Devon Closes $865 Million Cash Acquisition of RimRock Oil and Gas
Devon Energy Corp....
Devon Energy Corp. wrapped up its previously announced purchase of RimRock Oil and Gas LP on July 21, described by Devon as a “bolt-on” acquisition in the Williston Basin.
Oklahoma City-based Devon had entered into a definitive purchase agreement to acquire the leasehold interest and related assets of RimRock, a Warburg Pincus portfolio company in the Williston Basin, for cash consideration of $865 million in early June.
The RimRock bolt-on acquisition adds a contiguous position of 38,000 net acres (88% working interest) directly offsetting and overlapping Devon’s existing position. Production from the acquired assets is expected to increase to an average of 20,000 boe/d over the next year.
Conditions may start to become a little more conducive for tropical development toward the end of July, at which point a tropical wave crossing the central Atlantic may be worth watching, according to Dr. Ryan Truchelut, chief meteorologist at WeatherTiger.
The Atlantic hurricane season runs from June 1 through Nov. 30. The peak of the season is Sept. 10, with the most activity happening between mid-August and mid-October, according to the Hurricane Center. The next named storm in the Atlantic basin will be Danielle.
Southeast New Mexico’s Permian Basin shaken by more earthquakes
One of the latest earthquakes to shake the Permian Basin happened Thursday morning in...
One of the latest earthquakes to shake the Permian Basin happened Thursday morning in Carlsbad, New Mexico.
It occurred as researchers expanded their investigation of oil and gas drilling in the large shale area that is believed to be the cause of increased earthquakes—much like what occurred in Oklahoma a few years ago.
The Carlsbad earthquake measured 4.7 magnitude and hit about 7:35 a.m. with an epicenter about 35 miles south of White City according to the U.S. Geological Survey. Nearly an hour later, a 3.0 magnitude quarter shook the area. The two quakes followed a 12:43 a.m. quake that registered 3.1 magnitude as well as two late Wednesday night quakes that measured 3.0 magnitude.
The Texas Tribune recently reported more than 200 earthquakes of 3.0 magnitude or greater shook Texas in 2021, more than double the 98 recorded in 2020.
Fearing a windfall tax, this oil company is cutting gasoline prices at its pumps.
Windfall taxes on oil companies are the talk around the world as consumers grapple with high energy costs. ...
Windfall taxes on oil companies are the talk around the world as consumers grapple with high energy costs. Lawmakers in France have proposed a tax of as much as 25% on energy and transport giants.
France’s TotalEnergiesTTE, 1.34% is trying to head one off by committing to cut prices. The company said it will cut fuel prices by 20 Eurocents a liter compared to global market prices from September to November, and a 10 Eurocents a liter reduction from November to the end of the year.
“We prefer to make an immediate and direct contribution to our customers, rather than an indirect tax which would penalize our refineries,” said Patrick Pouyanné, chairman and CEO of TotalEnergies.
TotalEnergies operated 3,479 service stations in France last year. TotalEnergies shares edged higher on Friday and have rallied 35% this year.
Benchmark U.S. crude oil for September delivery fell $3.53 to $96.35 a barrel Thursday....
Benchmark U.S. crude oil for September delivery fell $3.53 to $96.35 a barrel Thursday. Brent crude for September delivery fell $3.06 to $103.86 a barrel.
Wholesale gasoline for August delivery fell 13 cents to $3.15 a gallon. August heating oil fell 1 cent to $3.59 a gallon. August natural gas fell 7 cents to $7.93 per 1,000 cubic feet.
