The deal provides capital for EP to drill the Altamont Field and secures an oil supply for Tesoro’s refinery in Salt Lake City.
The JV has fully sanctioned the construction of the 200 MMcf/d plant near Orla, Texas, and related infrastructure required to connect the Willow Lake system to the plant and multiple third-party pipelines.
The $400 million JV, a drop in the capex bucket for EOG, will last four years but could draw out value over the long term.
In addition, Tom Schaefer and Andy Taurins have joined Seaport as managing directors to co-head the firm's A&D investment banking team.
Occidental Petroleum is a stalking horse bidder for Vanguard's Glasscock County, Texas, acreage, which it agreed to buy for $78 million.
Ares’s newly formed Development Capital Resources made $450 million in JV commitments, including one with an operator in the Stack/ Scoop.
Total E&P USA Oil Shale LLC will exit an oil shale project in eastern Utah after reaching an agreement with development partner Red Leaf Resources Inc., the companies said March 31.
The JV, called OneStim, will rival Halliburton’s frack fleet in the U.S. and Canada and further shrinks the pressure pumping marketplace to the detriment of smaller companies, an analyst said.
The JV will offer 'one of the broadest multistage completions portfolios in the market combined with one of the largest hydraulic fracturing fleets in the industry,' according to the release.
Two segments—smaller producers and water services—are providing investment opportunities, especially in the prolific Permian Basin.