Energy XXI said it will terminate its previously announced partnership with Orinoco Natural Resources as a result of the Cox Oil transaction.
Also this week, Phillips 66 to expand Texas NGL project. Meanwhile, Exxon Mobil and Plains pursue Permian pipeline JV and Pioneer sells Colorado assets.
The proposed acquisition is expected to more than double DGO’s daily production from legacy gas wells in the Appalachian Basin.
Pioneer Natural Resources continues to sell assets as it moves toward becoming a Midland Basin pure-play.
A&D - E&P
"Investor sentiment in the last year has really, markedly changed. I'd say it's gone from, 'drill, baby, drill,' to 'show me the money,'" says Hess CEO John Hess speaking at the OPEC International Seminar.
Pioneer's Scott Sheffield said this week that overall Permian output could flatten in the 12-month period ending September 2019, when proposed pipelines are completed.
U.S. sanctions on Venezuela are an attack against the stability of the global oil market, Venezuelan Oil Minister Manuel Quevedo said on June 21.
Jalapeño Corp. retained EnergyNet as its exclusive adviser to market their interest within the Permian Basin located in Eddy and Lea counties, N.M.
As production from the Permian Basin continues to rise, taking exports to new highs, takeaway capacity can’t seem to catch up.
The investment ramp-up could bring about cost inflation that might challenge smaller E&Ps and eventually make way for Permian consolidation, IHS says.
Stratas expects capital outlays for unconventional oil in the Rockies to top $12 billion in 2018 as the industry’s views of the Bakken, Wattenberg and Powder River Basin change.
As U.S. exports continue to soar, the capacity shortfall will force production to flatline.
The investment, BP Ventures said, is part of a push to tap into the growth in electric vehicle technologies and infrastructure.
Outwardly, U.S. shale seems a tough sell to Chinese NOCs these days, but their reluctance may have more to do with the scrutiny that has been brought on to NOCs for years.
The JV, formed in January 2017 between EP Energy and a subsidiary of Apollo Global Management LLC, was originally intended to drill up to 150 Wolfcamp wells.
The project utilizes a commercial model that consolidates BHGE engineering, products and services expertise in order to reduce total project costs and time to first production.
Mergers & Acquisitions
Transaction is expected to close by the end of the third quarter.
Canadian oil and gas producer Baytex Energy said it would buy rival Raging River Exploration for about C$2.8 billion (US$2.13 billion) to expand in the oil-rich Duvernay Field in Alberta.
Hong Kong’s CK Infrastructure Holdings has made a AU$12.98 billion (US$9.8 billion) takeover offer for Australia’s biggest gas pipeline company, APA Group, offering a hefty 33% premium to tap into a tight gas market on June 13.
KPMG analysts are bullish about a pickup in oil and gas deal making, with foreign investment expected in the U.S. renewables market.
Crude production out of the Permian is set to grow at a dynamic rate in the coming years, but breakeven prices are expected to increase with higher water usage.
Eclipse Resources has broken several laterals records in the Utica Shale and CEO Ben Hulburt told DUG East attendees he expects the company to break even more records.
Massive leak from 2015 continues to make region prone to shortages.
More than 500 requests made for exemptions; most steel used in U.S. pipeline construction is imported.
Service & Supply
Austin, Texas-based Drillingingo said it expects the acquisition of 1Derrick and PLS' research and database business to expand its market analysis and deal valuation products.
In this first episode of the DUG Technology podcast, we dive deep into the opportunities big data presents to shale players.
The combined company will operate under the Akita name and have a fleet of 44 high-spec drilling rigs with operations in several major resource basins in the U.S. and Canada.
Frack sand suppliers are racing to fill growing sand needs and address logistical concerns in the Permian Basin.