Net loss of $5.82B compared with net income of $3.37B a year earlier, thanks to Deepwater Horizon charges BP reported a second-quarter loss Tuesday after the London-based oil company set aside another $10.8 billion to cover the cost of the Deepwater Horizon accident. The report is the first since BP announced a deal that will provide a […]
Deepwater Horizon accident drags on BP Q2 earnings Read More »
Goodrich Petroleum intends to pay down debt, drive down drilling and operating costs even further – president Goodrich Petroleum is selling acreage in the Eagle Ford Shale for $118 million, but keeping some of the undeveloped leasehold for future development or sale, the company announced Monday. “The monetization of our proved reserves and associated acreage from our drilling efforts
Goodrich Petroleum sells Eagle Ford assets, retains acreage for future Read More »
Enterprise Products Partners sells Gulf offshore business for $1.5 billion to Genesis Energy Enterprise Products Partners L.P. (NYSE:EPD) announced Friday that it has closed on the sale of its offshore Gulf of Mexico pipelines and services business to Genesis Energy L.P. and plans to expand operations in Texas shale plays. The sale to Genesis netted
Enterprise Products Partners refocuses on Permian, Eagle Ford Read More »
Precision Drilling says idle rigs may be activated later this year International drilling company Precision Drilling Corp. (TSX:PD) reported a better-than-expected result for its latest quarter on Thursday as it lost $29.8 million. The loss by the oilfield services company amounted to 10 cents per diluted share in its second quarter compared with a loss
Precision Drilling loses $30M in Q2, but optimistic for rest of 2015 Read More »
Poor weather, longer than expected facility turnarounds affect Pioneer Natural Resources production Pioneer Natural Resources says it is on track to meet its 2015 production forecast, despite lower than expected results from the Eagle Ford Shale. The company issued an operational update Wednesday, noting that production averaged 197 thousand barrels oil equivalent per day (MBOEPD) in
Pioneer Natural Resources: Meeting targets despite Texas Weather Read More »
Kinder Morgan announced Wednesday it is buying out Shell’s interest in Elba Liquefaction Co. joint venture Natural gas from northeastern shale fields will be moving to New England via a new $3.3 billion pipeline to be built and operated by Houston-based Kinder Morgan. Kinder Morgan Inc.’s board of directors approved the investment Thursday, which was first proposed in 2014,
Kinder Morgan building $3.3B natural gas pipeline to New England market Read More »
Sabine Oil & Gas Corporation and Lightstream Resources Ltd., latest victims of lower oil prices, latest bankruptcies Two more exploration and production companies have declared bankruptcy, causing the energy default rate to exceeds its long term average 1.9 per cent, according to Fitch Ratings. Sabine Oil & Gas Corporation and Lightstream Resources Ltd. recently filed for Chapter 11 protection, driving
Exploration and production bankruptcies drive up failure rate Read More »
Quantum Energy says it plans to expand into oil and gas midstream, oilfield services and power generation sectors Houston-based Quantum Energy Partners announced Wednesday that it has raised a total of $4.45 billion to invest in the energy sector. Quantum Energy has held its final closing on Quantum Energy Partners VI and its affiliates at its hard
Quantum Energy Partners closes sixth private equity fund at $4.45 billion Read More »
Houston-based Linn Energy starts week with three bold deals Struggling Linn Energy announced a flurry of deals Monday that included selling Permian Basin assets for $281 million and securing $1.5 billion in new financing the company hopes will re-ignite growth. Linn Energy stock value has dropped from $32 per unit last July down to less than $9 Tuesday as
Linn Energy sells Permian assets, inks $1B deal to fund growth Read More »
Gathering/processing a new operation for Legacy Reserves Midland-based Legacy Reserves is finally venturing into East Texas after purchasing natural gas properties, gathering/ processing assets for $440 million. Legacy Reserves (Nasdaq:LGCY) made the announcement Monday, saying it has entered into separate agreements with affiliates of Anadarko Petroleum and Western Gas Partners, LP as part of the deal. “This acquisition represents
Legacy Reserves buys East TX natural gas properties, assets for $440M Read More »
