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Thursday, August 27, 2026

December 29, 2017

SandRidge-Bonanza Creek Merger Cancelled

December 29, 2017

Icahn’s activism produces results SandRidge (ticker: SD) and Bonanza Creek (ticker: BCEI) have terminated the previously-announced merger agreement, ending the largest U.S. deal in five months. The $746 million SandRidge-Bonanza Creek merger would have created a major player in the DJ Basin, but a 17.4% premium was deemed too high. While SandRidge only paid about $2,500 per acre, far below

Saudi Arabia 2018 Budget Shifts Away From Oil Revenues

December 29, 2017

Saudi Arabia plans to spend $261 billion in 2018. The budget will set a record for Saudi Arabia, as it looks to reform the country’s economy and reduce reliance on oil revenues. Forbes reported that Saudi Arabia plans to cut gasoline subsidies, creating a 80% price jump in January 2018. The article notes that gasoline prices were very low –

Court expands injunctions in favor of Integradora de Servicios Petroleros Oro Negro, S.A.P.I. de C.V. and Perforadora Oro Negro, S. de R.L. de C.V. under insolvency proceeding (concurso mercantil) and suspends immediately the effects of the resolution purportedly adopted by bondholders for Oro Negro Drilling Pte. Ltd. to issue new liquidity bonds and engage certain advisors

December 29, 2017

Court expands injunctions in favor of Integradora de Servicios Petroleros Oro Negro, S.A.P.I. de C.V. and Perforadora Oro Negro, S. de R.L. de C.V. under insolvency proceeding (concurso mercantil) and suspends immediately the effects of the resolution purportedly adopted by bondholders for Oro Negro Drilling Pte. Ltd. to issue new liquidity bonds and engage certain advisors

Pipeline projects move ahead to tackle rising Texas shale output

December 29, 2017

From Reuters Several oil pipeline companies this month agreed to move ahead on multi-billion-dollar projects that would link Texas shale fields to Gulf Coast export hubs, offering new outlets for burgeoning output expected in 2018. Crude production from two large Texas shale fields next year is expected to rise about 800,000 barrels per day, researcher East Daley Capital Advisors estimates.

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