Ithaca Energy joins Eni's North Sea Business
Ithaca Energy announced on Thursday that it had completed a deal worth 754 million pounds ($993 millions) to purchase nearly all the UK oil and natural gas assets of Eni. This was a 100% share transaction, which created one of the largest independent energy companies operating in the North Sea. Luciano Vasques was the former Eni UK Managing Director and CEO of the combined company.
Harbour Energy, UK to complete Wintershall Dea Asset Deal in September
Harbour Energy, of Britain, said Tuesday that it expected to complete the purchase of Wintershall Dea assets by early September. This is a change from its previous estimate of early in the 4th quarter. Harbour's shares rose 7.2% to 301.10p at the opening of morning trading. The biggest British North Sea oil-and-gas producer has said that it has made significant progress in satisfying the completion conditions…
Santos Acquires ConocoPhillips’ Northern Australia Interests
Santos announced it has acquired ConocoPhillips’ northern Australia business with operating interests in Darwin LNG, Bayu-Undan, Barossa and Poseidon for US$1.39 billion plus a $75 million contingent payment subject to FID on Barossa.Matt Fox, ConocoPhillips executive vice president and chief operating officer, said, “While we believe the Darwin LNG…
Petrobras to Sell Natural Gas Assets
Brazilian state-owned oil firm Petroleo Brasileiro SA has reached an agreement with anti-trust regulator Cade to sell off a series of natural gas transportation and distribution assets, the company said in an exchange filing on Monday.Petrobras, as the company is commonly known, said it had pledged to sell stakes in pipeline networks including a 10% stake in Nova Transportadora do Sudeste (NTS) SA, 10% in Transportadora Associada d
Cenovus Energy to Shed Pelican Lake Assets
Canada's Cenovus Energy Inc said on Tuesday it would sell its Pelican Lake heavy oil operations in Alberta for C$975 million ($786.92 million) and the oil company is also considering sale of other assets to reduce debt. Cenovus said the proceeds from the sale would be used to fund the acquisition of ConocoPhillips' assets, which it purchased for $13.3 billion in March.
ConocoPhillips Trims CapEx After Quarterly Loss
ConocoPhillips slashed its 2017 capital spending by 4 percent on Thursday, the latest U.S. oil and natural gas producer to do so in reaction to depressed crude prices. Conoco and its peers had mapped out ambitious capital spending programs for 2017 early in the year, expecting oil prices to be higher than where they are today, just under $50 per barrel.
Petronas Scraps $29 bln Canada LNG Project
Decision widely expected after long delay, weak prices. Malaysian oil company Petronas has scrapped a proposed C$36 billion ($29 billion) liquefied natural gas (LNG) project in western Canada due to weak prices, in a blow to both its global ambitions and Canada's hopes of becoming a major LNG player. Pacific NorthWest LNG in British Columbia was meant…
Petronas Halts Western Canadian LNG Project
Malaysia's state-owned energy company Petronas will not proceed with a proposed C$36 billion ($28.8 billion) liquefied natural gas (LNG) project in western Canada because of weak global prices, the company said on Tuesday. The news is a heavy blow to Canada's ambitions to become a global LNG player. Of more than a dozen projects proposed for the west…
QEP Resources to Sell Wyoming Natgas Assets
U.S. oil and gas producer QEP Resources Inc said it would sell its natural gas assets in Wyoming to privately held Pinedale Energy Partners LLC for about $740 million. The assets produced 234 million cubic feet of natural gas per day (MMcfed) in the first quarter, of which about 12 percent was liquids, the company said on Monday. The deal is expected to close by Sept. 30.
