Capital

PDC Energy Inc.’s oil and gas sales declined last year as commodity prices fell, offsetting a 23% increase in year/year production and a 22% annual decline in total costs.

Following an overall paltry return for Lower 48 oil and gas property sales in 2019, the dealmaking market may be looking for a repeat, as well-financed operators prowl for quality assets at bargain prices, according to energy data specialist Enverus.

Chevron Corp. is raising capital spending in the Permian Basin by around 11% for the coming year, but Appalachia is to see budget cutbacks on the continued slump in natural gas prices.

Low commodity prices have led Alberta-based Arc Resources Ltd. to slash capital spending and defer a British Columbia (BC) natural gas processing project for at least a year.

A Development Capital Resources LLC (DCR) subsidiary said Wednesday it is partnering in the Permian Basin via a $165 million joint venture (JV) to target oil and gas in the Wolfcamp formation.

Encana Corp.’s well costs in the Anadarko Basin have fallen by about $1 million since it completed the Newfield Exploration Co. merger in February, with a “line of sight to significantly more savings” in the months ahead, the Calgary-based independent said Tuesday.

Chris Rutherford has been appointed as a managing director at Macquarie Capital to cover upstream oil and gas companies. The former UBS managing director in the firm’s Natural Resources Group will be based in Houston and lead upstream coverage of mergers and acquisitions, as well as debt and equity capital offerings. Macquarie Energy is the No. 2 physical natural gas marketer in North America, according to NGI’s quarterly compilation of the top gas marketers. During 3Q2018, Macquarie’s physical gas transactions in the United States and Canada totaled 12.71 Bcf/d, a 32% increase year/year.

Calgary-based Enbridge Inc., following a route by other North American pipeline operators, on Tuesday agreed to acquire the remaining stakes in three North American units for about $7 billion, bringing all of its natural gas and liquids assets under one umbrella.

Houston-based super independent Noble Energy Inc. is cutting back on planned well completions in the Permian Basin and shifting some capital to adjust for a lack of takeaway capacity.