Assets

California Resources, Macquarie in $160M JV to Expand San Joaquin E&P Activity

California Resources, Macquarie in $160M JV to Expand San Joaquin E&P Activity

Following up on a strategy to shift fromdefense to offense this year, Los Angeles-based California Resources Corp. (CRC) on Wednesday entered another joint venture (JV) to boost exploration and production (E&P) activity.

April 20, 2017
Venoco Files Second Chapter 11 Bankruptcy; California Offshore to Be Sold, Shut

Venoco Files Second Chapter 11 Bankruptcy; California Offshore to Be Sold, Shut

For the second time in the past 13 months, Denver-based Venoco LLC and its affiliates in the exploration and production (E&P) sector in California on Monday filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. It marks the end of an era for part of California’s contentious offshore drilling history, which helped define the U.S. environmental movement of the past 50 years.

April 18, 2017
ConocoPhillips Bidding Farewell to Gassy San Juan Basin in $3B Deal With Hilcorp

ConocoPhillips Bidding Farewell to Gassy San Juan Basin in $3B Deal With Hilcorp

Houston-based ConocoPhillips, the largest operator in the natural gas-rich San Juan Basin, agreed Thursday to sell the portfolio for up to $3 billion to an affiliate of Hilcorp Energy Co.

April 13, 2017
Cenovus Doubling Canada Output, Adding Gas-Rich Montney in $13.3B Deal With ConocoPhillips

Cenovus Doubling Canada Output, Adding Gas-Rich Montney in $13.3B Deal With ConocoPhillips

Calgary-based Cenovus Energy Inc. is taking full control of some Western Canadian oilsands assets and adding three million net acres to its natural gas-rich Deep Basin portfolio in a transformative $13.3 billion (C$17.7 billion) transaction with ConocoPhillips.

March 30, 2017

Mammoth Secures More Frack Sand With Chieftain Acquisition

Two days after Mammoth Energy Services Inc. snapped up key onshore oilfield assets, including a major sand supplier, the Oklahoma City-based company on Thursday picked up substantially all of the assets of Chieftain Sand and Proppant LLC for $35.25 million.

March 23, 2017

Linn Emerging from Bankruptcy Sans Berry, With Onshore Assets For Sale

Linn Energy LLC, the natural gas-rich powerhouse partnership thatsuccumbed to bankruptcy last year, has emerged from Chapter 11 with a streamlined strategy that will cast off a big package of onshore U.S. assets and jettison the Berry Petroleum franchise it acquired in 2013.

March 1, 2017
Sanchez Eager to Close on Eagle Ford Acquisition, Tackle DUC Inventory

Sanchez Eager to Close on Eagle Ford Acquisition, Tackle DUC Inventory

One month after announcing it would expand its position in the Eagle Ford Shale, Sanchez Energy Corp. on Wednesday laid out plans for 2017 to boost its capital expenditures (capex) budget and tackle the acquisition’s complement of drilled but uncompleted (DUC) wells.

February 23, 2017
SM Energy Midland Basin ‘RockStar’ Well IP Rates Chart High

SM Energy Midland Basin ‘RockStar’ Well IP Rates Chart High

The Permian Basin remains red hot as SM Energy Co. on Tuesday released results of eight new Midland Basin wells in Howard County, TX, where the company will be focusing a substantial amount of its drilling effort this year.

January 31, 2017

Brief — Azure Midstream Partners

Dallas-based Azure Midstream Partners LP, affiliates and certain subsidiaries filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the Southern District of Texas. The company said it anticipates filing a motion to approve procedures for a sale of all or substantially all of its assets, as well as a Chapter 11 plan and accompanying statement shortly. The company said it has reached an agreement on the process with lenders. Day-to-day operations are expected to continue until a sale. The company has assets in Louisiana and Texas, including in the Haynesville Shale and Cotton Valley. “…Chapter 11 reorganization is the only solution that maximizes going concern value for all stakeholders,” said CEO Chip Berthelot. “We will continue to operate the company and proceed through this process in a way that best preserves asset value for everyone with an interest.” These bankruptcy filings do not involve Azure’s parent company, Azure Midstream Energy.

January 31, 2017

Pure Bakken Players Sticking Around

A long-time fixture among Williston Basin exploration and production companies, Denver-based SM Energy Co. said earlier this month it is selling its remaining Bakken assets in North Dakota to concentrate on Texas acreage. But others are staying in the Bakken.

January 19, 2017