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  • Data analysis Targa Buys Permian Midstream Assets Worth up to $1.5 Billion

    Targa Resources has executed definitive agreements for its subsidiary, Targa Resources Partners LP, to acquire 100% of the membership interests of Outrigger Delaware Operating LLC, Outrigger Southern Delaware Operating LLC (together “Outrigger Delaware") and Outrigger Midland Operating LLC...

    Targa Buys Permian Midstream Assets Worth up to $1.5 BillionData analysis
    Headlines, Global Deals

    Targa Resources has executed definitive agreements for its subsidiary, Targa Resources Partners LP, to acquire 100% of the membership interests of Outrigger Delaware Operating LLC, Outrigger Southern Delaware Operating LLC (together “Outrigger Delaware") and Outrigger Midland Operating LLC (“Outrigger Midland" and together with "Outrigger Delaware", "Outrigger Permian"). Targa will pay initial cash consideration of $565 million for the membership interests.

    The Outrigger Delaware gas gathering and processing and crude gathering assets are located in Loving, Winkler and Ward counties. Outrigger Delaware assets include 70 MMcf/d of processing capacity. Targa plans to connect the Outrigger Delaware assets to Targa's existing Sand Hills system, extending Targa's premier Permian Basin footprint across the Delaware and Midland Basins. Currently, there is 40 Mbbl/d of crude gathering capacity on the Outrigger Delaware system.

    The Outrigger Midland gas gathering and processing and crude gathering assets are located in Howard, Martin and Borden counties. Outrigger Midland currently has 10 MMcf/d of processing capacity, and Targa expects to connect the Outrigger Midland assets to Targa's WestTX system in Martin County. Currently, there is also 40 Mbbl/d of crude gathering capacity on the Outrigger Midland system.

    Subject to certain performance-linked measures based on existing contracts expected at close and other conditions, additional cash of up to $935 million may be received in 2018 and 2019 by the sellers of Outrigger Permian in potential earn-out payments based on realized gross margin. The total potential consideration that could be paid to sellers is up to a maximum of $1.5 billion, which includes the initial consideration of $565 million.

    The transaction is expected to close in Q1-2017.

    View Targa press release

  • Data analysis ExxonMobil Acquires Permian Assets for $5.6 Billion

    ExxonMobil has acquired companies owned by the Bass family of Fort Worth, Texas, with an estimated resource of 3.4 BBOE in New Mexico’s Delaware Basin. ExxonMobil will make an upfront payment of $5.6 billion in ExxonMobil shares, and a series of additional contingent cash payments totaling up to $1...

    ExxonMobil Acquires Permian Assets for $5.6 BillionData analysis
    Headlines, Global Deals

    ExxonMobil has acquired companies owned by the Bass family of Fort Worth, Texas, with an estimated resource of 3.4 BBOE in New Mexico’s Delaware Basin. ExxonMobil will make an upfront payment of $5.6 billion in ExxonMobil shares, and a series of additional contingent cash payments totaling up to $1 billion, to be paid beginning in 2020 and ending no later than 2032 commensurate with the development of the resource.

    The acquired companies, which include the operating entity BOPCO, hold about 275,000 acres of leasehold, and production of more than net 18 MBOE/d (70% liquids). This includes about 250,000 acres of leasehold in the Permian Basin, the bulk of that in contiguous, held-by-production units in the New Mexico Delaware Basin, with more than 60 BBOE estimated in place. The companies also hold producing acreage in other areas in the United States.

    View ExxonMobil press release

  • Data analysis Tullow Makes Oil Discovery at Erut-1 Well, Kenya

    Tullow Oil has discovered oil at Erut-1 well in Block 13T, Northern Kenya.The well, drilled by the PR Marriott Rig-46 to a final depth of 1,317m, encountered a gross oil interval of 55m with 25m of net oil pay at a depth of 700m. The overall oil column for the field is considered to be 100-125m.The objective...

    Tullow Makes Oil Discovery at Erut-1 Well, KenyaData analysis
    Exploration

    Tullow Oil has discovered oil at Erut-1 well in Block 13T, Northern Kenya.

    The well, drilled by the PR Marriott Rig-46 to a final depth of 1,317m, encountered a gross oil interval of 55m with 25m of net oil pay at a depth of 700m. The overall oil column for the field is considered to be 100-125m.

    The objective of the well was to test a structural trap at the northern limit of the South Lokichar basin. Fluid samples taken and wireline logging all indicate the presence of recoverable oil. Erut-1 successfully shows that oil has migrated to the northern limit of the South Lokichar basin and has de-risked multiple prospects in this area.

    Ownership of Block 13T: Tullow Oil (50%, operator), Africa Oil Corporation (25%) and Maersk Oil (25%).

    View Tullow press release

  • Statoil Makes Discovery at Cape Vulture Well, Norwegian SeaData analysis
    Exploration

    Statoil has discovered oil and gas at Cape Vulture exploration well in the license 128, located north-west of Norne discovery, Norwegian Sea. Recoverable reserves are initially estimated at between 20-80 MMBOE.

    Ownership of license 128: Statoil (64%, operator), Petoro (24.5%) and ENI (11.5%).

    View Statoil press release

  • Data analysis Noble Energy to Acquire Clayton Williams for $3.2 Billion

    Noble Energy and Clayton Williams Energy have executed a definitive agreement under which Noble Energy will acquire all of the outstanding common stock of Clayton Williams Energy.Clayton Williams Energy shareholders will receive 2.7874 shares of Noble Energy common stock and $34.75 in cash for each share of...

    Noble Energy to Acquire Clayton Williams for $3.2 BillionData analysis
    Headlines, Global Deals

    Noble Energy and Clayton Williams Energy have executed a definitive agreement under which Noble Energy will acquire all of the outstanding common stock of Clayton Williams Energy.

    Clayton Williams Energy shareholders will receive 2.7874 shares of Noble Energy common stock and $34.75 in cash for each share of common stock held. In the aggregate, this totals 55 million shares of Noble Energy stock and $665 million in cash. The value of the transaction, based on Noble Energy's closing stock price as of 13-Jan-2017, is approximately $139 per Clayton Williams Energy share, or $3.2 billion in the aggregate, including the assumption of approximately $500 million in net debt. The per share consideration represents a 21% premium to the average closing share price of Clayton Williams Energy over the past 30 days, and a 34% premium to the price on 13-Jan-2017, the last day of trading prior to the transaction.

    Acquisition Highlights:

    • 71,000 highly contiguous net acres in the core of the Southern Delaware Basin in Reeves and Ward counties in Texas (directly adjacent to Noble Energy's existing 47,200 net acres). In addition, there are an additional 100,000 net acres in other areas of the Permian Basin
    • 80% average working interest in the Southern Delaware position, with more than 95% of the acreage operated
    • 2,400 Delaware Basin gross drilling locations identified, targeting the Upper and Lower Wolfcamp A zones, along with the Wolfcamp B and C. The average lateral length of the future locations is 8,000 ft
    • Total estimated net unrisked resource potential on the acreage of over 1 BBOE in the Wolfcamp zones, with significant upside potential in other zones
    • Noble Energy's outlook is to increase production on the acquired assets from 10 MBOE/d currently (70% oil) to approximately 60 MBOE/d in 2020 in the Company's base plan
    • Highly competitive economics, with Wolfcamp A wells (estimated ultimate recovery of 1.0 MMBOE for a 7,500 ft lateral) generating approximately 60% to 90% before-tax rate of return at base and upside plan pricing, respectively
    • The acquired Delaware Basin acreage is largely undedicated to third-party oil and gas gathering and water systems, and approximately 12,500 acres are dedicated from a third-party operator
    • Existing midstream Delaware Basin assets include over 300 miles of oil, natural gas, and produced water gathering pipelines (over 100 miles for each product)

    The transaction is expected to close in Q2-2017.

    View Noble press release

  • Data analysis ExxonMobil Makes Discovery at Payara-1 Well, Off Guyana

    ExxonMobil, through its affiliate Esso Exploration and Production Guyana Limited, has made a discovery at Payara-1 well, located on the Stabroek Block, approximately 16 km north-west of the Liza discovery, offshore Guyana.The well, drilled to a depth of 18,080 ft (5,512m) in 6,660 ft (2,030m) of water,...

    ExxonMobil Makes Discovery at Payara-1 Well, Off GuyanaData analysis
    Exploration

    ExxonMobil, through its affiliate Esso Exploration and Production Guyana Limited, has made a discovery at Payara-1 well, located on the Stabroek Block, approximately 16 km north-west of the Liza discovery, offshore Guyana.

    The well, drilled to a depth of 18,080 ft (5,512m) in 6,660 ft (2,030m) of water, encountered more than 95 ft (29m) of high-quality, oil-bearing sandstone reservoirs.

