Unloads PRB, increasing concentration on Midland and Eagle Ford SM Energy Company (ticker: SM) said that it entered into a definitive agreement to sell a majority of the company’s Powder River basin assets for a cash purchase price of $500 million. The buyer was undisclosed. President and CEO Jay Ottoson said, “Divestiture of these assets is consistent with our strategy
Carrizo Oil & Gas, Inc. (ticker: CRZO) announced today that it entered into an agreement to divest a portion of its assets in the Eagle Ford shale for $245 million in cash. The divested assets include approximately 24,500 net acres, located primarily in the downdip area of the volatile oil window, and had associated net production during the third quarter
Pioneer Natural Resources Acquires Midland Basin Acreage with $827 Million Secondary Offering Devon Energy Corp. has been piling up the assets sales so far in 2016, announcing on June 15, 2016, the most recent divestiture of assets in the Midland Basin for a cumulative $858 million. This is comprised of two separate transactions, both in the Midland Basin. In the
Shell leads the way with $30 billion divestiture plan Earnings season has gone as expected thus far, as the majority of energy companies are reporting losses and writedowns due to the commodity downturn. Some are fighting to maintain their dividends at all costs, while others are abandoning the investor incentive in hopes of adding some protection to their balance sheets.
Gas Plant Sales on the Horizon? Whiting Petroleum (ticker: WLL), a Denver-based exploration and production company with operations focused on the Bakken Shale and Denver Julesburg Basin, has closed on the sale of its DJ water business for $75 million. The buyer, Tallgrass Energy Partners LP (ticker: TEP), announced the transaction via a press release on December 17, 2015. Tallgrass
RRC Takes Next Step in Divestiture Plan Less than one month after selling its Nora assets in Virginia for $876 million, Range Resources (ticker: RRC) has another attractive piece of acreage on the block. The Fort Worth-based E&P is marketing its leasehold in the STACK (Sooner Trend Anadarko Basin Canadian and Kingfisher Counties) trend of Oklahoma, according to a recent
2015 Asset Sales to Date Reach $275 Million Resolute Energy (ticker: REN) has agreed to sell its Gardendale assets for $177.5 million, concluding a “limited marketing process” that began in late September. The buyer was not named. The company has now sold nearly $275 million in assets since March 2015, including the divestures of its Midland Basin and Powder River
Union strike costing Brazil $25 million lost revenue per day: Reuters Management of Petrobras (ticker: PBR) indicates there are no changes in its plan to sell $15 billion in assets by year-end 2016, despite a union strike that is restricting production levels. Brazil’s state-owned integrated oil company intends to sell as much as $58 billion overall by 2019, with the
Resolute Energy Corporation (ticker: REN), an exploration and production company based in Denver, Colorado, took a step to enhance its liquidity by selling its Hilight Field asset for $55 million. The divesture, announced on September 16, 2015, is intended to reduce debt and will close before October 6. REN management began marketing the properties in June, and the company will
Chesapeake Energy (ticker: CHK), the second largest producer of natural gas in the United States, altered its financial strategy via a company news release on July 21, 2015. The announcement included a handful of cash-saving moves, ranging from internal budget decisions to outright divestures. The initiatives are listed below. CHK will not issue a dividend for its common shares in
Accelerates APA’s Transition to North America Apache Corporation (ticker: APA) has closed on the $2.8 billion sale of its stake in two separate LNG projects, the company announced on April 10, 2015. The projects include the Wheatstone LNG in Australia and the Kitimat LNG facility in British Columbia, with Woodside Petroleum assuming APA’s interest in both projects. The closing comes
The U.S. oil major has retained Scotiabank to help sell assets in Western Canada ConocoPhillips (ticker: COP) hired the Bank of Nova Scotia (Scotiabank) to advise on the sale of about 20% of its production in Western Canada outside of the oil sands, reports BNN. Details on the sale from Houston-based COP will be provided in the second quarter, according
