Acquisitions & Divestitures
OGI Featured Category
A&D - E&P
Caddo Mineral Partners is offering producing and undeveloped mineral assets in the Delaware and Midland basins in a negotiated sale through The Oil & Gas Asset Clearinghouse.
The Permian has added rigs and upped production as deals keep the basin hot.
The assets are located in Coal, Haskell, Hughes, Latimer, Le Flore, McIntosh, Pittsburg and Sequoyah counties in Oklahoma. EnergyNet has been retained by the London company’s subsidiary to handle the sale.
The company struck a deal with Houston’s EnVen Energy, a private upstream E&P with GoM operations, to sell its Brutus/Glider assets for $425 million in cash.
Oil companies are deepening cost cuts through efficiency and standardization to stay profitable while maintaining dividends as a supply glut pushes back a potential recovery in the price of crude.
Oil futures rose on Aug. 30 supported by production suspensions in the U.S. Gulf of Mexico due to an expected tropical storm and speculation that the OPEC meeting in Algeria next month will act to prop up prices.
The weekly data shows that gasoline stocks in the U.S. Gulf Coast reached a seasonal high not seen since 2013, which could reflect decreased activity due to weaker demand.
Industry data showed that inventories had risen by 4.5 MMbbl in the week ending Aug. 19, rather than the expected 455,000-bbl fall, pushing WTI down more than $1 and erasing gains made in the previous session.
Lucas will initially participate in the Cyclone #9H and #10H wells on Lonestar's Harvey Johnson lease in southern Gonzales County in South Texas.
With oil hovering near $40/bbl and narrow pricing differentials between regions, concerns about overcapacity are hitting midstream operators in numerous parts of the country, Reuters reported.
Phillips 66 Partners contributed $50 million cash, which will be distributed to Plains, in exchange for a 50% interest in the JV.
A subsidiary of the Dallas company, EnLink Midstream LLC, entered an approximately $800 million JV agreement with a NGP affilate to operate and expand EnLink's natural gas, NGL and crude oil midstream assets in the Delaware.
Mergers & Acquistions
Twin Butte Energy debenture holders voted to reject a takeover bid by Hong Kong's privately held Reignwood Resources Holding on Aug. 29, throwing the cash-strapped Canadian oil and gas producer's financial future into uncertainty.
The deal, which adds a second core operating area to PDC's portfolio, consists of about 57,000 net acres in Reeves and Culberson counties in West Texas.
Fresh from recent Permian deal making, WPX Energy and QEP Resources have both signaled their intent to continue hunting for acquisitions.
The combined company will be known as Marquee Energy Ltd., and will provide shareholders exposure to a dominant land position in the Michichi oil fairway, with 2,600 barrels of oil per day of production.
If New York state succeeds in defeating the Constitution Pipeline, the victory could be a costly one, a report says.
Wartsila joins with Gasum to develop LNG distribution network for industrial sector.
There is no word yet on a new date for the hearing, said NEB spokeswoman Sarah Kiley, Reuters reported.
The plant, which will support Matador’s ongoing and future development efforts at Rustler Breaks, was brought online 'both on time and on budget,' CEO Joseph Foran says.
Service & Supply
Jilpetco will continue as a registered operator with the Texas Railroad Commission, with Pinney serving as its president.
The acquisition strengthens Blackeagle's existing Texas operations and puts the company at 'the epicenter of the nation's largest oil producing region.'
Located in Tyler, Texas, NBR has access to prolific shales within the state with the capacity to produce more than 2 million tons of fine-grade frack sand per year.
U.S. Silica, determined to make acquisitions in the downturn, has added Texas regional sand, high-purity Illinois sand and logistics to its portfolio this year.