    Ownership of Stabroek Block: ExxonMobil (Esso Exploration and Production Guyana Limited) (45%, operator), Hess (30%), and CNOOC Nexen Petroleum (25%).

    View Hess press release

  • Data analysis WPX Energy in $775 Million Delaware Basin Assets Buy

    WPX Energy has agreed to acquire Delaware Basin assets from Panther Energy Company II LLC and Carrier Energy Partners LLC for $775 million.The acquisition includes approximately 6.5 MBOE/d (55% oil) of existing production from 23 producing wells (17 horizontals), two drilled but uncompleted horizontal...

    WPX Energy in $775 Million Delaware Basin Assets BuyData analysis
    Global Deals

    WPX Energy has agreed to acquire Delaware Basin assets from Panther Energy Company II LLC and Carrier Energy Partners LLC for $775 million.

    The acquisition includes approximately 6.5 MBOE/d (55% oil) of existing production from 23 producing wells (17 horizontals), two drilled but uncompleted horizontal laterals, 18,100 net acres in Reeves, Loving, Ward and Winkler counties in Texas and 920 gross undeveloped locations in the geologic sweet spot of the Delaware Basin.

    Acquisition Highlights:

    • Projected IRR on wells ranging from 55%-95% at current strip pricing
    • Estimated acreage cost excluding flowing production is ~$28,500 per acre
    • Transaction valued primarily on three zones with upside in five additional zones
    • EUR’s of ~1.0 MMBOE for Wolfcamp A and X/Y 1-mile laterals (55% oil)
    • Increases WPX’s total gross drillable Delaware locations from ~5,500 to ~6,400
    • New drillable locations include more than 150 long laterals (1.5-2 miles)
    • Increases WPX’s growth trajectory for 2017-2020
    • Offset operators: RSP Permian, Anadarko, Shell, Matador, Cimarex, Concho and Centennial

    View WPX Energy press release

  • Data analysis Anadarko Divests Eagle Ford Assets for $2.3 Billion

    Anadarko Petroleum has agreed to sell its Eagle Ford Shale assets in South Texas for approximately $2.3 billion to Sanchez Energy Corporation and Blackstone Group LP.The divestiture includes approximately 155,000 net acres primarily located in Dimmit and Webb counties. At the end of Q4-2016, sales volumes...

    Anadarko Divests Eagle Ford Assets for $2.3 BillionData analysis
    Headlines, Global Deals

    Anadarko Petroleum has agreed to sell its Eagle Ford Shale assets in South Texas for approximately $2.3 billion to Sanchez Energy Corporation and Blackstone Group LP.

    The divestiture includes approximately 155,000 net acres primarily located in Dimmit and Webb counties. At the end of Q4-2016, sales volumes from these properties totaled approximately 45 Mbbl/d and approximately 131 MMcf/d of natural gas.

    Anadarko's sponsored master limited partnership, Western Gas Partners LP, will continue to own and operate its midstream assets in South Texas and is expected to benefit from drilling commitments made by the buyers in conjunction with this transaction.

    The transaction is expected to close in Q1-2017.

    View Anadarko press release

  • Parsley Acquires Midland Basin And Delaware Basin AssetsData analysis
    Global Deals

    Parsley Energy has entered into agreements to acquire, in unrelated transactions, certain undeveloped acreage and producing oil and gas properties located adjacent to the company's existing operating areas in the Midland and Southern Delaware Basins for an aggregate purchase price of $607 million in cash. Parsley Energy has also acquired certain mineral interests in the Southern Delaware Basin for an aggregate purchase price of $43 million.

    Acquisition Highlights:

    • Approximately 23,000 net leasehold acres
    • Estimated current net production of approximately 2.3 MBOE/d
    • Approximately 340 net horizontal drilling locations in primary target intervals (Wolfcamp A, Wolfcamp B, Lower Spraberry, and Bone Spring formations)
    • Approximately 660 net royalty acres

    Midland Basin acquired assets:

    • Approximately 25,200 gross/17,800 net leasehold acres in Upton, Reagan, Glasscock, and Midland Counties, TX for approximately $402 million
    • Estimated current net production of approximately 1.2 MBOE/d
    • Approximately 230 net horizontal drilling locations in the Wolfcamp A, Wolfcamp B, and Lower Spraberry target intervals, with additional locations in less developed intervals and potential upside from tighter spacing and additional flow units in primary target intervals
    • Those transactions not yet closed are scheduled to close on or before 27-Feb-2017

    Southern Delaware Basin acquired assets:

    • Approximately 6,600 gross/5,200 net acres in Reeves, Pecos, and Ward Counties, TX for approximately $205 million
    • Estimated current net production of approximately 1.1 MBOE/d
    • Approximately 110 net horizontal drilling locations in the upper Wolfcamp and 2nd and 3rd Bone Spring target intervals, with potential upside from tighter spacing and additional target intervals
    • Mineral rights translating to a 17% average royalty interest in approximately 3,900 net acres, or approximately 660 net royalty acres, in Reeves and Pecos Counties, TX for approximately $43 million
    • Those transactions not yet closed are scheduled to close on or before 31-Jan-2017

    View Parsley press release

  • Data analysis Total Buys 21.57% Stake in Uganda Lake Albert Oil Project

    Total and Tullow have entered into a package agreement under which Total will acquire an additional 21.57% interest from Tullow in the Uganda Lake Albert oil project for $900 million.The purchase consideration of $900 million to be paid by Total to Tullow represents a reimbursement of a portion of past costs,...

    Total Buys 21.57% Stake in Uganda Lake Albert Oil ProjectData analysis
    Global Deals

    Total and Tullow have entered into a package agreement under which Total will acquire an additional 21.57% interest from Tullow in the Uganda Lake Albert oil project for $900 million.

    The purchase consideration of $900 million to be paid by Total to Tullow represents a reimbursement of a portion of past costs, payable in installments along the development of the project, with an initial payment of $100 million at closing.

    Following this transaction, Total will hold a 54.9% interest in the Uganda Lake Albert oil project. Under the terms of the deal, Total will acquire 21.57% out of Tullow’s existing 33.33% stake in all of the Lake Albert project licenses EA1, EA1A, EA2 and EA3A. Total, which is already operator of licenses EA1 and EA1A, will in addition take over operatorship from Tullow of license EA2.  

    View Total press release

  • Data analysis DCP Midstream LLC Merges with DCP Midstream Partners

    DCP Midstream LLC, a 50/50 joint venture between Phillips 66 and Spectra Energy (Owners), and DCP Midstream Partners LP (DPM) have signed and closed a transaction combining all of the assets and debt of DCP Midstream with DPM. The combined company, with a pro-forma enterprise value of approximately $11...

    DCP Midstream LLC Merges with DCP Midstream PartnersData analysis
    Headlines, Global Deals

    DCP Midstream LLC, a 50/50 joint venture between Phillips 66 and Spectra Energy (Owners), and DCP Midstream Partners LP (DPM) have signed and closed a transaction combining all of the assets and debt of DCP Midstream with DPM. The combined company, with a pro-forma enterprise value of approximately $11 billion, will be renamed DCP Midstream LP.

    Under terms of the transaction, DCP Midstream has contributed subsidiaries owning all of its assets to DPM, plus $424 million of cash, in exchange for approximately 31.1 million DPM units ($1.125 billion) and DPM assuming $3.15 billion of DCP Midstream debt. The Owners have retained their 50/50 joint ownership of DCP Midstream LLC, which owns 38% of the outstanding DPM general and limited partner units. The transaction will increase Phillips 66 and Spectra Energy’s ownership in DPM to 38%.

    The combination brings together DPM’s existing assets with DCP Midstream’s premier assets in the Delaware and Permian basins, the DJ Basin and the Midcontinent, as well as an additional one-third interest in both Sand Hills and Southern Hills NGL pipelines.

    View DCP Midstream Partners press release

  • Data analysis SM Energy Sells Eagle Ford Assets for $800 Million

    SM Energy has entered into a definitive agreement with a subsidiary of Venado Oil and Gas LLC, an affiliate of KKR, for the sale of the SM Energy’s third party operated assets in the Eagle Ford, including its ownership interest in related midstream assets, for a purchase price of $800 million.The assets...

    SM Energy Sells Eagle Ford Assets for $800 MillionData analysis
    Global Deals

    SM Energy has entered into a definitive agreement with a subsidiary of Venado Oil and Gas LLC, an affiliate of KKR, for the sale of the SM Energy’s third party operated assets in the Eagle Ford, including its ownership interest in related midstream assets, for a purchase price of $800 million.

