By Tyler Losier, Energy Reporter, Oil & Gas 360 Occidental Petroleum and Ecopetrol S.A. form joint venture in the Midland Basin Occidental Petroleum Corporation (stock ticker: OXY), the fourth largest public E&P by market capitalization, has formed a joint venture (JV) with Colombia-based Ecopetrol S.A. (stock ticker: EC) to develop 97,000 net acres of Occidental’s Midland Basin properties, subject to
By Tyler Losier, Energy Reporter, Oil & Gas 360 Concho Resources and Solaris Water Midstream team up for produced water management in the northern Delaware Basin Concho Resources (stock ticker: CXO), a Permian-focused unconventional shale producer, has formed a strategic joint venture (JV) with Solaris Water Midstream, a wholly-owned subsidiary of Solaris Midstream Holdings LLC. The partnership between the two
From The Houston Chronicle Occidental Petroleum reported a $635 million quarterly profit that dipped 25 percent from the year prior, but the focus still remains on Oxy’s $38 billion acquisition of Anadarko Petroleum that could close in August. Houston-based Oxy said it plans to close the Anadarko deal next week after the scheduled Aug. 8 vote of Anadarko shareholders to
By Tyler Losier, Energy Reporter, Oil & Gas 360 Altus Midstream closes purchase of 33% equity stake in Enterprise-owned Shin Oak Pipeline Altus Midstream (stock ticker: ALTM), a pure-play Permian-to-Gulf Coast midstream company, has closed a deal with Enterprise Products Partners (stock ticker: EPD) to acquire a 33% equity interest in the Enterprise subsidiary that owns the Shin Oak natural
From Reuters Occidental Petroleum Corp, which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% fall in core profit on Wednesday, as higher crude prices and volumes were offset by adjustments to derivatives contracts and lower natural gas prices. Core income fell to $729 million, or 97 cents per share, in the
From Reuters Seven years ago, Diamondback Energy Inc went public with a modest parcel of drillable land in the Permian Basin of West Texas. Like dozens of other Permian startups, the firm then pursued a classic wildcatter’s strategy – borrowing to buy up acreage, acquire competitors and quickly boost output in the booming shale field. Today, Diamondback (FANG.O) is the
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
From The Houston Chronicle As the sweet spots of the booming Permian Basin are drilled, oil companies will need to either spend more money or consider mergers and acquisitions to keep up their crude production volumes, according to the energy research firm Wood Mackenzie. The conundrum is that Wall Street is punishing the stocks of public energy companies that increase
By Tyler Losier, Energy Reporter, Oil & Gas 360 The staggering size of Aramco: Saudi Arabia’s state-owned oil company In 1933, the government of Saudi Arabia signed a concession agreement with the Standard Oil Company of California, creating an entity known as the California Arabian Standard Oil Company. Two years later, drilling began, and in 1938, famed geologist Max Steineke
By Tyler Losier, Energy Reporter, Oil & Gas 360 Newly-formed Desert Peak Minerals to be largest pure-play mineral royalty company in Delaware Basin Kimmeridge Energy Management Company, a private equity firm focused on acquiring unconventional oil and gas assets, has entered into a definitive agreement with Desert Royalty Company to combine the two companies’ assets to form Desert Peak Minerals.
Saltstone Capital Management Presses for Immediate Change at Abraxas Petroleum Corporation
By Tyler Losier, Energy Reporter, Oil & Gas 360 Vanguard Natural Resources completes financial restructuring, emerges as Grizzly Energy Vanguard Natural Resources, a Houston-based onshore energy company, has successfully completed its Chapter 11 financial restructuring process, emerging as a new limited liability company under the name Grizzly Energy. According to the Houston Chronicle, this is the second time in two
