Plains Exploration & Production Co., Houston, (NYSE: PXP) plans to acquire Pogo Producing Co., Houston, (NYSE: PPP) for $1.5 billion in cash and approximately $2.1 billion in stock in a total deal valued at approximately $3.6 billion. Pogo has 432 productive and 56 dry gross wells on 5.1 million gross lease acres in North America, 6.3 million gross acres in New Zealand and 1.5 million gross acres in Vietnam with additional assets in Canada and the Gulf of Mexico. Following its sale of Northrock Resources Ltd. to Abu Dhabi National Energy Co. PJSC, Abu Dhabi, UAE, (Abu Dhabi: TAQA) Pogo's production will be approximately 47,000 barrels of oil equivalent per day. Proved reserves discounting the Northrock assets are 1.3 trillion cubic feet of gas equivalent (219 million barrels equivalent, 65% gas).
Recommended Reading
New Permian Math: Vital Energy and 42 Horseshoe Wells
2024-05-10 - Vital Energy anticipates making 42 double-long, horseshoe-shaped wells where straight lines would have made 84 wells. The estimated savings: $140 million.
SM Energy Targets Prolific Dean in New Northern Midland Play
2024-05-09 - KeyBanc Capital Markets reports SM Energy’s wells “measure up well to anything being drilled in the Midland Basin by anybody today.”
Vår Selling Norne Assets to DNO
2024-05-08 - In exchange for Vår’s producing assets in the Norwegian Sea, DNO is paying $51 million and transferring to Vår its 22.6% interest in the Ringhorne East unit in the North Sea.
Crescent Energy: Bigger Uinta Frac Now Making 60% More Boe
2024-05-10 - Crescent Energy also reported companywide growth in D&C speeds, while well costs have declined 10%.
SLB OneSubsea JV to Kickstart North Sea Development
2024-05-07 - SLB OneSubsea, a joint venture including SLB and Subsea7, have been awarded a contract by OKEA that will develop the Bestla Project offshore Norway.