    The assets expected to be sold include approximately 37,500 net acres in the Maverick Basin/Eagle Ford area of south Texas and a 12.5% interest in the Springfield Gathering System. As of year-end 2015, net proved reserves associated with these assets were 65 MMBOE (38% oil, 31% natural gas and 31% NGLs). In Q3-2016, these assets produced approximately net 27.3 MBOE/d (33% oil, 33% natural gas and 34% NGLs). The transaction is expected to close in Q1-2017, with an effective date of 1-Nov-2016.

    View SM Energy press release

  • Data analysis Shell Drills Two Dusters, Off Tanzania

    Shell has concluded the drilling of two exploration wells, Kitatange-1 in Block 1 and Bunju-1 in Block 4, offshore Tanzania. After evaluation, Shell has confirmed that good quality reservoir was encountered in both wells, however hydrocarbons were not found.The two wells fulfill the final exploration...

    Shell Drills Two Dusters, Off TanzaniaData analysis
    Exploration

    Shell has concluded the drilling of two exploration wells, Kitatange-1 in Block 1 and Bunju-1 in Block 4, offshore Tanzania. After evaluation, Shell has confirmed that good quality reservoir was encountered in both wells, however hydrocarbons were not found.

    The two wells fulfill the final exploration commitments as per the exploration licences issued by the Ministry of Energy and Minerals (MEM).

    View Ophir press release

    Ownership of Block 1 and Block 4: Shell (60%, operator), Ophir (20%) and Pavilion (20%).

  • Data analysis Oil Search Makes Discovery at Muruk-1 Well, PNG

    Oil Search has discovered hydrocarbons at Muruk-1 well in PPL 402, Papua New Guinea.The well was drilled to a total depth of 3,130m, and had encountered gas and condensate within the primary target Toro formation.Ownership of PPL 402: Oil Search (37.5%, operator), ExxonMobil affiliate (42.5%) and Santos...

    Oil Search Makes Discovery at Muruk-1 Well, PNGData analysis
    Exploration

    Oil Search has discovered hydrocarbons at Muruk-1 well in PPL 402, Papua New Guinea.

    The well was drilled to a total depth of 3,130m, and had encountered gas and condensate within the primary target Toro formation.

    Ownership of PPL 402: Oil Search (37.5%, operator), ExxonMobil affiliate (42.5%) and Santos (20%).

    View Santos press release

  • Data analysis Woolworths to Sell Fuel Business for $1.3 Billion

    Woolworths Limited has entered into binding agreements to facilitate the sale of its 527 Woolworths-owned fuel convenience sites and 16 committed development sites (Fuel Business) to BP for A$1.8 billion (US$1.3 billion).The completion is expected to occur no earlier than 2-Jan-2018.View Woolworths press...

    Woolworths to Sell Fuel Business for $1.3 BillionData analysis
    Headlines, Global Deals

    Woolworths Limited has entered into binding agreements to facilitate the sale of its 527 Woolworths-owned fuel convenience sites and 16 committed development sites (Fuel Business) to BP for A$1.8 billion (US$1.3 billion).

    The completion is expected to occur no earlier than 2-Jan-2018.

    View Woolworths press release

  • Data analysis Total Buys Upstream and Downstream Assets from Petrobras

    Total and Petrobras signed today an Assets Package Agreement which reinforces the joint partnership and cooperation between the two companies, in the upstream and downstream sectors, covering operations, research and technology.Total will become partner to Petrobras in two high-quality pre-salt licenses of...

    Total Buys Upstream and Downstream Assets from PetrobrasData analysis
    Headlines, Global Deals

    Total and Petrobras signed today an Assets Package Agreement which reinforces the joint partnership and cooperation between the two companies, in the upstream and downstream sectors, covering operations, research and technology.

    Total will become partner to Petrobras in two high-quality pre-salt licenses of the prolific Santos basin: the BMS-11 with the Lara fields currently under development where Total will acquire a 22.5% interest from Petrobras, and in the BMS-9 with the Lapa field, where Total will become the operator of the license with the acquisition of a 35% interest from Petrobras. Total will also offer to Petrobras the option of taking a 20% stake in the Perdido Belt deep-water exploration Block 2 recently awarded in Mexico.

    Total will acquire from Petrobras some regasification capacity in the Bahia LNG terminal and a 50% interest in two co-generation plants located in the Bahia area as well as pipeline transport capacity.

    Under the terms of this assets package deal, the acquisition of the upstream and downstream interests in Brazil from Petrobras will represent a global value of around $2.2 billion dollars, made of cash, carry and contingent payments.

    View Total press release

  • Data analysis Anadarko Sells Marcellus Assets for $1.24 Billion

    Anadarko Petroleum has agreed to sell its operated and non-operated upstream assets and operated midstream assets in the Marcellus shale of north-central Pennsylvania to Alta Marcellus Development LLC, a wholly owned subsidiary of Alta Resources Development LLC, for approximately $1.24 billion.The Marcellus...

    Anadarko Sells Marcellus Assets for $1.24 BillionData analysis
    Headlines, Global Deals

    Anadarko Petroleum has agreed to sell its operated and non-operated upstream assets and operated midstream assets in the Marcellus shale of north-central Pennsylvania to Alta Marcellus Development LLC, a wholly owned subsidiary of Alta Resources Development LLC, for approximately $1.24 billion.

    The Marcellus shale divestiture includes approximately 195,000 net acres and, at the end of Q3-2016, sales volumes from these properties totaled approximately 470 MMcf/d.

    The transaction is expected to close during Q1-2017.

    View Anadarko press release

  • Data analysis BP Acquires Interests in Mauritania and Senegal Blocks

    BP has signed agreements with Kosmos Energy to acquire a 62% working interest, including operatorship, of Kosmos’ exploration blocks in Mauritania and a 32.49% effective working interest in Kosmos’ Senegal exploration blocks. BP will invest nearly $1 billion mostly in the form of a multi-year...

    BP Acquires Interests in Mauritania and Senegal BlocksData analysis
    Headlines, Global Deals

    BP has signed agreements with Kosmos Energy to acquire a 62% working interest, including operatorship, of Kosmos’ exploration blocks in Mauritania and a 32.49% effective working interest in Kosmos’ Senegal exploration blocks. BP will invest nearly $1 billion mostly in the form of a multi-year exploration and development carry to acquire a 62% interest and operatorship of offshore Blocks C-6, C-8, C-12 and C-13 in Mauritania and an effective 32.49% interest in the Saint-Louis Profond and Cayar Profond blocks in Senegal.

    The acquired blocks, covering approximately 33,000 sq km of acreage, includes the Tortue field which is estimated to contain more than 15 Tcf of discovered gas resources. The total acreage, by Kosmos’ estimates, could contain roughly 50 Tcf of gas resource potential and in excess of 1 Bbbl of liquids resource potential.

    Under the terms of the agreements, Kosmos will remain the technical operator for the exploration phase of the project and drill three new exploration wells beginning in 2017. In addition to the existing blocks, the companies have agreed to cooperate in areas of mutual interest in offshore Mauritania, Senegal and The Gambia with Kosmos acting as the exploration operator and BP as the development operator.

    Under the terms of the agreements, BP will pay Kosmos a cash bonus of $162 million on completion. Moving forward, BP will carry Kosmos’ exploration and appraisal costs of $221 million along with Kosmos’ development costs of $533 million, including front-end engineering and design studies.

    The agreements are expected to close by Q1-2017.

    View BP press release

  • Data analysis ExxonMobil Comes Up Dry at Mesurado-1 Well, Off Liberia

    ExxonMobil, through its affiliate ExxonMobil Exploration and Production Liberia Limited, has drilled Mesurado-1 well to the total depth, but has failed to discover hydrocarbons. The well is located about 50 miles offshore Liberia on Block LB-13.The well was drilled by the Drillship Seadrill West Saturn, in...

    ExxonMobil Comes Up Dry at Mesurado-1 Well, Off LiberiaData analysis
    Exploration

    ExxonMobil, through its affiliate ExxonMobil Exploration and Production Liberia Limited, has drilled Mesurado-1 well to the total depth, but has failed to discover hydrocarbons. The well is located about 50 miles offshore Liberia on Block LB-13.

    The well was drilled by the Drillship Seadrill West Saturn, in approximately 2,500m of water. The well, targeting oil in a sequence of Late Cretaceous Santonian aged sands, intersected 145m (475 ft) of net sand of which 118m (387 ft) was deemed to be reservoir quality. No hydrocarbons were indicated by the logging while drilling operations performed across the targeted intervals. No further logging operations will be conducted and the well will be plugged and abandoned.

    View Canadian Overseas Petroleum press release

    Ownership of Block LB-13: ExxonMobil (83%, operator) and Canadian Overseas Petroleum Ltd (17%).

