MI - Altus adds stake in gas pipeline and Alpine High cryo train - June 2019Altus Midstream exercised its option to acquire 26.7% equity in the Permian Highway
pipeline, which will send up to 2.1 Bcf/d from the Waha area in northern Pecos County,
Texas, to the Katy, Texas, area, with connections to the Texas Gulf Coast. The Apache
spinoff paid $161 million, which covers a proportional share of capital already
spent by its JV partners on
the $2.1 billion PHP plus a
financing charge. CEO Clay Bretches said
exercising the PHP option before a September deadline...
Jun 11, 2019
CM - Weatherly O&G plans reorganization under Chapter 11 - March 2019Private Fort Worth E&P Weatherly Oil & Gas, LLC filed for Chapter 11 protection
with the US Bankruptcy Court in the Southern District of Texas on Feb. 28. The company’s
petition claims between 200 and 1,000 creditors, an estimated $50-100 million in assets
and $100-500 million in liabilities. Its three largest unsecured creditors as Halliburton
Energy Service, XTO Energy and Bass Energy Services with $2.9 million, $938,000
and $679,000 in trade debt, respectively.The company said it...
Mar 07, 2019
CM - Analyst Notes - January 24, 2019Alta Mesa Resources, Inc. (Nasdaq: AMR; $1.28-Jan. 7; In-Line; PT-$6)
Alta Mesa Resources, Inc. (AMR) generated revenues of $340mn and adjusted
EBITDA of $181mn (upstream and midstream) for the latest nine month period ended
9/30/18. We estimate its 2018 oil and gas production of 29,967boepd, with an oil mix of
50%. As of 9/30/18, pro forma the transfer of produced water business, the company’s
liquidity remains unchanged and is comprised of $378mn available on AMR’s credit
facility,...
Jan 24, 2019
KMI and EagleClaw moving ahead with Permian HighwayKinder Morgan Inc. and EagleClaw Midstream Ventures, a portfolio company of Blackstone Energy Partners, issued a positive FID on the $2 billion Permian Highway Pipeline Project. The FID came after the execution of definitive JV agreements and sufficient firm transportation agreements with shippersNearly all of the 2 Bcf/d available on the PHP system is subscribed and committed under long-term, binding transportation agreements. Kinder Morgan Texas Pipeline, the subsidiary that will...
Sep 25, 2018
People & Companies PetroScout- May 24, 2018ExxonMobil’s shale-focused
subsidiary XTO will move its
headquarters from Fort Worth, Texas to
Houston. About
950 workers will be
impacted by the move, which will start on
June 1 and should be completed by July. Gastar Exploration appointed
Harry Quarls to the board of directors.
Quarls currently serves as
an independent director for
Rosehill Resources, Opal
Resources LLC and as chairman
of the board of SH 130 Concessions
Co. LLC. Quarls previously served as
chairman of the board for...
May 24, 2018
People & Companies - March 20, 2018Crew Energy named James Taylor
SVP and COO. Taylor has 20 years of
progressive operational, engineering and
management experience
with both Imperial Oil
and ExxonMobil in
conventional and resource plays across
North America, most recently in the
Duvernay and Montney as Vice President
and Engineering Manager of Exxon
sub. XTO Canada. Whitecap Resources has named
Ken Stickland, one of its independent
directors since 2013, as its new chairman,
replacing the former
chairman,...
Mar 20, 2018
People & Companies - March 14, 2018 Crew Energy named James Taylor
SVP and COO. Taylor has 20 years of
progressive operational, engineering and
management experience
with both Imperial Oil
and ExxonMobil in conventional and
resource plays across North America,
most recently in the Duvernay and
Montney as Vice President and
Engineering Manager of XTO Canada. Whitecap Resources has named
Ken Stickland, one of its independent
directors since
2013, as its
new chairman, replacing the former
chairman, Grant Fagerheim, who...
Mar 14, 2018
People & Companies - June 23, 2017Baker Hughes Inc. and General Electric Co. announced the new executive team that will lead Baker Hughes once its combination with GE’s Oil & Gas business is complete. Among the announced appointees were Lorenzo Simonelli as President and CEO; Brian Worrell as CFO; Nicola Jannis as chief business development officer; Belgacem Chariag as chief global operations officer; and Will Marsh as chief legal officer. In all, the pair announced a new 15-member leadership team. Richard N. Azar, II...
