Erin Pedigo
Fri, 08/28/2015 - 14:20
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Prolonged Low Oil Prices Could Halt Ethane Investments: Report

Oil-price volatility is creating a nightmare for petrochemical companies planning investments, according to Don Bari, vice president of technology and analytics for IHS Chemical and author of the report.

Thu, 08/27/2015 - 15:01
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Those In Favor Of Lifting Export Ban Seek More Support

U.S. oil producers should be able to export oil, supporters say, if Iranian producers can under an international agreement easing sanctions in exchange for limits on nuclear development, Reuters said.

Erin Pedigo
Thu, 08/27/2015 - 13:48
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Review Of Keystone Pipeline Continues, Government Says

White House spokesman Josh Earnest said he had not seen report in a Canadian newspaper saying President Barack Obama would deny permit for Keystone before Labor Day weekend, Reuters reported.

Erin Pedigo
Thu, 08/27/2015 - 12:16
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Pleininger Will Head OMV’s E&P Segment

Johann Pleininger, who joined OMV in 1977, will replace Jaap Huijskes as head of E&P, Reuters said. Pleininger is currently senior vice president for CEE and Black Sea there.

Erin Pedigo
Thu, 08/27/2015 - 09:59
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BP Restarts Whiting Crude Distillation Unit

The largest distillation unit’s full capacity is 250,000 barrels per day, and BP did not specify when full capacity will be reached after the restart.

Erin Pedigo
Thu, 08/27/2015 - 09:39
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Three Contractors Have Minor Injuries After Pipeline Fire In Louisiana

Cause of pipeline fire near Marsh Island, La., will not be disclosed until an investigation is completed, Boardwalk said. The 10-inch pipeline belongs to Gulf South Pipeline Co., Reuters said.  

Erin Pedigo
Thu, 08/27/2015 - 09:02
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Oil Traders Step Up Involvement In LNG Market

Trafigura is blazing a trail for trade houses, adopting highly successful tactics used in oil markets, to get an edge in the burgeoning LNG sector, Reuters said.

Erin Pedigo
Wed, 08/26/2015 - 13:55
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Crude Inventories Fall After Gas Inventories Rise

Gasoline stocks rose 1.7 million barrels, compared with forecasts for a 1.3 million-barrel drop. Distillates climbed 1.4 million barrels, vs. expectations for a 1.0 million barrels increase, Reuters said.

Erin Pedigo
Wed, 08/26/2015 - 11:24

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