  • Data analysis Quadrant Finds Hydrocarbons at Phoenix South-2 Well

    Quadrant Energy has discovered hydrocarbons at Phoenix South-2 well, located within the WA-435-P exploration permit in the North-West Shelf of Australia.The well has penetrated a definitive hydrocarbon-bearing interval at or near the primary Caley target. The well drilled an estimated 39m hydrocarbon-bearing...

    Quadrant Finds Hydrocarbons at Phoenix South-2 WellData analysis
    Exploration

    Quadrant Energy has discovered hydrocarbons at Phoenix South-2 well, located within the WA-435-P exploration permit in the North-West Shelf of Australia.

    The well has penetrated a definitive hydrocarbon-bearing interval at or near the primary Caley target. The well drilled an estimated 39m hydrocarbon-bearing zone between approximately 5,176-5,215m, with significant gas influx and elevated reservoir pore pressures.

    The well was unable to assess as much as 185m of additional potential hydrocarbon bearing Caley reservoir beneath 5,215m due to the higher than anticipated pressures being encountered.

    Ownership of WA-435-P: Quadrant Energy (80%, operator) and Carnarvon Petroleum (20%).

    View Carnarvon press release

  • Data analysis Anadarko Makes Oil Discovery at Warrior Well, GoM

    Anadarko has made a hydrocarbon discovery in the Warrior exploratory well, located in the Green Canyon area in the US Gulf of Mexico.The well was drilled to a total depth of 26,957 ft (8,216m) in water depths of 4,144 ft (1,263m). The Warrior exploratory well encountered more than 210 net feet (64 m) of oil...

    Anadarko Makes Oil Discovery at Warrior Well, GoMData analysis
    Exploration

    Anadarko has made a hydrocarbon discovery in the Warrior exploratory well, located in the Green Canyon area in the US Gulf of Mexico.

    The well was drilled to a total depth of 26,957 ft (8,216m) in water depths of 4,144 ft (1,263m). The Warrior exploratory well encountered more than 210 net feet (64 m) of oil pay in multiple high-quality Miocene-aged reservoirs.

    Ownership of Warrior well: Anadarko Petroleum (65%, operator), Ecopetrol (20%) and MCX Exploration (USA) LLC (15%).

    View Ecopetrol press release

  • Data analysis BP to Acquire 10% Interest in ADCO Concession

    BP today signed an agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) to acquire 10% interest in Abu Dhabi’s ADCO onshore oil concession. In addition to the interest in the ADCO concession, BP becomes a 10% shareholder in ADCO, the Abu...

    BP to Acquire 10% Interest in ADCO ConcessionData analysis
    Headlines, Global Deals

    BP today signed an agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) to acquire 10% interest in Abu Dhabi’s ADCO onshore oil concession. In addition to the interest in the ADCO concession, BP becomes a 10% shareholder in ADCO, the Abu Dhabi Company for Onshore Petroleum Operations Limited, which operates the concession. The agreement includes BP becoming asset leader for the Bab asset group within the concession.

    In connection with the transaction, BP has agreed to issue new ordinary shares representing approximately 2% of BP’s issued share capital (excluding treasury shares), to be held on behalf of the Abu Dhabi Government.

    The ADCO concession, including the Bab, Bu Hasa, Shah and Asab fields, has total resources of between 20-30 BBOE over the term of the concession. The overall production in 2016 is expected to average around 1.66 MMbbl/d.

    View BP press release

  • Data analysis Diamondback Buys Delaware Basin Assets for $2.43 Billion

    Diamondback Energy has entered into a definitive purchase agreement to acquire all leasehold interests and related assets of Brigham Resources Operating LLC and Brigham Resources Midstream LLC for an aggregate purchase price of $2.43 billion, consisting of $1.62 billion in cash and 7.69 million shares of...

    Diamondback Buys Delaware Basin Assets for $2.43 BillionData analysis
    Headlines, Global Deals

    Diamondback Energy has entered into a definitive purchase agreement to acquire all leasehold interests and related assets of Brigham Resources Operating LLC and Brigham Resources Midstream LLC for an aggregate purchase price of $2.43 billion, consisting of $1.62 billion in cash and 7.69 million shares of Diamondback common stock. 

    Acquisition Highlights:

    • 76,319 net leasehold acres in the highest oil content region of the Delaware Basin, which has been de-risked by 48 producing horizontal wells on the acreage
    • Mineral interests comprised of 1,149 net royalty acres under leasehold acres
    • Nov-2016 average net production of 9.482 MBOE/d (77% oil)
    • 1,213 net identified potential horizontal drilling locations across four proven zones with additional upside potential in multiple other zones and via downspacing
    • Contiguous position supports average lateral lengths of approximately 8,000 ft based on current leasehold, with multiple opportunities to increase lateral lengths
    • Significant operating control with approximately 83% of acreage operated and over 81% working interest
    • Existing infrastructure valued at approximately $50 million; future upside from midstream development
    • Immediately accretive on acreage and financial metrics

    The transaction is anticipated to close at the end of Feb-2017.

    View Diamondback press release

  • Data analysis Gulfport in $1.85 Billion SCOOP Assets Buy

    Gulfport Energy has entered into a definitive agreement with Vitruvian II Woodford LLC, a portfolio company of Quantum Energy Partners, to acquire approximately 46,400 net surface acres in the core of the SCOOP, including approximately 183 MMcfe/d of net production for Oct-2016 for a total purchase price of...

    Gulfport in $1.85 Billion SCOOP Assets BuyData analysis
    Headlines, Global Deals

    Gulfport Energy has entered into a definitive agreement with Vitruvian II Woodford LLC, a portfolio company of Quantum Energy Partners, to acquire approximately 46,400 net surface acres in the core of the SCOOP, including approximately 183 MMcfe/d of net production for Oct-2016 for a total purchase price of $1.85 billion.

    The total purchase price of $1.85 billion consists of $1.35 billion in cash and approximately 18.8 million in shares of Gulfport common stock privately placed to the sellers.

    Acquisition highlights:

    • Substantially contiguous acreage position totaling approximately 85,000 net effective acres, which includes rights to 46,400 Woodford acres and 38,600 Springer acres, in Grady, Stephens and Garvin Counties, Oklahoma, with approximately 80% held by production
    • Stacked-pay potential with approximately 1,750 gross drilling locations, including over 775 gross locations with internal rates of return of approximately 75%, targeting the Woodford and Springer intervals with significant upside potential through infill drilling and additional prospective zones
    • Existing production of approximately 183 MMcfe/d in the month of Oct-2016
    • Total estimated proved reserves at 30-Sep-2016 were 1.1 Tcfe

    The transaction also includes 48 producing horizontal wells and an additional interest in over 150 non-operated horizontal wells

    The acquisition is expected to close in Feb-2017.

    View Gulfport Energy press release

  • Data analysis Callon in $615 Million Southern Delaware Basin Assets Buy

    Callon Petroleum has entered into a definitive agreement to acquire certain undeveloped acreage and producing oil and gas properties for total consideration of $615 million in cash from American Resource Development LLC, American Resource Development Upstream LLC, and American Resource Development Midstream...

    Callon in $615 Million Southern Delaware Basin Assets BuyData analysis
    Global Deals

    Callon Petroleum has entered into a definitive agreement to acquire certain undeveloped acreage and producing oil and gas properties for total consideration of $615 million in cash from American Resource Development LLC, American Resource Development Upstream LLC, and American Resource Development Midstream LLC.

    Key attributes of the acquisition include:

    • Approximately 27,552 gross (16,098 net) surface acres, centered around a contiguous position in Ward County, Texas, with additional acreage in Pecos and Reeves Counties, Texas
    • Current net production of approximately 1.945 MBOE/d (71% oil) for the month of Oct-2016 based on information provided by the seller, including production from 20 gross operated horizontal wells currently producing from the Wolfcamp and Bone Spring formations
    • Estimated delineated base inventory of 481 gross (206 net) identified horizontal drilling locations targeting the Wolfcamp A and B zones with an average lateral length of approximately 7,500 ft, including 36% of the inventory comprised of 10,000 ft laterals
    • Additional potential horizontal drilling locations from both delineated and emerging prospective zones in the Wolfcamp and Bone Spring formations
    • Established infrastructure ownership, including five salt water disposal wells and over 13 miles of gathering lines and gas lift return lines
    • An agreement to acquire up to an additional 1,006 net acres in Ward County, mutually identified by Callon and Ameredev, if such leasehold acquisitions are consummated prior to closing of the Ameredev acquisition

    The acquisition is expected to close on or before 13-Feb-2017.

    View Callon press release

  • Data analysis Patterson-UTI Acquires Seventy Seven Energy

    Patterson-UTI Energy and Seventy Seven Energy have entered into a definitive merger agreement pursuant to which Patterson-UTI will acquire Seventy Seven for approximately $1.76 billion in an all-stock transaction. Under the terms of the transaction, Patterson-UTI will acquire all of the issued and...

