HEADLINES: The Largest US Lease Sale; Hess’ Back-To-Back Deals

The U.S. Interior Department puts up 77 million acres for sale while Hess is selling off assets to focus on its Guyana and Bakken positions.

Up first on Oil and Gas Investor Headlines this week, the U.S. Interior Department is planning to make nearly 77 million acres available for oil and gas development in its largest lease sale to date. The 14,375 blocks being offered are located in the Gulf of Mexico offshore Texas, Louisiana, Mississippi, Alabama, and Florida. The proposed sale is for March of next year.

Hess sprang back-to-back deals to sell overseas assets this week, with a two-day tally of $2.65 billion in proceeds. The sales will free up cash flow, allowing it to focus on attractive growth assets like its Guyana position and its Bakken assets in the Williston Basin.

Also this week, Whiting Petroleum’s President and CEO James Volker is retiring after 34 years, he will be succeeded by Bradley Holly effective November 1st.

Looking ahead, earnings reports are expected from Chevron and ExxonMobil, both have conference calls scheduled this week.

Sources:

• US Puts Nearly 77 Million Offshore Acres Up For Oil, Gas Development
• Hess’ Offshore Deals Haul In $2.6 Billion; Free Cash For Bakken, Guyana
• Whiting Petroleum Names Bradley Holly New CEO To Succeed James Volker