Jun 23, 2017
Kinder Morgan will buy Hiland Partners for nearly $3.0 billionKinder Morgan, Inc. entered into a definitive agreement to acquire Hiland Partners from founder Harold Hamm and related entities in a transaction valued around $3.0 billion. Hiland’s assets are located in the Bakken and consist mainly of fee-based crude oil gathering and transportation pipelines, as well as gas gathering and processing systems. The acquisition is expected to close this quarter, and consideration includes the assumption of an undisclosed amount of debt. Oil...
Jan 21, 2015
Imperial appoints new SVP of UpstreamEffective January 1 Imperial Oil will have a new SVP of Upstream. The company has hired B.P. (Bart) Cahir to fill the role, succeeding T.G. Scott. Scott has been appointed as VP of advisory and support team and international ventures for XTO Energy. Cahir currently is the president and GM of ExxonMobil Qatar, Inc. Cahir joined ExxonMobil in 1994 as a subsurface engineer. He's filled various roles focused on US E&P as well as the Middle East and Asia-Pacific. For a time he served as director for...
Dec 30, 2014
CNOOC's $17.9 billion purchase is China's biggestIn the priciest E&P deal to date involving a Chinese firm, state-owned China National Offshore Oil Corp. agreed to acquire Nexen Inc. for $27.50/share in cash, a 61% premium to Nexen's July 20 closing price. At $17.9 billion, including $2.8 billion in assumed debt, the deal is nearly four times the value of Sinopec's 2010 acquisition of a stake in Syncrude Canada for $4.65 billion, previously the largest Chinese E&P investment in Canada. Purchase will be funded from existing cash and external...
Aug 07, 2012
CM - News Briefs - December 06, 2018Camber Energy, Inc. agreed
to place 2,941 shares of Series C
redeemable convertible preferred stock
at $9,520.571 each to gross $28 million.
The investor agreed to buy 106 shares
of the preferred for $1 million within two
business days after satisfying closing
conditions and 105 shares in up to 27
additional closings 10 days apart. The
stock will convert into common shares at
the holder’s option or at Camber’s option
if certain equity conditions are met. The
securities will be issued pursuant...
Dec 06, 2018
What's on the Market Briefs - June 23, 2014• Fort Worth-based Double Eagle Development retained PLS to market operated leases in the Permian Basin and Eagle Ford. On offer in West Texas is an 1,800-acre package in Crane and Ector Cos. (100% WI) with a recently reduced ask price, offset by Sheridan, Conoco, Citation and Henry operations (PLS Listing No. L 1061). Also for sale are 560 net acres (680 gross) in south-central Sterling Co. (DV 2092L). The South Texas lease covers 202 acres (100% WI) in Atascosa Co. with offset activity by...
Jun 23, 2014
A&D News Briefs - December 5, 2012• Alberta Bakken explorer Big Sky Petroleum entered the Permian with the acquisition of an operated 90% WI (75% NRI) in a ~2,300-acre initial lease block targeting the Wolfberry play in the southern Midland Basin. The seller and purchase price were not disclosed. Big Sky estimates the acreage in Schleicher Co., Texas to hold 57 drilling locations at 40-acre spacing with D&C costs of $2.0-2.2 million and well EURs of 120,000 boe. An initial vertical test well is planned for 1Q13.•...
Dec 05, 2012
A&D News Briefs - October 9, 2012• American Standard Energy Corp. and affiliates agreed to sell ~1,200 acres in its Auld Shipman project in Frio and LaSalle Cos., Texas to Antler Bar Investments for total consideration of ~$16.4 million.• Dejour Energy Corp. (USA) added ~31,000 net acres in NW Colorado through a restructuring of its exploration JV with Brownstone Energy, in place since 2008. Dejour/Brownstone will retain their respective 71.5%/28.5% interests in the 2,200 acre Kokopelli Project, where the Dejour...
Oct 09, 2012