    Patterson-UTI Acquires Seventy Seven EnergyData analysis
    Headlines, Global Deals

    Patterson-UTI Energy and Seventy Seven Energy have entered into a definitive merger agreement pursuant to which Patterson-UTI will acquire Seventy Seven for approximately $1.76 billion in an all-stock transaction. 

    Under the terms of the transaction, Patterson-UTI will acquire all of the issued and outstanding shares of common stock of Seventy Seven Energy, in exchange for approximately 49.6 million shares of common stock of Patterson-UTI. The transaction values Seventy Seven Energy at approximately $1.76 billion, assuming the issuance of 49.6 million shares of Patterson-UTI common stock at today's closing price of $28.67, plus approximately $336 million of Seventy Seven Energy's debt net of cash and warrant proceeds. Assuming that the in-the-money Seventy Seven Energy warrants are exercised for cash, the exchange ratio would be approximately 1.7725 shares of Patterson-UTI common stock for each share of Seventy Seven Energy common stock, and shareholders of Seventy Seven Energy would own approximately 25% of the combined company.

    Seventy Seven Energy provides a wide range of wellsite services and equipment to US land-based exploration and production customers. Seventy Seven Energy's services include drilling, hydraulic fracturing and oilfield rentals and its operations are geographically diversified across many of the most active oil and natural gas plays in the onshore US, including the Anadarko and Permian basins and the Eagle Ford, Haynesville, Marcellus, Niobrara and Utica shales.

    The transaction is expected to close late in Q1-2017.

    View Patterson-UTI press release

  • Data analysis Sinopec to Sell 50% Stake in Sichuan-East China Gas Pipeline

    Sinopec Natural Gas Co Ltd (Natural Gas Company), a wholly-owned subsidiary of China Petroleum & Chemical Corporation (Sinopec Corp or the Company), has entered into the Capital Injection Agreement with China Life Insurance Company Limited and SDIC Communications Holding Co Ltd to sell 50% interest in...

    Sinopec to Sell 50% Stake in Sichuan-East China Gas PipelineData analysis
    Headlines, Global Deals

    Sinopec Natural Gas Co Ltd (Natural Gas Company), a wholly-owned subsidiary of China Petroleum & Chemical Corporation (Sinopec Corp or the Company), has entered into the Capital Injection Agreement with China Life Insurance Company Limited and SDIC Communications Holding Co Ltd to sell 50% interest in Sinopec Sichuan to East China Gas Pipeline Co Ltd (Pipeline Company), a wholly-owned subsidiary of the Natural Gas Company for an aggregate amount of RMB22.8 billion (US$6.6 billion).

    Upon completion, the Natural Gas Company will hold 50% equity interest in the Pipeline Company, while China Life and SDIC Communications will hold 43.86% and 6.14% equity interest in the Pipeline Company, respectively.

    China Life Insurance Company Limited holds 2.8% equity interest in and appointed a company supervisor to Sinopec Marketing Co Ltd, a subsidiary of Sinopec Corp.

    SDIC Communications is a wholly-owned subsidiary of the State Development and Investment Corporation. SDIC Communications had equity participation or controlling interest in about 20 ports and more than 3,500 km of trunk railways.

    View Sinopec press release

  • Data analysis Eni Sells 30% Stake in Zohr to Rosneft

    Eni has agreed to sell to Rosneft a 30% participating interest in the Shourouk Concession, offshore Egypt, where the supergiant gas field Zohr is located.Eni, through its subsidiary IEOC, currently holds a 90% stake in the block following the recent dilution of 10% to BP which completion is ongoing.The agreed...

    Eni Sells 30% Stake in Zohr to RosneftData analysis
    Headlines, Global Deals

    Eni has agreed to sell to Rosneft a 30% participating interest in the Shourouk Concession, offshore Egypt, where the supergiant gas field Zohr is located.

    Eni, through its subsidiary IEOC, currently holds a 90% stake in the block following the recent dilution of 10% to BP which completion is ongoing.

    The agreed conditions include a consideration of $1.1 billion, and the pro quota reimbursement of past expenditures, which amount so far at approximately $450 million. In addition, Rosneft has an option to buy a further 5% stake under the same terms.

    View Eni press release

  • Data analysis Glencore, Qatar Investment Acquire 19.5% Stake in Rosneft

    The consortium of Glencore and Qatar Investment Authority (QIA) has acquired a 19.5% interest in the issued share capital of Rosneft for €10.2 billion (US$10.96 billion).Under the proposed arrangements, Glencore would commit €300 million in equity with the balance of the consideration for the...

    Glencore, Qatar Investment Acquire 19.5% Stake in RosneftData analysis
    Headlines, Global Deals

    The consortium of Glencore and Qatar Investment Authority (QIA) has acquired a 19.5% interest in the issued share capital of Rosneft for €10.2 billion (US$10.96 billion).

    Under the proposed arrangements, Glencore would commit €300 million in equity with the balance of the consideration for the acquisition of the shares to be provided by QIA and by non-recourse bank financing.

    The other material terms of the proposed transaction for Glencore are:

    • New five year offtake agreement with Rosneft representing a sizeable additional 220 Mbbl/d for the Glencore Marketing business
    • Additional opportunities, through a strategic partnership for further cooperation, including infrastructure, logistics and global trading
    • Other than the economic exposure represented by the Glencore Equity, (amounting to a c.0.54% indirect equity interest in Rosneft), Glencore would not have any economic exposure to its interests in the shares

    The transaction is expected to close in mid Dec-2016.

    View Glencore press release

  • Data analysis Centennial Acquires Reeves County Assets for $855 Million

    Centennial Resource Development Inc together with its affiliates (CDEV) has agreed to acquire 100% of the leasehold interests and related upstream assets in Reeves County from Silverback Exploration LLC for $855 million.On 21-Nov-2016, an affiliate of Riverstone Holdings LLC entered into a purchase agreement...

    Centennial Acquires Reeves County Assets for $855 MillionData analysis
    Global Deals

    Centennial Resource Development Inc together with its affiliates (CDEV) has agreed to acquire 100% of the leasehold interests and related upstream assets in Reeves County from Silverback Exploration LLC for $855 million.

    On 21-Nov-2016, an affiliate of Riverstone Holdings LLC entered into a purchase agreement with Silverback to acquire 100% of its leasehold interests and related upstream assets in Reeves County for an aggregate purchase price of $855 million in cash, subject to certain adjustments. On 27-Nov-2016, Riverstone and Centennial entered into an agreement to assign, under which the Riverstone affiliate has agreed to assign, and Centennial has agreed to assume, Riverstone’s right to purchase such Silverback assets, subject to the satisfaction of certain conditions.

    Acquisition Highlights

    • ~35,000 net acres directly offsetting existing Centennial acreage in Reeves County (95% operated, ~88% average working interest)
    • Approximately 3.5 MBOE/d of current net production
    • At least 600 horizontal drilling locations assuming 880’ spacing prospective for the Upper Wolfcamp A (~210 locations), Lower Wolfcamp A (~180 locations) and Wolfcamp B (~220 locations)
    • Estimated undeveloped resource potential of over 600 MMBOE from the Wolfcamp A and Wolfcamp B formations with additional upside potential from the Wolfcamp C, Avalon and Bone Spring formations
    • Contiguous position supports extended lateral development (acquisition increases operated extended lateral locations by 136%)
    • Certain third parties have the right, exercisable within 30 days of receipt of a notice of Centennial’s acquisition, to acquire up to ~80% of ~10,000 net acres within the ~35,000 net acres at the purchase price paid by Centennial.

    The acquisition is expected to close on 30-Dec-2016.

    View Centennial Resource Development press release

  • Data analysis Lundin Makes Discovery at Neiden Prospect, Barents Sea

    Lundin Petroleum has made an oil and gas discovery at 7220/6-2R well at the Neiden prospect, located in PL609, Barents Sea.The main objectives of the well were to prove oil in Triassic sandstone and Permian carbonate reservoirs. The well, drilled by the Leiv Eiriksson semi-submersible drilling rig,...

    Lundin Makes Discovery at Neiden Prospect, Barents SeaData analysis
    Exploration

    Lundin Petroleum has made an oil and gas discovery at 7220/6-2R well at the Neiden prospect, located in PL609, Barents Sea.

    The main objectives of the well were to prove oil in Triassic sandstone and Permian carbonate reservoirs. The well, drilled by the Leiv Eiriksson semi-submersible drilling rig, encountered a gross 31m hydrocarbon column, with 21m of oil and 10m gas in the Permian target. The total gross resource estimate for the Neiden discovery is between 25-60 MMBOE.

    View Lundin press release

    Ownership of PL609: Lundin Petroleum (40%, operator), Idemitsu (30%) and L1 Energy (30%).

