With a private equity (PE) infusion, Abraxas Petroleum Corp. is ready to restart oil and natural gas development in the Permian Basin as a Delaware pure-play, the San Antonio, TX-based independent said Monday. The company, which has faced financial issues over the last couple of years, said it completed a strategic review to consider its…
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Brief — Stone Energy
The New York Stock Exchange (NYSE) has issued Stone Energy Corp. a notice of non-compliance for failing to maintain its market capitalization listing standard. The company received the notice on May 17. Its average market capitalization has been less than $50 million over a consecutive 30-day trading period. Under NYSE rules, the company was given 10 business days from receipt of the notice to send a letter saying it would submit a plan that demonstrates its ability to regain compliance within 18 months. It then has 45 days after it sends the letter to submit such a plan. Stone Energy’s finances have rapidly deteriorated in recent months with the fall in commodity prices; its borrowing base has been cut, its capital budget has been slashed, and it has warned of default and hired an adviser to explore strategic alternatives (see Shale Daily,April 18;March 15). The company, which primarily operates in the offshore Gulf of Mexico and the Appalachian Basin, has shut in nearly all of its production in the Marcellus Shale, where differentials have been squeezing its returns. Its stock has traded at a 52-week low of 27 cents/share.
In Shift to Oil from NatGas, Onshore ‘Capital Intensity’ Rising
The transition to U.S. oil targets by the exploration and production (E&P) industry now is complete, with operators more able to concentrate on drilling efficiencies and the higher capital outlays required, according to Canaccord Genuity.
Chesapeake May Recoup $10-12B from Asset Sales, JVs
Chesapeake Energy Corp. on Monday unveiled a strategy to help fund its spending obligations this year, which may include the outright sale of its Permian Basin portfolio, as well as other asset sales and joint venture (JV) partnerships, that together could reap $10-12 billion.
Apache Deal More than Doubles Liquids Acreage in Anadarko Basin
Apache Corp. is picking up 254,000 net acres in the Granite Wash, Tonkawa, Cleveland and Marmaton plays in Oklahoma and Texas with estimated proved reserves of 71.5 million boe through a $2.85 billion deal to acquire privately held Cordillera Energy Partners III LLC, the Houston-based company said Monday.
BP Reaches ‘Operational Turning Point,’ Says CEO
BP plc CEO Bob Dudley said last week the company has reached an “operational turning point.”
Devon’s North American Portfolio Grows in Emerging Gas Plays
With more than $1 billion of cash on hand, $3 billion in unused credit lines and a 13% debt-to-capitalization rate, Devon Energy Corp. will use the “opportunity to acquire some quality assets at quality prices,” CEO G. Larry Nichols said last week.
Devon Builds North American Portfolio in Emerging Gas Plays
With more than $1 billion of cash on hand, $3 billion in unused credit lines and a 13% debt-to-capitalization rate, Devon Energy Corp. is using the “opportunity to acquire some quality assets at quality prices,” CEO G. Larry Nichols said Wednesday.
Anadarko Spending $21.1 Billion for Kerr-McGee, Western Gas Resources
The combined market capitalization of Anadarko Petroleum Corp. and its latest acquisition targets — Kerr-McGee Corp. and Western Gas Resources Inc. — comes to nearly $41 billion, almost double that of Anadarko alone and rivaling EnCana Corp. at $42.28 billion.
Duke Files with SEC to Spin Off Gas Operations
Duke Energy, which said in June it would spin off its natural gas unit (see Daily GPI, June 29), on Thursday put the gas company’s total capitalization at around $15.4 billion, including $6.17 billion in equity and $8.71 billion worth of debt. The separation is targeted for completion by Jan. 1, 2007.