Leading shale oil producers are generating significant free cash with oil prices at present levels.
Pure Acquisition, led by Jack D. Hightower, is the latest blank-check company to emerge with an industry veteran at its helm.
While companies are finally seeing black in the financial reports again, oil and gas jobs are still lagging, a Conference Board of Canada study revealed.
The government agency expects Brent to trend toward record numbers, but WTI to remain below $60/bbl.
Finance - Buy Backs
Hess said the new buyback program was in addition to the $500 million plan the company had announced in late 2017.
Chevron also revised its three-year annual capital spending plan to $18 billion to $20 billion and said it was looking to resume share buybacks.
QEP Resources Inc. (NYSE: QEP) said on Nov. 6 it has priced an offering of $500 million aggregate principal amount of senior notes due 2026.
Finance - Debt
The offering is expected to close on April 20, 2018.
Range CFO Roger S. Manny said the renewed and extended credit facility will support the development of the company's assets located in the Marcellus Shale and North Louisiana.
Comstock Resources Inc. has commenced tender offers for its outstanding senior secured notes and a buyback plan for its debt, the company said on April 2.
Tullow Oil Plc has priced its offering of $800 million aggregate principal amount of 7% senior notes due 2025.
Finance - Equity
Drillcore is led by Evan Turner, who is formerly director and head of energy at StormHarbour Partners and a founding member of CohnReznick Capital’s oil and gas group.
The founder and former top executive of several E&Ps including Chesapeake, SandRidge and Tapstone will partner with Bayou City Energy to hunt for acquisitions in Oklahoma and Kansas.
Northern Oil and Gas Inc. (AMEX: NOG) has commenced an underwritten public offering of $105 million of shares of its common stock, par value $0.001 per share.
Centennial Resource Development Inc. (NASDAQ: CDEV) has priced an underwritten public offering of an aggregate of 25 million shares of Class A common stock.
Finance - Redemptions
Holly Energy Partners LP and Holly Energy Finance Corp. will redeem all $300 million of their outstanding 6.50% senior notes due 2020, according to a Dec. 2 press release.
Paramount Resources Ltd. will redeem about $286.58 million of outstanding 7.625% senior unsecured notes due 2019 on Dec. 19 of this year, the company said Nov. 17.
Concho also said it recently completed its redemption of the $600 million of 7.0% senior notes due January 2021.
The Bank of New York Mellon Trust Co. NA, the trustee, is notifying all current registered noteholders of the redemption.
Finance - Restructuring
Seadrill aims to expand relations with Schlumberger and other service firms following approval of its multibillion-dollar debt restructuring plan, CEO Anton Dibowitz told Reuters.
The turnaround of Breitburn, which encountered many hurdles during its two-year Chapter 11 bankruptcy, indicates ‘better times in the energy industry.’
Breitburn said it successfully completed its Chapter 11 reorganization and emerged as Maverick Natural Resources, a newly-formed company owned and operated by EIG.
The largest winning bid was a $339 million joint offer by Statoil and Total for Cobalt’s 60% operated interest in the North Platte discovery.