Acquisitions & Divestitures
OGI Featured Category
A&D - E&P
Brazil's main oilworkers’ union federation FUP delayed a planned open-ended strike against state-run oil company Petrobras until Sept. 6 at the earliest, Reuters reported.
Program at the Austin, Texas-based university is one of 11 nationally accredited land management programs in North America. Department leaders might double its current size in the future, AAPL said.
EOG’s ample liquidity suggests it may simply be adjusting its portfolio. It’s likely the properties require significant capital commitment, which could be better used elsewhere, says analyst.
The 5.00% convertible senior notes, due 2032, will be exchanged for issuance of $27.5 million of a new series of 5.00% convertible exchange senior notes due the same year.
Credit Suisse analyst Jim Wicklund is still a bear, but he notes that oil prices have taken on a strange new dynamic.
The Ordovician Shale has distinctive thermal windows for oil to dry gas generation. The source rock in the basin is immature to the west, giving a distinctive oil window.
The private equity firm says the industry may experience a shift amid the downturn, with acquisition and exploitation models getting dollars while the supply of natural gas divestitures increases as operators hold on to oil assets in hopes of a recovery.
Of the major shale plays, the Utica is expected to show gas production increases in June, July and August, the EIA said. Though by September, production in the play will also start to slip.
Energy Information Administration estimates Mexico has more than 60 billion barrels of shale resources. This would provide more than 35 years of Mexican oil supply at current U.S. production levels.
Witnesses said a car bomb caused severe damage to first floor of headquarters of Mellitah, an oil and gas joint venture between Italy's Eni and Libya’s state-owned NOC, Reuters reported.
The farm-in deal comes in the wake of reports that McClendon was eyeing Australia’s McArthur Basin as a shale hotspot for his first venture out of the U.S.
In the second quarter of 2015 deal activity and values climbed as oil hung around the $60 level, then transactions pulled back as oil prices fell below $42.
Mergers & Acquistions
The transaction will expand Schlumberger’s revenue base by more than 20%, Paal Kibsgaard, the company’s CEO and chairman, said in a press call. Schlumberger expects cost synergies of $900 million over two years.
AGL is planning to spend $670 million on interstate pipeline construction projects, including infrastructure from the Marcellus and Utica and that could grow volumes moving to the Southeast, Midcontinent and Eastern Canada.
Halliburton Co. and Baker Hughes received Department of Justice second requests in February under Hart-Scott-Rodino Antitrust Improvements Act of 1976’s notification requirements. Baker Hughes certified the second request July 14.
The company reported that cash flow from operations and asset sales was $9.4 billion for second-quarter 2015. Of that amount, $629 million were proceeds associated with assets sales.
Most recently, Rodney D. Hatfield was vice president-West Texas for Regency Gas Services. He will be based in Outrigger’s recently opened Midland, Texas, office, leading Permian Basin business development.
About 1.1 billion cubic feet of natural gas stored as base gas by TransCanada is now working gas, Reuters reported. The reclassified gas was part of supply TransCanada will sell.
As vice president of major pipelines, Richard Hill will manage operational development plans, client development programs, labor and talent management initiatives, operations communications, and safety leadership for the division.
Nexen estimates the shutdown process could take two weeks as it suspends pipeline operations and attempts to demonstrate to the Alberta Energy Regulator that its pipelines are safe, Reuters said.
Service & Supply
Novatek was founded by H. Tracy Hall, the first scientist to use a repeatable process to convert carbon into synthetic diamonds. His company uses the diamonds for various drilling equipment.
Mitsui & Co. (USA) Inc. co-led the funding round with data provider Genscape Inc. The capital will support WellAware’s operations expansion and oilfield analytics product development efforts.
Michael Hayes was appointed vice president and general manager of pressure testing and services and of the engineering group. Most recently, he worked for Frank’s International and Weatherford.
Around $200 billion worth of projects are halted or scrapped, and companies are likely to cut investments further due to a persistent crude oil glut and weak prices, Reuters said.