Linn Energy LLC, Houston, (Nasdaq: LINE) plans to acquire certain properties in the Midcontinent from Dominion Resources Inc., Richmond, Va., (NYSE: D) for $2.05 billion. The assets include 2,500 producing wells in Oklahoma, the Texas Panhandle and Kansas. Proved reserves are more than 760 billion cubic feet of gas equivalent (93% gas and gas liquids, 75% proved developed) and proved and potential reserves are more than 2 trillion cubic feet equivalent. Pro forma, Linn will have proved reserves of 1.6 trillion cubic feet equivalent and more than 5,000 drilling locations.
Recommended Reading
Dividends Declared in the Week of May 6
2024-05-10 - Here is a selection of upstream, midstream and service and supply companies’ dividends declared in the past week.
Permian M&A: Oxy Shops Delaware Assets, Family Oil Cos. Stand Out
2024-05-10 - As operators scour the Permian Basin for M&A opportunities, they’re keeping an eye on a tepid divestiture market. Family-owned oil companies also stand out among the pack of private inventory holders remaining in the Permian, according to Enverus Intelligence Research.
GeoPark, Vitol Sign Offtake Deal for Llanos 34 Block
2024-05-10 - Under the agreement, GeoPark will sell and deliver to Vitol a minimum of 20,000 bbl/d of oil from the Llanos 34 Block in Colombia, which GeoPark holds 45% working interest.
Enbridge Plans to Increase Permian Oil Pipeline’s Capacity
2024-05-10 - Midstream company Enbridge announced an open season on the Gray Oak Pipeline for a proposed 120,000 bbl/d expansion and updated its M&A efforts.
Energy Transition in Motion (Week of May 10, 2024)
2024-05-10 - Here is a look at some of this week’s renewable energy news, including $1.5 billion in investment commitments for low-carbon energy initiatives.