Energy Financial

Chinese delegation to look at possible Nigerian oil investments

Energy Financial

Nigerian oil refineries mostly unused due to poor maintenance ABUJA, Oct 5 (Reuters) – A Chinese delegation will visit Nigeria this month to discuss investment in the West African country’s oil and gas industry, Nigeria’s oil minister said on Wednesday. In June, state-owned Nigerian National Petroleum Corporation (NNPC) said it had signed memorandums of understanding […]

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SM Energy closes Permian Basin acquisition, increases borrowing to $1.35 Billion

Energy Financial

DENVER- SM Energy Company announced today that the Company closed the previously announced acquisition of 24,783 net acres in Howard County, Texas, from Rock Oil Holdings LLC for $980 million, before customary purchase price adjustments. The largely contiguous acreage position expands the Company’s Midland Basin footprint to approximately 46,750 net acres. The effective date of

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EIA data likely showing crude oil stocks rising 2 million barrels – Platts

Energy Financial

In addition to stronger than typical imports, crude stocks likely backstopped by expected reduction in US refinery run Run cuts at many US refineries and strong imports likely kept US crude oil inventories well-supplied last week, according to an S&P Global Platts preview of this week’s pending US Energy Information Administration oil stocks data. Gasoline

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Oil services firm Weatherford to pay $140 million for accounting fraud

Energy Financial

 Weatherford fraudulently lowered the year-end sum it set aside for income taxes each year by $100 million to $154 million By Suzanne Barlyn (Reuters) – Oil services company Weatherford International LLC has agreed to a $140 million penalty to settle charges it inflated its earnings by using deceptive income tax accounting, the U.S. Securities and

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Rice Energy to buy Vantage Energy for $2.7 billion – Marcellus, Utica, Barnett assets

Energy Financial

Rice Energy raised its 2016 capital budget to $735 million from $660 million due to acquisition (Reuters) – Oil and gas producer Rice Energy Inc will buy Vantage Energy LLC and Vantage Energy II LLC for about $2.7 billion, including debt. Though stronger shale oil producers have added acreage after oil prices slid more than

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Encana selling $1 billion worth of shares for Permian Basin expansion

Energy Financial

Encana is expecting twice the amount of Permian wells on stream in 2017 compared to 2016 Encana Corporation announced a public offering to sell 107 million shares at an offering price of US$9.35 per share, for gross proceeds of US$1,000,450,000. Calgary-based Encana intends to use about half of the proceeds to fund it’s 2017 capital program, which will focus

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