With an enviable gas-rich exploration and production asset base and a growing natural gas storage network, EnCana Corp. remains steadfast in its prediction that it will grow about 10% a year through 2006, according to the president of its U.S. division. However, EnCana’s growth most likely will come from non-conventional drilling methods, including extracting coalbed methane (CBM) gas and multi-zone, tight gas exploitation.
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UniSource Energy Reaches Settlement in Arizona Gas and Electric Asset Purchase
UniSource Energy Corp. and Citizens Communications Co. (CCC) said that they have reached an initial agreement with state officials that would clear the way for UniSource Energy’s planned acquisition of Arizona gas and electric system assets from CCC.
April 7, 2003
March Clearinghouse Auction Takes in $20M; Next One in Mid-April
The Oil & Gas Asset Clearinghouse said Thursday that it will hold its next Hybrid Live Floor/Internet Auction offering 2,550 oil and gas properties combined into 443 lots at the Sheraton North Houston Hotel in Houston on April 16 and 17. The Clearinghouse noted that the hybrid auction process allows Internet bidders to compete in real time against the live floor bidders.
April 4, 2003
UniSource Energy Reaches Settlement in Arizona Gas and Electric Asset Purchase
UniSource Energy Corp. and Citizens Communications Co. (CCC) said Wednesday that they have reached an initial agreement with state officials that would clear the way for UniSource Energy’s planned acquisition of Arizona gas and electric system assets from CCC.
April 3, 2003
More Consolidation, Asset Sales Forecast for Independents
Independent oil and gas exploration and production companies (E&Ps) still face increasing challenges to reinvest “substantial” capital every year as they seek new reserves to replace current production, according to Moody’s Investors Service. However, analysts because technical and geological risks remain high in mature basins and the deepwater, analysts expect more consolidation, especially among independents.
March 31, 2003
Shell Plans E&P Cutbacks, Targets Asset Sales in U.S. and Europe
Royal Dutch/Shell Group’s managing director on Wednesday said the oil major plans to trim between $500 million and $800 million of costs and cut staff 15% over the next four years within its oil and natural gas exploration and production (E&P) business worldwide. Walter van de Vijver also confirmed that Shell has targeted nearly $500 million in assets worldwide this year, including some in the United States and Gulf of Mexico.
March 31, 2003
Rocky Mountain Energy Continues Asset Acquisition Rampage
Continuing its current exploration and production acquisition strategy. Houston-based Rocky Mountain Energy Corp. (RMEC) said it has signed an agreement to purchase a group of oil and gas properties located in Wyoming, Utah, Nebraska and Colorado for $11.2 million.
March 5, 2003
Chesapeake Seals $300 Million Oneok Mid-Continent Asset Purchase
Wrapping up its previously announced acquisition, Oklahoma City-based Chesapeake Energy Corp. said it has completed the purchase of Mid-Continent gas assets from a wholly-owned subsidiary of Tulsa-based Oneok, Inc. for $300 million.
February 10, 2003
Chesapeake Seals $300 Million Oneok Mid-Continent Asset Purchase
Wrapping up its previously announced acquisition, Oklahoma City-based Chesapeake Energy Corp. said it has completed the purchase of Mid-Continent gas assets from a wholly-owned subsidiary of Tulsa-based Oneok, Inc. for $300 million.
February 4, 2003
Constellation Increases Canadian Presence, Buys Dynegy Asset
Continuing its January buying spree, Constellation Energy Group (CEG) on Wednesday picked up more Canadian customers with the purchase of the Alberta-based electricity division of Dynegy Canada Inc. The division will become part of Constellation NewEnergy, the company’s energy supplier. Financial terms were not disclosed.
January 27, 2003
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