  • Data analysis Sunoco Logistics to Acquire Energy Transfer Partners

    Sunoco Logistics Partners LP (SXL) and Energy Transfer Partners LP (ETP) have entered into a merger agreement for the acquisition of ETP by Sunoco in a unit-for-unit transaction.Under the terms of the transaction, ETP unitholders will receive 1.5 common units of SXL for each common unit of ETP they own. This...

    Sunoco Logistics to Acquire Energy Transfer Partners Data analysis
    Headlines, Global Deals

    Sunoco Logistics Partners LP (SXL) and Energy Transfer Partners LP (ETP) have entered into a merger agreement for the acquisition of ETP by Sunoco in a unit-for-unit transaction.

    Under the terms of the transaction, ETP unitholders will receive 1.5 common units of SXL for each common unit of ETP they own. This equates to a 10% premium to the volume weighted average pricing of ETP’s common units for the last 30 trading days immediately prior to the announcement of the transaction.

    Energy Transfer Partners LP is a master limited partnership whose subsidiaries include Panhandle Eastern Pipe Line Company LP and Lone Star NGL LLC, which owns and operates natural gas liquids storage, fractionation and transportation assets. In total, ETP currently owns and operates more than 62,500 miles of natural gas and natural gas liquids pipelines. ETP also owns the general partner, 100% of the incentive distribution rights, and approximately 67.1 million common units in Sunoco Logistics Partners LP, which operates a geographically diverse portfolio of crude oil and refined products pipelines, terminalling and crude oil acquisition and marketing assets.

    The transaction is expected to close in Q1-2017.

    View ETP press release

  • Data analysis Tesoro Logistics in $1.1 Billion Assets Buy

    Tesoro Logistics LP (TLLP) has agreed to acquire North Dakota crude oil, natural gas and produced water gathering systems and two natural gas processing facilities for total consideration of $700 million. Additionally, TLLP has acquired terminalling and storage assets located in Martinez, California, from a...

    Tesoro Logistics in $1.1 Billion Assets BuyData analysis
    Headlines, Global Deals

    Tesoro Logistics LP (TLLP) has agreed to acquire North Dakota crude oil, natural gas and produced water gathering systems and two natural gas processing facilities for total consideration of $700 million. Additionally, TLLP has acquired terminalling and storage assets located in Martinez, California, from a subsidiary of Tesoro Corporation for total consideration of $400 million.

    The North Dakota Gathering and Processing Assets acquired from Whiting Oil and Gas Corporation, GBK Investments LLC and WBI Energy Midstream LLC include over 650 miles of crude oil, natural gas, and produced water gathering pipelines, 170 MMcf/d of natural gas processing capacity and 18.7 Mbbl/d of fractionation capacity in the Sanish and Pronghorn fields of the Williston Basin in North Dakota. The acquisition is anticipated to close early in Q1-2017.

    The Northern California Terminalling and Storage Assets include 5.8 MMbbl of crude oil, feedstock, and refined product storage capacity at Tesoro's Martinez Refinery along with a marine terminal capable of handling up to 35 Mbbl of feedstock and refined product throughput.

    View Tesoro press release

  • Data analysis Petrobras Sells LPG Unit to Ultrapar

    Petrobras has signed a contract for the sale of Liquigas Distribuidora SA to Companhia Ultragaz SA, a subsidiary of Ultrapar Participacoes SA (Ultrapar), for an enterprise value of R$2.8 billion (US$824 million).Liquigas, a wholly owned subsidiary of Petrobras, operates bottling, distribution and marketing of...

    Petrobras Sells LPG Unit to UltraparData analysis
    Global Deals

    Petrobras has signed a contract for the sale of Liquigas Distribuidora SA to Companhia Ultragaz SA, a subsidiary of Ultrapar Participacoes SA (Ultrapar), for an enterprise value of R$2.8 billion (US$824 million).

    Liquigas, a wholly owned subsidiary of Petrobras, operates bottling, distribution and marketing of liquefied petroleum gas (LPG). The company has 23 operating centers, 19 warehouses, a storage base and road-rail loading and a network of approximately 4,800 authorized dealers.

    View Petrobras press release

  • Data analysis Spartan Buys Saskatchewan Assets for $520 Million

    Spartan Energy has entered into an agreement with ARC Resources to acquire strategic assets in south-east Saskatchewan for cash consideration of C$700 million (US$520 million).The highlights of the acquisition are as follows:The assets include a large, operated land position consisting of approximately...

    Spartan Buys Saskatchewan Assets for $520 MillionData analysis
    Global Deals

    Spartan Energy has entered into an agreement with ARC Resources to acquire strategic assets in south-east Saskatchewan for cash consideration of C$700 million (US$520 million).

    The highlights of the acquisition are as follows:

    • The assets include a large, operated land position consisting of approximately 132,000 (98,000 net) acres of land
    • The assets include interests in 30 light oil batteries, a 99% working interest in the Lougheed sour gas plant and an extensive network of field gathering infrastructure, supporting both current volumes and anticipated future growth 
    • The acquisition also includes ownership of a significant proprietary 2D and 3D seismic database
    • The acquisition adds 22.5 MMBOE of proved developed producing (PDP) reserves, an increase of 91% over Spartan's existing reserves; 26.9 MMBOE of total proved reserves, an increase of 71%; and 39.3 MMBOE of proved plus probable reserves, an increase of 62%
    • After completion of the acquisition, Spartan will have PDP reserves of 46.1 MMBOE, total proved reserves of 64.9 MMBOE and proved plus probable reserves of 103.1 MMBOE.
    • The assets include working interest ownership in the Weyburn Unit and Midale Unit in southeast Saskatchewan (the EOR Projects)

    The acquisition is expected to close on or about 8-Dec-2016.

    View Spartan press release

  • Data analysis Tesoro Acquires Western Refining for $6.4 Billion

    Tesoro Corporation (Tesoro) and Western Refining (Western) have signed a definitive agreement under which Tesoro will acquire Western Refining for an enterprise value of $6.4 billion.As per the agreement, Tesoro will acquire Western at an implied current price of $37.30 per Western share in a stock...

    Tesoro Acquires Western Refining for $6.4 BillionData analysis
    Headlines, Global Deals

    Tesoro Corporation (Tesoro) and Western Refining (Western) have signed a definitive agreement under which Tesoro will acquire Western Refining for an enterprise value of $6.4 billion.

    As per the agreement, Tesoro will acquire Western at an implied current price of $37.30 per Western share in a stock transaction, representing an equity value of $4.1 billion based on Tesoro's closing stock price of $85.74 on 16-Nov-2016. This represents an enterprise value of $6.4 billion, including the assumption of approximately $1.7 billion of Western's net debt and the $605 million market value of non-controlling interest in Western Refining Logistics LP.

    Western Refining is an independent refining and marketing company operating refineries in El Paso, Gallup, New Mexico and St. Paul Park, Minnesota. The company's retail operations includes retail service stations and convenience stores in Arizona, Colorado, Minnesota, New Mexico, Texas, and Wisconsin, operating primarily through the Giant, Howdy's, and SuperAmerica brands. Western Refining Inc also owns the general partner and approximately 53% of the limited partnership interest of Western Refining Logistics, LP

    The transaction is expected to close in H1-2017.

    View Tesoro press release

  • Data analysis OMV Sells UK Subsidiary to Siccar Point for $1 Billion

    OMV has signed an agreement for the sale of 100% of the shares in its wholly owned subsidiary OMV (UK) Limited to Siccar Point Energy for $1 billion.The overall transaction value consists of a firm payment of $750 million and a contingent payment related to the Rosebank Final Investment Decision in the amount...

    OMV Sells UK Subsidiary to Siccar Point for $1 BillionData analysis
    Headlines, Global Deals

    OMV has signed an agreement for the sale of 100% of the shares in its wholly owned subsidiary OMV (UK) Limited to Siccar Point Energy for $1 billion.

    The overall transaction value consists of a firm payment of $750 million and a contingent payment related to the Rosebank Final Investment Decision in the amount of up to $125 million. The parties agreed on a purchase price adjustment with respect to capex as of the effective date of the transaction on 1-Jan-2016, which results in a further consideration in the amount of approximately $125 million.

    OMV (UK) Limited, a 100% subsidiary of OMV Aktiengesellschaft, holds a considerable portfolio of licenses in the British North Sea and in the area west of the Shetland Islands. OMV Aktiengesellschaft is one of Austria’s industrial companies which holds upstream assets; focused on three core regions-CEE (Romania, Austria), North Sea as well as Middle East and Africa and selected development areas. In downstream, OMV has an annual refining capacity of 17.8 MMT and approximately 3,800 filling stations in 11 countries as of end of 2015. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany.

    The transaction is anticipated to close in Q1-2017.

