IS - Noble commits to Alen gas project offshore Equatorial Guinea - April 2019Noble Energy will develop the Alen gas project offshore Equatorial Guinea. Gross
capital expenditures for the development are estimated to be $330 million, with ~$165
million net to Noble. The company will make capital expenditures in the project in 2019
and 2020, and expects first
production in 1H21.
Alen field initially started
operation in 2013 as a condensate production and natural gas recycling project. Natural
gas from the field has been reinjected into the reservoir to support the...
Apr 04, 2019
Targa sells 45% of Bakken assets to Blackstone for $1.6BTarga Resources agreed to sell a 45% interest in its North Dakota assets for $1.6 billion in cash to funds managed by GSO Capital Partners and Blackstone Tactical Opportunities, both affiliates ofprivate equity giant TheBlackstone Group. The sale will cover about 70% of Targa’s $2.3 billion growth capex budget for 2019, while expanding the reach of Blackstone, which has been involved in about $10 billion in US midstream deals in the past two years.Under the agreement, Targa will...
Feb 26, 2019
Williston buy crystallizes SPAC enthusiasmVantage Energy Acquisition Corp.’s $1.65 billion acquisition of QEP Resources’ Williston portfolio marks the fifth US upstream SPAC deal since the oil price downturn began in late 2014 and the third such deal of 2018. Notably, these blank-check companies have given some of the most highly regarded and proven industry executives a chance to build a company per their vision from the ground up. Vantage is no exception to this rule, as it is led by Roger Biemans, formerly president of...
Nov 21, 2018
Titan divests CBM assets to Summit for $58MMTitan Energy is selling its coalbed methane properties in the Black Warrior Basin of Alabama and in Virginia and West Virginia to Magnolia, Texas-based Summit Natural Resources for $57.5 million. The deal is expected to close before the end of Q3. The assets are producing 35 MMcf/d (10% annual decline) from 1,555 wells (75% operated) on 131,300 net acres (92% operated) with an average operated 82% WI (20% royalty) and generating $20 million operated cash flow. The position holds 150 Bcf PDP...
Aug 08, 2018
Morgan Stanley PE unit takes majority stake in PresidioFunds managed by Morgan Stanley Energy Partners teamed up with Presidio Investment Holdings to invest in the equity of Presidio Petroleum. Proceeds from the MSEP majority investment will pay for the purchase of oil and gas assets in the western Anadarko Basin from Midstates Petroleum Co. The terms of the equity investment were not disclosed.Midstates had announced a $58 million sale of Texas and Oklahoma assets in April but hadn’t disclosed the buyer. The assets had 4Q17 production of...
Jun 21, 2018
Osprey forms $894MM Falcon via Blackstone EF minerals buyNearly a year after its $275 million public debut, blank check company Osprey Energy Acquisition Corp. is forming Falcon Minerals Corp., the first public minerals company with oil-weighted assets concentrated in the core-of-the-core of the Eagle Ford. Falcon's formation is facilitated by Osprey's qualifying transaction consisting of its acquisition of private equity firm Blackstone Capital Partners' entire Eagle Ford minerals portfolio, comprised ofassets held by its portfolio company Royal...
Jun 06, 2018
Noble & Equatorial Guinea sign Alen Field gas pactNoble Energy and Equatorial Guinea agreed to a framework to develop Alen Field, which lies northeast of Bioko Island. The deal will see Noble develop an incremental 600 Bcfe at Alen via a 65-km pipeline link to facilities in Punta Europa. The gas will be processed through the EGLNG complex and the Alba LPG plant. Project sanction will be greenlighted once final commercial terms are struck. Alen field straddles Equatorial Guinea’s blocks O and L. The field has been in production in 2013...
