Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
Dallas Cowboys owner Jerry Jones is back in the oil and gas game. Jones will invest $75 million in Comstock Resources, but analysts threw down a penalty flag on Comstock’s Eagle Ford Shale divestiture and dilutive refinancing efforts. Analysts fretted that the recapitalization efforts include a “massive share count dilution” that increases its stock count, by some estimates, by 340% to 370%. The company also received less value for its Eagle Ford assets than some had anticipated.
In A&D news, SM Energy announced the sale of $292.3 million worth of noncore assets, continuing its strategy to zero in on Texas’s Midland Basin and Eagle Ford shale plays while reducing the company's debt.
Meanwhile, in Appalachia, efficiency and outreach for upstream and midstream projects in the Marcellus were on the minds of attendees at the Pennsylvania Independent Oil and Gas Association’s recent spring meeting. At the conference, Gary Slagel, government affairs specialist at Steptoe & Johnson and PIOGA board chairman, told Hart Energy he foresees creating a positive relationship with communities that are concerned about how regulatory changes will affect expansion and infrastructure development in the Northeast.
Also, the EIA reported U.S. crude stocks fell unexpectedly last week as refineries hiked output. Crude inventories fell by 4.6 million barrels in the last week. That’s compared with analysts' expectations for an increase of 246,000 barrels.
Sources:
Recommended Reading
Aethon Cuts Rigs but Wants More Western Haynesville Acreage
2024-03-28 - Private gas E&P Aethon Energy has drilled some screamers in its far western Haynesville Shale play—and the company wants to do more in the area.
Energy Transition in Motion (Week of March 28, 2024)
2024-03-28 - Here is a look at some of this week’s renewable energy news, including proposals submitted to develop about 6.8 gigawatts of wind projects offshore Connecticut, Massachusetts and Rhode Island.
SLB to Acquire Majority Stake in Aker Carbon Capture
2024-03-28 - SLB and Aker Carbon Capture plan to combine their technology portfolios, expertise and operations platforms to bring carbon capture technologies to market faster and more economically, SLB said in a news release.
CERAWeek: Tecpetrol CEO Touts Argentina Conventional, Unconventional Potential
2024-03-28 - Tecpetrol CEO Ricardo Markous touted Argentina’s conventional and unconventional potential saying the country’s oil production would nearly double by 2030 while LNG exports would likely evolve over three phases.
DUG GAS+: Chesapeake in Drill-but-don’t-turn-on Mode
2024-03-28 - COO Josh Viets said Chesapeake is cutting costs and ready to take advantage once gas prices rebound.