    View OMV press release

  • Data analysis Anadarko Divests Carthage Assets for Over $1 Billion

    Anadarko Petroleum has signed an agreement to divest its Carthage assets in East Texas for more than $1 billion. The transaction is expected to close by end of 2016.On 18-Nov-2016, the buyer was identified to be Castleton Commodities International LLC.View Anadarko press releaseView Castleton press...

    Anadarko Divests Carthage Assets for Over $1 BillionData analysis
    Headlines, Global Deals

    Anadarko Petroleum has signed an agreement to divest its Carthage assets in East Texas for more than $1 billion. The transaction is expected to close by end of 2016.

    On 18-Nov-2016, the buyer was identified to be Castleton Commodities International LLC.

    View Anadarko press release

    View Castleton press release

  • BP Q3-2016 Net Profit Slumps 48%

    BP reported Q3-2016 underlying replacement cost (RC) profit of $933 billion, down 48% YoY. Upstream segment reported a loss of $224 million, compared to the profit of $823 million in Q3-2015. Profit from downstream segment grew to $1.4 billion compared to $2.3 billion in Q3-2015.Total income from sales and...

    BP Q3-2016 Net Profit Slumps 48%
    Headlines, Results & Reports

    BP reported Q3-2016 underlying replacement cost (RC) profit of $933 billion, down 48% YoY. Upstream segment reported a loss of $224 million, compared to the profit of $823 million in Q3-2015. Profit from downstream segment grew to $1.4 billion compared to $2.3 billion in Q3-2015.

    Total income from sales and other operating revenues slumped 19.4% YoY to $47 billion. Q3-2015 capex was slashed to $3.7 billion compared with $4.3 billion in Q3-2015.

    View BP press release

  • Shell Q3-2016 Net Profit Up 18%

    Shell reported Q3-2016 CCS earnings excluding identified items of $2.8 billion compared with $2.4 billion for Q3-2015, up 18% YoY. Q3-2016 Upstream earnings excluding identified items was $4 million compared with the loss of $582 million in Q3-2015. Q3-2016 Downstream earnings excluding identified items were...

    Shell Q3-2016 Net Profit Up 18%
    Headlines, Results & Reports

    Shell reported Q3-2016 CCS earnings excluding identified items of $2.8 billion compared with $2.4 billion for Q3-2015, up 18% YoY. Q3-2016 Upstream earnings excluding identified items was $4 million compared with the loss of $582 million in Q3-2015. Q3-2016 Downstream earnings excluding identified items were $2.1 billion compared with $2.6 billion for Q3-2015, down 21% YoY.

    Q3-2016 Total revenue and other income dropped to $62.9 billion from $69.2 billion in Q3-2015. Capex for Q3-2016 was slashed to $5.3 billion.

    View Shell press release

  • Data analysis Oxy Buys Permian Acreage and EOR Assets for $2 Billion

    Occidental Petroleum (Oxy) has acquired producing and non-producing leasehold acreage in the Permian Basin from private sellers. Separately, the company acquired interests in several Permian Basin enhanced oil recovery (EOR) and CO2 properties, and related infrastructure. The total purchase price for these...

    Oxy Buys Permian Acreage and EOR Assets for $2 BillionData analysis
    Headlines, Global Deals

    Occidental Petroleum (Oxy) has acquired producing and non-producing leasehold acreage in the Permian Basin from private sellers. Separately, the company acquired interests in several Permian Basin enhanced oil recovery (EOR) and CO2 properties, and related infrastructure. The total purchase price for these transactions is approximately $2 billion.

    Acquisition Highlights-

    Permian Resources:

    • The leasehold acquisition includes approximately 35,000 net acres in Reeves and Pecos counties, Texas, in the Southern Delaware Basin, in areas where Occidental currently operates or has working interests
    • Approximately 7 MBOE/d of net production (72% oil) from 68 horizontal wells
    • A minimum of 700 gross estimated horizontal drilling locations targeting the Wolfcamp A, Wolfcamp B and Bone Spring, with meaningful upside potential through infill drilling and additional intervals
    • Proximity to other key Occidental development areas, such as Barilla Draw, allows for cost and infrastructure efficiencies and contiguous position enables longer lateral well development
    • Enables efficient development by gaining operatorship and provides capital flexibility as a high percentage of the acreage is held by production
    • Including this transaction, Occidental’s overall position in the leasehold area encompasses nearly 59,000 acres with an aggregate acquisition cost, inclusive of value given to current production and infrastructure, of approximately $2 billion

    Permian EOR:

    • Acquired working interests in producing oil and gas CO2 floods and related EOR infrastructure, increasing Occidental’s ownership in several properties where it is currently the operator or an existing working interest partner
    • These properties have current production of approximately 4 MBOE/d (80% oil), with estimated net proved developed producing reserves of approximately 25 MMBOE and total proved reserves of approximately 41 MMBOE

    View Occidental press release

  • Chevron Q3-2016 Earnings Drop 37%

    Chevron reported Q3-2016 earnings of $1.3 billion, down 37% YoY. The upstream segment reported an earnings of $454 million in Q3-2016 from $59 million in Q3-2015. Q3-2016 earnings from the downstream segment fell to $1.07 billion from $2.2 billion in Q3-2015.Q3-2016 total revenue and other income was 12% YoY...

    Chevron Q3-2016 Earnings Drop 37%
    Headlines, Results & Reports

    Chevron reported Q3-2016 earnings of $1.3 billion, down 37% YoY. The upstream segment reported an earnings of $454 million in Q3-2016 from $59 million in Q3-2015. Q3-2016 earnings from the downstream segment fell to $1.07 billion from $2.2 billion in Q3-2015.

    Q3-2016 total revenue and other income was 12% YoY lower at $30.1 billion. Total capex in Q3-2016 was $5.2 billion, lower 35% YoY.

    View Chevron press release

  • Data analysis CONSOL, Noble Energy to Split Marcellus Shale JV

    CONSOL Energy and Noble Energy (the Joint Venture) jointly announced that the two companies have entered into a definitive agreement to separate their Marcellus Shale 50-50 JV (the Exchange Agreement). The two companies have negotiated a separation of the Joint Venture that was formed in 2011 for the...

    CONSOL, Noble Energy to Split Marcellus Shale JVData analysis
    Global Deals

    CONSOL Energy and Noble Energy (the Joint Venture) jointly announced that the two companies have entered into a definitive agreement to separate their Marcellus Shale 50-50 JV (the Exchange Agreement). The two companies have negotiated a separation of the Joint Venture that was formed in 2011 for the exploration, development, and operation of primarily Marcellus Shale properties in Pennsylvania and West Virginia.

    Highlights of the Exchange Agreement include:

    • Each party will own and operate a 100% interest in its properties and wells in two separate operating areas
    • Each party will have independent control and flexibility with respect to the scope and timing of future development over its operating area
    • All acreage operated by CONSOL Energy and Noble Energy in their respective operating areas will remain fully dedicated to CONE Midstream Partners LP

    Prior to the Exchange Agreement, the Joint Venture collectively operated approximately 669,000 Marcellus acres. CONSOL Energy and Noble Energy each held 50% working interest. As of the effective date of the Exchange Agreement on 1-Oct-2016, total flowing production to the Joint Venture was 1.07 Bcf/d of natural gas equivalents.

    Subsequent to closing of the Exchange Agreement, the acreage and production of the prior Joint Venture will be as follows:

    CONSOL Energy will operate a 100% working interest in approximately 306,000 Marcellus acres with associated production of approximately 620 MMcf/d of natural gas equivalents. The majority of the acreage operated by CONSOL Energy resides in Pennsylvania.

    Noble Energy will operate a 100% working interest in approximately 363,000 Marcellus acres with associated production of approximately 450 MMcf/d of natural gas equivalents. The majority of the acreage operated by Noble Energy, Inc. resides in West Virginia.

    In addition to the acreage and production realignment between the two companies, Noble Energy will also remit a cash payment of approximately $205 million to CONSOL Energy at closing. The exchange of properties and cash result in the elimination of the remaining outstanding carry cost obligation due from Noble Energy to CONSOL Energy.

    The Exchange Agreement is expected to close in Q4-2016.

    View CONSOL press release

  • Data analysis GE Combines Oil and Gas Business with Baker Hughes

    GE and Baker Hughes have entered into an agreement to combine GE’s oil and gas business (GE Oil & Gas) and Baker Hughes to create an oilfield technology provider with a unique mix of service and equipment capabilities. The “New” Baker Hughes will be a leading equipment, technology and...

    GE Combines Oil and Gas Business with Baker HughesData analysis
    Headlines, Global Deals

    GE and Baker Hughes have entered into an agreement to combine GE’s oil and gas business (GE Oil & Gas) and Baker Hughes to create an oilfield technology provider with a unique mix of service and equipment capabilities. The “New” Baker Hughes will be a leading equipment, technology and services provider in the oil and gas industry with $32 billion of combined revenue and operations in more than 120 countries.