May 18, 2018
Cardinal III targets OK with Iron Horse gas systemCardinal Midstream III is developing a gas gathering and processing system to serve producers working in Oklahoma’s SCOOP/STACK/Merge play. Construction of the Iron Horse system is underway and Cardinal expects to commission the system’s first cryogenic processing plant in Q3.The initial Iron Horse system will span Canadian, Grady, Caddo and McClain counties. The first phase will consist of more than 100 miles of high- and low-pressure gathering pipeline with multiple compressor...
Feb 23, 2018
Smart Sand: Drop in sales not proof of declining demandSmart Sand sold 5% less frac sand
in Q2 than it did in Q1, declining to
531,000 tons. The announcement comes
as analysts were warning of a
pullback in frac sand usage,
although the company, based
in The Woodlands, Texas, said the reduction
was really caused by an unplanned outage
at its mine in Oakdale, WI.
“Let me be clear about one thing—the
decrease in sales volume was not due to
lower demand for Northern White frac
sand,” Smart Sand CEO Chuck Young said.
“To the contrary, we...
Sep 01, 2017
Titan clinches $105 million sale in Rangely fieldTitan Energy completed the $105 million sale of its non-op 25% WI in the Rangely field in Colorado to an undisclosed buyer. Production from the Chevron-operated CO2 flood field was is ~2,486 bbl/d (90% oil, 10% liquids). The move follows the disposal of Titan’s Appalachian basin assets to Diversified Gas & Oil in an $84.2 million deal that closed June 30. Both disposals support Titan’s debt reduction strategy and Eagle Ford focus, where it holds 10,500 net acres in Atascosa County, TX....
Aug 15, 2017
Activist Jana & Atlas Ex favor EQT pipeline spinoff over RiceSome analysts, including the wellknown activists Jana Partners, say EQT would create more value for shareholders by spinning off its pipeline business than from its planned $8.2 billion acquisition of rival Rice Energy. In fact, Jana has already put its money where its voice is by acquiring a 5.8% EQT stake. In a letter to the board, Jana said its proposed midstream separation could save EQT shareholders as much as $4.5 billion or $26/share. In contrast, EQT estimates that the Rice deal will...
Jul 06, 2017
South Texas Quick News - July 22, 2016• There are 43 rigs, 33 oil and 10 gas, running in the South Texas region this issue, down from 115 YOY. • There are five rigs running in Webb County, down from 15 YOY. • Houston-based Annova LNG has filed its application seeking federal approval to take natural gas from the Eagle Ford Shale and export it from a proposed terminal in the Port of Brownsville. The company is asking for the agency to approve the application by March 30, 2018. • Atlas Resource Partners has...
Jul 22, 2016
People & Companies Briefs - July 13, 2016Abraxas Petroleum announced that departure of VP of exploration Lee Billingsley, who resigned July 5 after 18 years to pursue another opportunity. The company has not yet announced a replacement. American Midstream Partners named Eric T. Kalamaras as SVP and CFO, succeeding Dan Campbell, who had been CFO since 2012 and will not be moving with the partnership when it relocates to Houston. The two will work closely over the next few months to ensure a seamless transition. Prior to joining...
Jul 13, 2016
Equity Briefs - January 6, 2016• Atlas Energy Group said Dec. 30 that it had been notified by the NYSE that the company fell below the exchange’s continued listing standards for a $50 million market capitalization and total stockholders’ equity for a 30- day trading period. The Atlas LLC, which owns interests in the midstream MLP Atlas Resource Partners and Atlas Growth Partners, can submit a plan to regain compliance with the standards within 45 days of being notified. The NYSE can review whether conditions have been met...
Jan 06, 2016
People Briefs - December 15, 2015Atlas Energy Group and Atlas Resource Partners named Matthew Skelly investor relations VP. Skelly served in the same role for Atlas Pipeline Partners from 2010 until this year’s merger with Targa Resources. He previously worked in the bank and thrift sector at JP Morgan and on cross-border IR consulting and capital markets intelligence at Taylor Rafferty. He replaces Brian Begley, who has served as IR VP at Atlas Energy and its predecessors since 2006 and is now joining an investment management...
Dec 15, 2015