Acquisitions & Divestitures - Exclusives
The company rapidly assembled the roughly 70,000-net-acre Eagle Ford field as an upside bet on dry gas for LNG and Mexico exports.
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.
Statistics from the Aug. 16 sale show 27 companies participated and submitted 99 bids on 90 tracts. Total E&P USA submitted the highest single bid at $12.1 million.
After a rocky second-quarter performance, the company cut its capex but still faces an outspend of at least $300 million.
Nabors’ roughly $216 million acquisition of Tesco is ‘rare win-win in oil patch consolidation,’ analyst says.
Refiners are likely buyers of midstream assets if cash-strapped E&Ps decide to divest, Cowen says in a report.
The Permian Basin, Eagle Ford and Marcellus shales all have opportunities and, in some cases, deep pitfalls.
Rockcliff’s Haynesville Shale acreage will expand to 180,000 net acres following the close of two deals announced in August.
The company will keep capex steady despite adding 12,400 net acres but its forecast for oil production underwhelmed analysts.