    Under the terms of the agreement, at the closing of the transaction Baker Hughes shareholders will receive a special one-time cash dividend of $17.50 per share and 37.5% of the new company. GE will own 62.5% of the company.

    GE is the Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry.

    The transaction is expected to close in mid-2017.

    View GE press release

  • Data analysis Dominion Midstream to Buy Questar Pipeline for $1.7 Billion

    Dominion Midstream Partners LP and Dominion Resources Inc (Dominion) have announced an agreement in which Dominion Midstream will acquire Questar Pipeline LLC from Dominion for consideration of approximately $1.7 billion, including indebtedness of Questar Pipeline as part of the transaction value.Questar...

    Dominion Midstream to Buy Questar Pipeline for $1.7 BillionData analysis
    Headlines, Global Deals

    Dominion Midstream Partners LP and Dominion Resources Inc (Dominion) have announced an agreement in which Dominion Midstream will acquire Questar Pipeline LLC from Dominion for consideration of approximately $1.7 billion, including indebtedness of Questar Pipeline as part of the transaction value.

    Questar Pipeline owns and operates Federal Energy Regulatory Commission-regulated natural gas transmission and storage assets in Colorado, Utah and Wyoming.

    Dominion is a producer and transporter of energy, with a portfolio of approximately 26,000 MW of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 Tcf of storage capacity and serves more than 6 million utility and retail energy customers.

    Dominion Midstream is a Delaware limited partnership formed by Dominion Resources Inc, to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets.

    Transaction is expected to close on 1-Dec-2016.

    View Dominion press release

  • ExxonMobil Q3-2016 Earnings Drop 38%

    ExxonMobil reported Q3-2016 earnings of $2.7 billion, down 38% YoY. Earnings from upstream segment for the quarter were $620 million, down $738 million from Q3-2015. Earnings from the downstream segment in Q3-2016 fell to $1.2 billion.Total revenue and other income in Q3-2016 dropped to $58.7 billion. Q3-2016...

    ExxonMobil Q3-2016 Earnings Drop 38%
    Headlines, Results & Reports

    ExxonMobil reported Q3-2016 earnings of $2.7 billion, down 38% YoY. Earnings from upstream segment for the quarter were $620 million, down $738 million from Q3-2015. Earnings from the downstream segment in Q3-2016 fell to $1.2 billion.

    Total revenue and other income in Q3-2016 dropped to $58.7 billion. Q3-2016 capex was slashed 45% YoY to $4.2 billion.

    Upstream production grew to 3.8 MMBOE/d, mainly due to project ramp-ups and entitlement effects partly offset by field declines.

    View ExxonMobil press release

  • Total Q3-2016 Net Profit Falls to $2.1 Billion

    Total reported a 25% YoY fall in Q3-2016 net profit to $2.1 billion. Income from Upstream segment fell 21% YoY to $877 million, while income from refining and chemicals segment was down 36% YoY to $917 million. Marketing and Services segment income grew 29% YoY to $545 million.Net production was up 4% YoY to...

    Total Q3-2016 Net Profit Falls to $2.1 Billion
    Headlines, Results & Reports

    Total reported a 25% YoY fall in Q3-2016 net profit to $2.1 billion. Income from Upstream segment fell 21% YoY to $877 million, while income from refining and chemicals segment was down 36% YoY to $917 million. Marketing and Services segment income grew 29% YoY to $545 million.

    Net production was up 4% YoY to 2.4 MMBOE/d, aided by the start up and ramp up of projects including Laggan-Tormore, Vega Pleyade, Surmont Phase 2, Moho Phase 1b, Gladstone LNG and Incahuasi.

    View Total press release

  • Data analysis ExxonMobil Makes Significant Discovery Offshore Nigeria

    ExxonMobil, through its affiliate Esso Exploration and Production Nigeria (Deepwater Ventures) Limited, has made a significant discovery with a potential recoverable resource of between 0.5-1 Bbbl in the Owowo field offshore Nigeria. The Owowo field spans portions of the contract areas of Oil Prospecting...

    ExxonMobil Makes Significant Discovery Offshore NigeriaData analysis
    Exploration

    ExxonMobil, through its affiliate Esso Exploration and Production Nigeria (Deepwater Ventures) Limited, has made a significant discovery with a potential recoverable resource of between 0.5-1 Bbbl in the Owowo field offshore Nigeria. The Owowo field spans portions of the contract areas of Oil Prospecting License 223 (OPL 223) and Oil Mining License 139 (OML 139).

    The Owowo-3 well encountered about 460 ft (140m) of oil-bearing sandstone reservoir. Owowo-3 extends the resource discovered by the Owowo-2 well which encountered about 515 ft (157m) of oil-bearing sandstone reservoir.

    Owowo-3 was drilled to 10,410 ft (3,173m) in 1,890 ft (576m) of water. The well proved additional resource in deeper reservoirs.

    Ownership of OPL 223 and OML 139: ExxonMobil (27%, operator), Chevron (27%), Total (18%), Nexen Petroleum Deepwater Nigeria Limited (18%), and the Nigeria Petroleum Development Company Limited (10%).

    View ExxonMobil press release

  • Data analysis EQT Adds Core Marcellus Acreage for $683 Million

    EQT Corporation has signed definitive agreements to acquire additional core Marcellus acreage, consisting of 42,600 net acres and current natural gas production of approximately 42 MMcfe/d from Trans Energy and entities affiliated with Republic Energy for an aggregate purchase price of $513 million; and...

    EQT Adds Core Marcellus Acreage for $683 MillionData analysis
    Global Deals

    EQT Corporation has signed definitive agreements to acquire additional core Marcellus acreage, consisting of 42,600 net acres and current natural gas production of approximately 42 MMcfe/d from Trans Energy and entities affiliated with Republic Energy for an aggregate purchase price of $513 million; and 17,000 net acres and current natural gas production of approximately 2 MMcfe/d from a third-party for $170 million.

    The 42,600 net acre acquisition in West Virginia includes approximately 250 undeveloped locations that are expected to have an average lateral length of 5,700 ft. Also included are drilling rights on an estimated 29,000 deep Utica acres. The acreage has an 85% net revenue interest and 89% is either held by production or has lease expiration terms that extend beyond 2018.

    The transaction includes 42 Marcellus wells, 33 of which are currently producing 42 MMcfe/d-four that are completed and not turned-in-line; and five that are drilled but not completed.

    The 17,000 net Marcellus acreage acquisition in Pennsylvania includes approximately 97 undeveloped locations that are expected to have an average lateral length of 4,600 ft. Also included are drilling rights on an estimated 10,300 deep Utica acres. The acreage has an 85% net revenue interest and 96% is either held by production or has lease expiration terms that extend beyond 2018. The transaction includes two Marcellus wells that are currently producing 2 MMcfe/d.

    Under the terms of the Trans Energy merger agreement, EQT has agreed to commence a tender offer, through a wholly owned subsidiary, to acquire all of the outstanding shares of Trans Energy’s common stock for $3.58 per share in cash. Following the completion of the tender offer, EQT will merge its wholly owned subsidiary into Trans Energy, and Trans Energy will survive as a wholly owned subsidiary of EQT.

    The transactions are expected to close by year-end 2016.

    View EQT press release

  • Data analysis Energy Transfer Partners Buys Interests in PennTex

    Energy Transfer Partners LP (ETP) has entered into a definitive agreement to acquire certain interests in PennTex Midstream Partners LP (PTXP) from various parties (Sellers) for total consideration of approximately $640 million. Upon closing the transaction, ETP will own 100% of the general partner of PTXP,...

    Energy Transfer Partners Buys Interests in PennTexData analysis
    Global Deals

    Energy Transfer Partners LP (ETP) has entered into a definitive agreement to acquire certain interests in PennTex Midstream Partners LP (PTXP) from various parties (Sellers) for total consideration of approximately $640 million. Upon closing the transaction, ETP will own 100% of the general partner of PTXP, together with all of its incentive distribution rights (IDRs), as well as 6.3 million common units and all 20 million subordinated units of PTXP, representing approximately 65% of the total limited partner interests in PTXP.

    The acquisition consideration paid by ETP will be 50% ETP common units issued directly to Sellers and 50% cash.

    PTXP owns midstream assets strategically located in the Terryville Complex in northern Louisiana that consist of a rich natural gas gathering system, two cryogenic natural gas processing plants totaling 400 MMcf/d of capacity, along with residue gas and natural gas liquids (NGLs) pipelines.

    The transaction is expected to close in Q4-2016.

    View Energy Transfer Partners press release