At KPMG’s annual Global Energy Conference, confidence in the global economy abound, but political uncertainty and Asia’s growing energy demand shapes the role of the U.S. energy on the world stage.
Liberty Resources President and CEO Mark Pearson talks advanced completions, long laterals and the importance of private equity in the Bakken.
The Maya oil discount has been broadening because of the continued sharp widening of the West Texas Sour differential due to bottlenecks in the Midland Basin.
Enduro lined up four stalking-horse bidders—the most recent being Comstock—after a prior reorganization failed to remedy its financial woes.
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
Goodnight Midstream, a leading midstream water infrastructure company, recently expanded its revolving credit facility to $320 million.
Questerre Energy reported on June 4 that it has executed a letter of intent with a senior E&P company to settle outstanding litigation and acquire all their assets in the St. Lawrence Lowlands, Quebec.
A Kuwait Petroleum Corp.-owned firm plans to borrow up to $2.6 billion from banks and export credit agencies to build a LNG import terminal, banking sources said on May 23.
Oasis Petroleum Inc. (NYSE: OAS) intends to offer $400 million in aggregate principal amount of senior unsecured notes due 2026 in a private placement to eligible purchasers.
Finance - Equity
Rather than capital discipline, private equity is targeting growth, according to panelists at the Energy Capital Conference.
Pure Acquisition, led by Jack D. Hightower, is the latest blank-check company to emerge with an industry veteran at its helm.
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.
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
EV Energy Partners, an MLP, filed for Chapter 11 in early April. Parent firm EnerVest and its EnerVest Operating unit did not file for bankruptcy.
Appalachia shale producer Rex Energy’s bankruptcy follows Chapter 11 filings this week by two other U.S.-focused E&Ps.
Rebound in oil prices and restructurings of debt loads mean the trend toward more bankrupt producers is easing.
WhiteWater Midstream on May 2 announced the execution of multiple transportation and interconnect agreements for its Delaware Basin Agua Blanca pipeline, which is a joint venture between WhiteWater and WPX Energy (NYSE: WPX).