ConocoPhillips announces 2 deals, a $1.36 billion sales of assets and an up to $1.65 purchase
Shares of ConocoPhillips ...
Shares of ConocoPhillips COP, -0.62% edged up 0.2% in morning trading, after the announced two deals Wednesday related to its Asia-Pacific portfolio of assets, one for the sale of assets for $1.36 billion and the other to increase and investment by up to $1.65 billion. The oil and gas company said it has agreed to sell the subsidiary that indirectly owns it 54% stake in the Indonesia Corridor Block Production Sharing Contract and a 35% interest in the Transasia Pipeline Company to MedcoEnergi for $1.355 billion. The company also said it is exercising its right to buy up to an additional 10% stake in Australia Pacific LNG for up to $1.645 billion from Origin Energy, with the deal expected to close in the first quarter of 2022. ConocoPhillips stock has shot up 35.2% over the past three months, while the SPDR Energy Select Sector ETF XLE, -0.02% has rallied 20.4% and the S&P 500 SPX, +0.31% has gained 3.8%.
PHX Minerals Continues to Tack On Scoop Acreage Following Asset Sales
PHX Minerals Inc. recently completed the acquisition of royalty acreage in the SCOOP play while selling...
PHX Minerals Inc. recently completed the acquisition of royalty acreage in the SCOOP play while selling two packages of non-operated legacy working interest wellbores located primarily in the Arkoma Shale and Western Anadarko Shale plays of Oklahoma.
“These transactions are a continuation of our strategy to high-grade PHX’s asset base by divesting legacy working interest wellbores and reinvesting the proceeds in higher-margin minerals in our core areas of focus,” President and CEO Chad Stephens commented in a company release last week.
Two undisclosed buyers agreed to acquire the two packages of assets totaling 193 non-operated legacy working interest wellbores for a total of $2.5 million-plus the assumption of approximately $500,000 of asset retirement obligation.
US oil production will average 11.18 million barrels per day in 2021 and 11.85 million bpd in 2022, while...
US oil production will average 11.18 million barrels per day in 2021 and 11.85 million bpd in 2022, while US natural gas output will climb to 93.37 billion cubic feet per day in 2021 and 95.97 Bcf/d in 2022, the Energy Information Administration predicted in its latest Short Term Energy Outlook. Global oil supply is expected to improve next year, which may help relieve some pressure on oil prices, with West Texas Intermediate seen averaging $67.87 per barrel this year and $66.42 per barrel in 2022.
The American Petroleum Institute reported late Tuesday estimated the inventory draw for crude...
The American Petroleum Institute reported late Tuesday estimated the inventory draw for crude oil to be 3.089 million barrels. U.S. crude inventories have shed some 60 million barrels since the beginning of the year. Analyst expectations for the week were for a build of 2.093-million barrels for the week.
In the previous week, the API reported a draw in oil inventories of 747,000 barrels, compared to the 1.667-million-barrel draw that analysts had predicted.
Cushing saw a 2.395 million-barrel increase this week.
Natural gas futures continued to rally higher ($3.85, up 14 cents) for the second consecutive...
Natural gas futures continued to rally higher ($3.85, up 14 cents) for the second consecutive session and are up more than 4% in early trading, supported by forecasts for more heating demand this week than previously expected and as the U.S. market followed a 7% jump in European gas prices that should keep U.S. LNG exports at record highs. Traders said that increase in U.S. prices occurred despite forecasts for milder U.S. weather and lower heating demand next week than previously expected. Many analysts expect the mild weather will allow U.S. utilities to leave enough gas in storage to allow stockpiles to reach above normal levels by mid-December.