Cenovus Facing Tough Market for Critical Asset Sales
Cenovus Energy Inc's efforts to sell C$5 billion ($3.8 billion) of energy assets, already facing a rocky road because weak oil prices are depressing the appetite for deals, has become complicated by the surprise departure of its chief executive officer, fund managers said. Brian Ferguson's announcement on Tuesday that he will step down as CEO in October is the latest sign of tumult within Canada's oil sands industry…
Pieridae Seeks Natural Gas Acquisitions, CEO Says
Pieridae Energy Ltd, the company behind a proposed liquefied natural gas terminal on Canada's east coast, is looking to buy producing assets in western Canada or in the Marcellus shale play in the United States, its chief executive said on Monday. Alfred Sorensen told Reuters in a phone interview that Calgary-based Pieridae wanted to buy about 200…
ConocoPhillips to lay off 300 after Cenovus deal
ConocoPhillips will lay off 300 Canadian workers, mostly in the country's oil capital of Calgary, after selling most of its local assets to local producer Cenovus Energy Inc, the Houston-based company said on Thursday. The layoffs will occur by the middle of May, ConocoPhillips spokesman Rob Evans said. It was not immediately clear what percentage of the Canadian workforce would be laid off.
ConocoPhillips Posts Profit on Asset Sale Gain
ConocoPhillips reported a quarterly profit on Tuesday, compared with a year-earlier loss, helped by a gain on its sale of oil sands and western Canadian natural gas assets to Cenovus Energy Inc. ConocoPhillips's results also reflected a slow but steady improvement across the industry as crude prices stabilize after a two-year rout, as an OPEC-led production cut and a rebound in demand slowly erode a global glut.
Chevron Exploring Sale of Canadian Oil Sands Stake
Chevron Corp, the second-largest U.S.-based oil producer, is exploring the sale of its 20 percent stake in Canada's Athabasca Oil Sands project, which could fetch about $2.5 billion, according to people familiar with the situation. The company has discussed with investment banks the prospect of selling the stake in the western Canadian oil sands project, a source said.
ConocoPhillips sells San Juan basin Assets
ConocoPhillips, the largest U.S. independent oil producer, said on Thursday it would sell natural gas-heavy assets in San Juan basin to privately held Hilcorp Energy Co for about $3 billion. ConocoPhillips has been selling assets to reduce its exposure to profit-sapping natural gas assets and shore up its balance sheet. The assets, which span New Mexico and Southwestern Colorado…
Waterous Targets Canadian, U.S. Energy Assets
Private equity firm Waterous Energy Fund is seeking investment opportunities in the Canadian oil and gas sector as valuations turn attractive after a prolonged slump in the oil price, making a contrarian bet as global players pull back, its top executive said. Calgary-based Waterous Energy, which invests C$100 million to C$400 million ($75 million to $300 million) per deal in energy assets…
ConocoPhillips Sheds Canadian Oil & Gas Assets
ConocoPhillips on Wednesday agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc for C$17.7 billion ($13.3 billion), making it the latest international oil major to pull back from a region where high costs and low crude prices have made it hard for large companies to make an acceptable return. For Calgary-based Cenovus…
Exxon Mobil Profit Beats Street as Oil Prices Inch Higher
Exxon Mobil Corp, the world's largest publicly traded oil producer, posted a better-than-expected quarterly profit on Tuesday helped by rising crude prices and lower costs. The results reflected the slow and steady improvement in the global oil and gas industry as commodity prices inch higher after a two-year rout. The quarterly report was Exxon's first under Chief Executive Officer Darren Woods.
Anadarko to Sell Certain Natural Gas Assets
Anadarko Petroleum Corp said on Wednesday it would sell certain natural gas assets in the Marcellus shale to a unit of Alta Resources Development LLC, for about $1.24 billion. The Marcellus shale divestiture includes about 195,000 net acres, the company said. Sales volumes from these assets totaled about 470 million cubic feet per day of natural gas equivalent at the end of the third quarter of 2016.
Freeport to Sell California Energy Assets for Up to $742 mln
Freeport-McMoRan Inc said on Friday it will sell onshore California oil and gas assets to Sentinel Peak Resources California for up to $742 million, part of the world's biggest listed copper miner's push to trim its multi-billion dollar debt. Hard hit in recent years by a downturn in commodity prices, Phoenix-based Freeport is under pressure from activist investor Carl Icahn…
