Heading into 2017, Newfield Exploration Co. is preparing to accelerate activity in the Anadarko Basin, going from drilling to hold by production (HBP) to full-field development, the operator told analysts during a conference call Wednesday to discuss 3Q2016 results.
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Dover Buying Texas Pumper to Expand U.S. Onshore Business
Global equipment manufacturer Dover Corp. is making a deal to buy artificial lift specialist Accelerated Cos. LLC to expand its reach in the U.S. unconventional drilling market.
Anadarko’s Onshore Exploration Spending Set to Jump
Anadarko Petroleum Corp. is setting the wheels in motion to accelerate U.S. onshore drilling following the $2.64 billion cash sale for part of its offshore Mozambique natural gas project.
Spectra Urged to Do More to Boost Profitability
Spectra Energy Corp.’s (SE) recent announcement that it would accelerate dropdowns to Spectra Energy Partners (SEP) did not placate activist investor Sandell Asset Management, which has called again for further action and threatened to seek changes to the company’s board.
PDC to Accelerate Wattenberg, Utica Development
PDC Energy Inc. completed the sale of its noncore Colorado natural gas assets Tuesday, with the sales proceeds earmarked to accelerate development of its liquid-rich horizontal drilling programs in the state’s Wattenberg Field and Ohio’s Utica Shale.
Activist Shareholder Not Appeased by Spectra Dropdown Plan
Spectra Energy Corp.’s (SE) announcement last week that it would accelerate dropdowns to Spectra Energy Partners (SEP) lifted the company’s shares but did not placate activist investor Sandell Asset Management, which Monday called again for further action and threatened to seek changes to the company’s board.
Industry Brief
CN, Canada’s national railway, said it plans to accelerate work on a US$33 million project to upgrade a 74-mile section of the Whitehall Subdivision line in Wisconsin. The upgrade between the towns of Wisconsin Rapids and Blair would allow increased car-loading capacity and train velocity for hydraulic fracture (frack) sand suppliers Badger Mining Corp., Preferred Sands of Wisconsin LLC, Atlas Resin Proppants LLC and Taylor Frac LLC. After the upgrade, CN would be able to transport heavier freight cars loaded with frack sand, up to a maximum of 286,000 pounds. CN, which began the work in 2012, plans to complete the project by December 2014, a year ahead of time.
Shell in Hunt for New Technologies
Royal Dutch Shell plc said Tuesday it’s ready to invest “several hundred million dollars” in promising technology companies to accelerate innovations that might add value to its operations.
Blackstone, LLOG to Accelerate Deepwater Exploration in GOM
LLOG Exploration Co. LLC has formed a long-term partnership with private equity giant Blackstone to accelerate the Covington, LA-based producer’s deepwater operations in the Gulf of Mexico (GOM).
Magnum Hunter Grows Reserves, Oil/Liquids Exposure
Magnum Hunter Resources Corp. posted a 51% increase in estimated total proved reserves as of June 30 compared to the year-ago period, the shale-focused producer said.