KCA Deutag Names Elkhoury CEO
Drilling and engineering contractor KCA Deutag has appointed a new chief executive Joseph Elkhoury, as current boss Norrie McKay prepares to retire. McKay will remain with the group in an advisory capacity until December 31, 2019, working closely with Joseph to ensure a smooth transition. Elkhoury brings to the role 26 years…
Delek Nearing Deal for Chevron's North Sea Fields
Israel's Delek Group is close to clinching Chevron's oil and gas fields in the British North Sea, which have a price tag of around $2 billion, sources familiar with the matter told Reuters.Delek, via its North Sea oil and gas operator Ithaca Energy, could reach an agreement within days, two of five sources said.U.S. oil major…
Wison Wins FEED Contract for Canadian FLNG Project
Wison Offshore & Marine announced it has been awarded a contract to carry out front-end engineering design (FEED) for a proposed floating liquefied natural gas (FLNG) project sited in British Columbia, Canada.Wison said it has entered into a Technical Service Agreement (TSA) with the project’s developer Western LNG LLC, pursuant…
Glencore Acquires Rio Tinto's Hail Creek Coal Mine
Glencore consolidating in coal as Rio exits; Rio Tinto shares rise 0.9 pct, Glencore slips. Glencore is buying Rio Tinto's Hail Creek coal mine and the Valeria coal project in Australia for $1.7 billion, tightening the Swiss trading and mining giant's grip on coal as its rivals exit the industry. The acquisition, announced by both companies on Tuesday…
Talos, Stone Energy Plan $2.5 Bln Merger
Talos Energy LLC and Stone Energy Corp, two U.S. exploration and production companies focused on the Gulf of Mexico, announced on Tuesday plans to merge and create a new company valued around $2.5 billion including debt, sending Stone's shares down nearly 13 percent. "The idea of a reverse merger works very well for us, as…
Double Eagle Energy Preps for IPO
Double Eagle Energy Permian LLC is a unicorn roaming the barren landscape of West Texas. Founded by a retired NFL player and his high school buddy - with land deals signed on the hood of a pickup - the Fort Worth oil and gas company is now worth nearly $3 billion, according to a half dozen bankers who have examined its value.
Struggling U.S. O&G Companies Eye Rare Financing Deals
Some cash-strapped U.S. oil and gas companies are considering creating an unusual layer of debt as a way of surviving the rout in oil and gas prices, according to restructuring advisors. Chesapeake Energy Corp for example is considering the strategy to swap some of its roughly $9 billion debt. Severely distressed companies may issue so-called 1.5 lien debt…
Private Equity Emerges as Last Resort Energy Lender
U.S. energy companies facing a likely cut in their bank loans are seeking a costly alternative - borrowing from private equity firms at hefty interest rates to stay alive for longer. In a sign of the times, U.S. oil and gas producer Clayton Williams Energy Inc said this month it was borrowing $350 million from private equity firm Ares Management LP to replace an equivalent loan from a group of banks.
Trafigura Hires Asia-Pacific CEO
Global commodities trader Trafigura said on Monday it had hired former asset manager Chin Hwee Tan as its chief executive officer for the Asia-Pacific. Tan will be responsible "for continuing the growth of Trafigura's business across the region", Trafigura said in a statement. Prior to joining Trafigura, Tan was the founder of the Asian operations of Apollo Global Management LLC…
Warburg Pincus Raises $4 billion Private Equity Fund for Energy
Warburg Pincus LLC said on Monday it had raised $4 billion for its first energy-focused private equity fund, exceeding its $3 billion target and making it the latest investment firm looking to tap into opportunities in North America's shale gas boom. Warburg Pincus joins peers such as Blackstone Group LP and Apollo Global Management…
Express Agrees to Be Acquired by Apollo
Premier Oilfield Services Company Partners with Apollo to Support Continued Growth. Express Energy Services (“Express” or the “Company”), a North American oilfield services company, has announced that funds managed by affiliates of Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”)…
Encana Buying Athlon Energy for $5.93 bln
Canada's largest natural gas producer Encana Corp said on Monday it has agreed to buy Athlon Energy for $5.93 billion in cash, as it accelerates its plan to focus on more lucrative oil and natural-gas liquids (NGLs). The deal, which gives Calgary-based Encana control of about 140,000 net acres in the oil-rich Permian Basin in Texas…
U.S. Merchant Bank Buys Aging Newfoundland Refinery
A New York-based commodities merchant bank run by veteran energy traders, Neal Shear and Kaushik Amin, announced on Friday plans to buy the aging Come by Chance refinery in Newfoundland from South Korea's state-run oil company. Korea National Oil Corp said it will sell the 115,000-barrel-per-day refinery to SilverRange Financial…
Halcon Provides Tuscaloosa Marine Shale Operational Update
Halcón Resources Corporation (NYSE: HK) ("Halcón"or the "Company") today provided an operational update related to its 314,000 net acre position in the Tuscaloosa Marine Shale ("TMS"). The Horseshoe Hill 11-22H-1 (92% WI) well in Wilkinson County, Mississippi, achieved a 24-hour average initial production rate of 1,208 barrels of oil per day and 1.1 million cubic feet per day of 1…
Energy Future Restructuring Talks Progressing, but Slowly
Efforts to restructure Energy Future Holdings are progressing, albeit slowly, as the embattled Texas utility moves toward an expected bankruptcy filing, people close to the talks say. Discussions among disparate sets of stakeholders are advancing but have not yet broadened to the point that all key stakeholders are in the same room, said the people, who declined to be named because talks are private.
