Occidental announced it has agreed to sell its interests in two Ghana offshore fields...
Occidental announced it has agreed to sell its interests in two Ghana offshore fields for $750 million to Kosmos Energy ($550 million) and Ghana National Petroleum Corporation (GNPC) ($200 million), prior to closing adjustments to reflect an April 1, 2021 effective date. The sale to Kosmos closed upon signing and the sale to GNPC is expected to close in the fourth quarter of 2021. The transaction includes Occidental’s interests in both the Jubilee and TEN fields, which combined had second quarter 2021 net production of 22 thousand barrels of oil equivalent per day. Occidental classified the Ghana operations as held for sale, as of June 30, 2021. Separately, Occidental settled certain tax claims related to historical operations.
U.S. natural gas futures rose about 3% to a one-week high on Thursday (at $5.84) on...
U.S. natural gas futures rose about 3% to a one-week high on Thursday (at $5.84) on lower output, rising LNG exports and higher gas prices overseas that will keep demand for U.S. LNG strong. Traders said prices rose despite forecasts for mild weather to continue through the end of October and ahead of a government report expected to show last week's storage build was bigger than usual for a fifth week in a row.
Energy stocks are set to open firmly higher, with surging broader equity futures and a strong rebound...
Energy stocks are set to open firmly higher, with surging broader equity futures and a strong rebound in oil and natural gas prices underpinning premarket activity. Earnings in other areas of the market and key economic data on inflation and employment continue to drive near-term trading.
Oil prices rose by about 1% on Thursday after the IEA said that record natural gas prices would boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply. Oil demand is set to jump by half a million bpd as the power sector and heavy industries switch from other more expensive sources of energy, the IEA said, warning that the energy crunch could stoke inflation and slow the world's economic recovery from the COVID-19 pandemic.
Halliburton to Deploy All-electric Frac Solution for Haynesville Shale Producer Aethon
Halliburton Co. and VoltaGrid LLC have entered into a multiyear contract with Aethon Energy on...
Halliburton Co. and VoltaGrid LLC have entered into a multiyear contract with Aethon Energy on Oct. 11 to deploy an advanced, all-electric fracturing solution in the Haynesville Shale.
The solution combines Halliburton’s all-electric fracturing spread, featuring the Zeus 5,000 horsepower electric pumping unit, with VoltaGrid’s power generation system to offer increased reliability and real-time emissions tracking.
Diversified Energy Acquires Tapstone in $419 Million Midcontinent Expansion
Diversified Energy Co. Plc recently announced a cash acquisition of Oklahoma...
Diversified Energy Co. Plc recently announced a cash acquisition of Oklahoma City-based Tapstone Energy LLC, representing Diversified’s fourth deal in what the company has dubbed its new central regional focus area.
Founded in late 2013 by industry veteran Tom Ward, Tapstone Energy focuses in the Anadarko Basin of the Midcontinent region. The independent oil and gas producer recently completed a successful restructuring process whereby a new capital sponsor, Kennedy Lewis Investment Management, had selected Tapstone to be their key E&P platform.
According to a company release, Diversified agreed to acquire upstream assets, field infrastructure, equipment and facilities in Oklahoma from Tapstone and an affiliate of Kennedy Lewis Investment Management for $419 million in cash. Private equity group Oaktree Capital Management LP will pay $192 million for an initial 48.75% stake as part of the deal.
