The company has identified up to 200,000 acres in the Midland and Delaware sub-basins for transactions in 2017-2018.
The company appears to be financially challenged after a prolonged slump in oil prices.
With 120,000 net acres and an estimated 4,200 locations, the new company also meshes with Kingfisher Midstream to offer a potential spinoff IPO for development cash.
WPX has added midstream JVs, sand contracts and acquired 18,000 Permian acres while working out the complexity of its Delaware Basin acreage.
A&D - E&P
London-based Highlands Natural Resources has successfully drilled and set surface casing in two east Denver Niobrara wells, the company said on Aug. 18.
Private equity-backed Chisholm, Boomtown Oil and Antioch Energy are focused on the northern Delaware Basin, Eagle Ford and the Arkoma Basin. Here are their assets and their plans.
Sacgasco Ltd., a Sacramento Basin-focused natural gas developer and producer, said that the field appraisal drilling component of the company’s Dempsey 1-15 well in California has been successfully completed on Aug.21.
Attracting foreign investment for Iran’s oil sector will continue to be a top priority during President Hassan Rouhani’s second term, Iranian Oil Minister Bijan Zanganeh said on Aug. 20.
Electric vehicles (EV), autonomous vehicles and ride-sharing have played key roles in reshaping the plans of oil and gas companies, according to speakers on Deloitte’s recent “The Future of Mobility” webinar.
Steve Goreham, Climate Science Coalition, encouraged the industry to push back against its climate change persona at Summer NAPE expo.
Including emergency reserves, crude stocks were at 1.15 billion barrels, the lowest levels since October 2015, according to EIA data.
If the API data on falling U.S. crude inventories is confirmed later on Aug. 16 it would represent a seventh consecutive week of a decline in stocks.
The relationship will combine the expertise of Microsoft in cloud and digital transformation with Halliburton's E&P science, software and services technology.
NNPC said it had a tripartite agreement with local Nigerian energy firm and international oil services company Schlumberger to develop the Anyala and Madu fields.
Like in a marriage, partners in an energy JV must plan ahead, communicate and develop trust.
Schlumberger formed a JV with HEAL Systems, formerly Production Plus Energy Services, to develop the company's production optimization technology and business in the U.S. and Canada.
Mergers & Acquisitions
Total has been betting on new rather than mature fields in the North Sea and the acquisition of Maersk Oil gives it further economies of scale.
Nabors’ roughly $216 million acquisition of Tesco is ‘rare win-win in oil patch consolidation,’ analyst says.
Andeavor Logistics also said it would issue 78 million of its units to parent Andeavor in exchange for the cancellation of its incentive distribution rights.
More than 1,000 miles of pipeline purchased in Scoop, Stack, Merger play.
Dakota Access Pipeline operator sues Greenpeace, other environmental groups, charging ‘eco-terrorism.’
Appeals court rules that FERC must assess greenhouse gas impact before approving pipelines.
Canadian gas production could fall by half as U.S. shale output cuts into need for imports.
US LNG cargo signals closer relations between Lithuania and Washington.
Service & Supply
The acquisition of a 51% stake in Russia's Eurasia Drilling Co (EDC) by U.S. oilfield services giant Schlumberger "has big problems" in the current political situation, the head of Russia's competition watchdog said on Aug. 16.
Investors worry a slowdown in sand use, combined with new mining capacity coming online, could lead to a glut of the material and bring down prices. The worries have pressured shares of sand companies.
The deal, which would be mostly paid for in shares and convertible bonds, would strengthen Transocean's position in offshore drilling as Songa is Statoil's largest drilling service provider.
Halliburton will pay $29.2 million to settle civil charges it violated federal anti-bribery rules related to books, record-keeping and internal accounting controls while doing business in Angola.