Finance

Exclusives

NAPE Buzz: Cautious Optimism, Deal Discussions

The Hart Energy video team brings a closer look from the exhibit floor at the 2018 NAPE Summit, which drew more than 12,000 attendees this year to downtown Houston.

February 13, 2018

Headwinds Buffet Midstream Capital Recovery

After overbuilding during the last boom, debt and uncertainty weigh heavily on the sector.

February 12, 2018

Westwood: Drilling Budget Expansion On Tap For US E&Ps

U.S. E&Ps plan substantial increases to their drilling and completion budgets for 2018 and beyond.

January 30, 2018

IPAA: Financial Markets Boost Access To Capital

To increase production operators still need to access capital on relatively short timeframes.

January 30, 2018

Finance - Buy Backs

QEP Resources Prices $500 Million Debt Offering; Launches Redemption, Buyback

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.

November 7, 2017

Baker Hughes Authorizes $3 Billion Share Buyback

Baker Hughes (NYSE: BHGE) said on Nov. 6 its board of directors has authorized Baker Hughes LLC, General Electric (GE) company, to repurchase up to $3 billion of its common units from BHGE and GE.

November 6, 2017

BP Revives Share Buybacks As Years Of Austerity Pay Off

BP Plc (NYSE: BP) will become the first major European oil and gas company to resume share buybacks since the 2014 price slump, a sign years of austerity have paid off.

October 31, 2017

Petrobras Launches Buyback For $2 Billion Of Debt

The bonds, which include notes maturing in Jan. 2019, March 2019, April 2019, Jan. 2020 and March 2020, have almost $10 billion outstanding worth of securities, Reuters reported.

January 9, 2017

Finance - Debt

Bankrupt Breitburn Rebuffs Lime Rock Resources' $1.8 Billion Bid

Lime Rock’s $1.8 billion “stalking horse” offer tops a $1.6 billion enterprise valuation by Breitburn’s investment bank.

February 13, 2018

Kosmos Energy Refinances $1.3 Billion Term Loan

Oil and natural gas explorer Kosmos Energy Ltd. (NYSE: KOS) said on Feb. 6 it refinanced the loan facility tied to its energy reserves, raising the borrowing capacity to fund exploration.

February 6, 2018

Diamondback Energy Prices $300 Million Tack-On Debt Offering

Diamondback said it plans to use all of the net proceeds from the tack-on offering to repay a portion of the outstanding borrowings under its revolving credit facility, which totalled $235 million as of Sept. 30.

January 26, 2018

Extraction Oil & Gas Prices Upsized Debt Offering Of $750 Million

Extraction said proceeds will partially be used to fund a tender offer of its $550 million outstanding 2021 notes. Any remaining proceeds will go toward the D-J Basin-focused company's general corporate purposes.

January 19, 2018

Finance - Equity

Lotus Midstream Secures $400 Million Capital Commitment From EnCap Flatrock

Lotus Midstream is a crude oil logistics provider focused on the organic development of midstream infrastructure and services in the Permian Basin and Midcontinent regions.

February 13, 2018

Blue Wolf Capital Buys Majority Stake In Production Equipment Provider Petrosmith

The investment, which is the New York-based firm’s first since closing Blue Wolf Capital Fund IV LP  at its hard cap of $540 million in September 2017, is expected to facilitate rapid expansion at Petrosmith.

February 12, 2018

Double Eagle Energy III Secures More Than $1 Billion For Permian Basin Focus

Double Eagle’s substantial equity commitments from Apollo Global Management will support the company’s ongoing acquisition and development initiatives in the Permian Basin.

February 6, 2018

Warburg Pincus Backs New Delaware Basin-Focused E&P Ridge Runner Resources

Ridge Runner is a newly-formed E&P focused on the Delaware Basin. The company is led by CEO Scott Germann, an Exxon-trained geologist with more than 20 years of experience in the Permian.

February 6, 2018

Finance - Redemptions

Holly Energy Partners Will Redeem Senior Notes Due 2020

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.

December 2, 2016

Paramount Resources Will Redeem Senior Unsecured Notes Due 2019

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.

November 18, 2016

Concho Completes Acquisition Of Midland Basin Core Acreage

Concho also said it recently completed its redemption of the $600 million of 7.0% senior notes due January 2021.

October 4, 2016

Halliburton Will Redeem $2.5 Billion In Senior Notes

The Bank of New York Mellon Trust Co. NA, the trustee, is notifying all current registered noteholders of the redemption.

May 9, 2016

Finance - Restructuring

Deepwater Vs. Onshore Depends On ‘Flavor Of The Month’

At the recent NAPE Global Business Conference, panelists from Hess and Akin Gump gave insight on what plays into developing resources in the Lower 48 or international deepwater.

February 15, 2018

Ascent Resources Marcellus Files For Chapter 11 Bankruptcy

Privately-held Ascent is one of several energy companies U.S. fracking pioneer Aubrey McClendon launched after leaving Chesapeake Energy in 2013.

February 8, 2018

Seadrill Postpones Court Hearing On Restructuring Plan

Drilling rig company Seadrill said in a court filing it postponed an initial hearing on its restructuring plan to Feb. 26, buying more time to consider alternative plans.

February 6, 2018

Seadrill Postpones Restructuring Plan Hearing Until Feb. 7

Seadrill’s main owner, Norwegian-born billionaire John Fredriksen, backed by Centerbridge Partners, and a group of unsecured bondholders have submitted alternative restructuring plans, and started talks earlier in January.

January 25, 2018