From Reuters A strong rise in oil and gas production helped BP (BP.L) offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares. BP’s second quarter contrasts with Total (TOTF.PA) and Norway’s Equinor (EQNR.OL), which posted sharp earnings drops, and builds on a steady recovery after deep cost cuts since the 2014 downturn,
By Tyler Losier, Energy Reporter, Oil & Gas 360 Lime Rock Resources purchases 350,000 net surface acres of overriding royalty interests from Range Resources Corporation Lime Rock Resources, the E&P arm of private equity firm Lime Rock Partners, has closed on the acquisition of a non-operated overriding royalty interest (ORRI) in 350,000 net surface acres of the Marcellus shale, representing
By Bevo Beaven, Editor, Oil & Gas 360, with Olivier Goodrich Gulf of Mexico explorer Talos Energy (stock ticker: TALO) has added three new lenders to its credit facility and bumped its borrowing base to $850 million from the previous level of $600 million. Additionally, Talos has announced multiple derivative contracts, consisting of swaps and costless collars, to hedge its
From Reuters An intensifying tropical storm in the U.S. Gulf of Mexico on Thursday cut more than half the region’s oil output, with energy companies evacuating staff from nearly 200 offshore facilities and a coastal refinery. Oil firms shut more than 1 million barrels per day of oil production, 53% of Gulf of Mexico’s output, and 1.2 billion cubic feet
From Bloomberg System could become a hurricane Friday and slam coast Saturday, one-third of Gulf oil output shut as firms evacuate workers A gathering storm in the Gulf of Mexico that’s already flooding New Orleans could grow into a hurricane before slamming into Louisiana this week, drenching the region with as much as a foot of rain. The system, about
By Tyler Losier, Energy Reporter, Oil & Gas 360 GulfSlope Energy teams up with unnamed private company Houston-based GulfSlope Energy (stock ticker: GSPE) has signed a letter of intent to form a joint venture with an unnamed, privately held oil and gas company in order to generate and drill shallow depth prospects in the Gulf of Mexico. GulfSlope, who will
By Tyler Losier, Energy Reporter, Oil & Gas 360 W&T Offshore to purchase Gulf of Mexico interests from ExxonMobil for $200 million W&T Offshore, Inc. (stock ticker: WTI), a Houston-based independent E&P, has entered into a sales and purchase agreement with ExxonMobil to acquire the company’s interests located off the coast of Alabama in the Gulf of Mexico. The transaction,
Liberty Pipeline LLC On Monday, Phillips 66 (stock ticker: PSX) and Bridger Pipeline LLC announced the formation of a 50/50 joint venture, Liberty Pipeline LLC, in order to build a 24-inch crude oil pipeline running from the Rocky Mountain and Bakken production areas to Cushing, Oklahoma. Liberty is underpinned with long-term shipper volume commitments, and initial service on the pipeline
Projects record year for U.S. GOM production Oil production in the US Gulf of Mexico (GoM) is poised to set new records in the imminent future, according to consultant Rystad Energy. The firm credits Shell’s early startup at its Appomattox deepwater platform as the key contributor. [contextly_sidebar id=”cdf69kYJ3bBBAgLQLY7BXOiDufZB4niO”] [contextly_sidebar id=”cLiboKDOQ5lMMVzjQ5IsxjLB3hjTZNzq”] “With earlier than planned production, Appomattox will be a key growth contributor
By Tyler Losier, Energy Reporter, Oil & Gas 360 Port will be located off the coast of Freeport, Texas Sentinel Midstream, LLC, through its subsidiary Texas GulfLink, LLC, submitted a license application on May 30 through the U.S. Maritime Administration (MARAD) for a deepwater crude export facility to be located off the coast of Freeport, Texas. The project will also
From S&P Global Platts Houston — Gulf of Mexico operator Talos Energy may be interested in buying some of Anadarko Petroleum’s deepwater Gulf of Mexico assets that Occidental Petroleum will acquire in its pending $57 billion purchase of that company, Talos’ CEO said Thursday. In addition, Talos – the first foreign company to make a discovery in Mexico’s offshore in
By Tyler Losier, Energy Reporter, Oil & Gas 360 Deeper water targets available with new Gulf of Mexico platform Royal Dutch Shell plc (stock ticker: RDS.A), through its subsidiary Shell Offshore Inc., brought its Appomattox floating production system online Thursday, in what is now the first commercial discovery operational in the Gulf of Mexico Norphlet formation. The deep-water oil
