Acquisitions & Divestitures
OGI Featured Category
A&D - E&P
The Calgary, Alberta-based company entered an asset exchange agreement with a large industry partner on jointly-held acreage to exchange 15.4 net sections (9,856 net acres) from its Montney asset.
"It's extremely disappointing," Greg Hill, COO of Hess, said on the earnings call of the alleged defective valve, Reuters reported.
The company reported a net loss of $692 million for second-quarter 2016, an improvement from the $1 billion loss recorded the quarter before.
In one package, Murphy is offering operated interest in nine wells in Atascosa County, Texas. The company is also selling interest in 36 wells operated by Hunt Oil Co. in La Salle and McMullen counties, Texas.
The jihadist group has lost control of a series of oil fields, and is having to sell what production that remains at steep discounts to persuade truck drivers to collect it and run the gauntlet of U.S.-led air strikes.
After a nearly two-year slide in crude, higher oil prices may lead to higher production this year and in 2017, investors believe. However, a lot depends on whether the big rally in oil prices from February lows has run its course.
Weekly industry data from the American Petroleum Institute late on July 26 showed that U.S. crude stocks fell by 827,000 barrels in the week to July 22, well short of the 2.3 million barrel draw that had been expected.
Instead of seeing $60 a barrel, which would support an increase in production, the demand questions, and ongoing supply concerns, mean oil could fall further. U.S. crude settled at $43.13 on July 25, after earlier hitting a three-month low.
Under the JV agreement, Southern will acquire a 50% equity interest in the SNG pipeline system from Kinder Morgan. The value of the stake in SNG is about $1.47 billion.
Benefit Street Partners, Rex's partner in the Moraine East JV, has elected into the next 12 wells, increasing the total capital commitment to $98.1 million from $51.6 million.
The agreement, between National Fuel's wholly owned E&P subsidiary, Seneca Resources Corp., and an affiliate of IOG Capital, includes the development of 75 total Marcellus wells located in the Clermont/Rich Valley area in Pennsylvania.
Luis Vazquez, chairman and CEO of Grupo Diavaz, said that the JV company will have predictable project delivery and will adhere to industry-recognized safety standards.
Mergers & Acquistions
Smaller upstream M&A transactions drive overall rise in second-quarter 2016, but midstream deals topple from perch, PwC report says
InterOil owns a 36.5% stake in the gas-rich Elk-Antelope field in Papua New Guinea, which is expected to be the main source for ExxonMobil's proposed Papua LNG project.
According to a presentation filed with the U.S. Securities and Exchange Commission on July 12, InterOil received three proposals, including Oil Search's, to sell the entire company during its initial sale process.
The pipeline company said on July 28 that the process of engaging advisers has been completed for the asset sales, and that it was in the initial stages of soliciting interested parties.
Spill is smaller than some previous ones in Saskatchewan, but it is taking a bigger toll on wildlife because it involves a major river, said Peter Prebble, director of environmental policy at the Saskatchewan Environmental Society, Reuters reported.
The 19-year-old pipeline transports heavy oil and helps supply Husky's Lloydminster upgrader, Reuters said.
Austrian energy group OMV, which is 31.5% owned by the state, is selling a 49% stake in Gas Connect Austria to raise cash to fund investments, Reuters reported.
Service & Supply
Founded in 2004 by Donal Bramblett, IPI president, the company is one of the largest domestic suppliers of natural polymers, including guar, to the industry, according to a press release.
Oilfield services companies were forced to cut rates after oil producers slashed their capital budgets in response to a slide in crude prices to their lowest in more than a decade.
The rig count in North America has improved by 26 over the last several weeks, Halliburton said on July 20."We believe the North America market has turned," CEO Lesar says.