Devon, Sinopec Partner in Five U.S. Unconventional Plays

A unit of China’s Sinopec Group on Tuesday agreed to invest $2.2 billion to acquire a one-third interest in five of Devon Energy Corp.’s frontier unconventional oil and gas fields.

January 4, 2012

Hanger: Shale Gas Faces ‘Intense Competition’

Don’t expect the energy pie to get bigger, John Hanger, the former head of the Pennsylvania Department of Environmental Protection (DEP), told a Pittsburgh audience Thursday.

October 7, 2011

Baker Hughes Raises Rig Count, Reports Strong Services Demand

The North American drilling services market is tight and getting tighter, squeezed by increased activity in liquids-heavy and emerging shale oil plays, Baker Hughes Inc. CEO Chad Deaton said Tuesday.

April 29, 2011

Industry Brief

Chesapeake Energy Corp. and China’s CNOOC Ltd. have closed their deal for CNOOC International Ltd. to buy a one-third undivided interest in Chesapeake’s 600,000 net oil and natural gas leasehold acres in the Eagle Ford Shale in South Texas, the parties said Tuesday. The price was $1.08 billion in cash plus a $40 million adjustment at closing. CNOOC Ltd. has agreed to fund 75% of Chesapeake’s share of drilling and completion costs up to $1.08 billion, which Chesapeake expects to occur by year-end 2012. The transaction represents Chesapeake’s fifth such deal in the shale patch. It was announced last month (see Shale Daily, Oct. 12).

November 18, 2010

Encana, China National Negotiate JV for BC Gas Plays

Encana Corp. and China National Petroleum Corp. (CNPC) late Thursday signed a memorandum of understanding (MOU), or heads of agreement, outlining a framework for the two companies to negotiate a potential joint venture investment to develop Encana’s natural gas plays in northeast British Columbia.

June 28, 2010

Asian Equity Funds Take $1.1B Stake in Chesapeake

Singapore state investment fund Temasek Holdings Pte and private equity firm Hopu Investment Management Co. of Beijing, China, jointly plan to sink up to $1.1 billion in Chesapeake Energy Corp.

May 13, 2010

Industry Briefs

Houston-based independent Ultra Petroleum Corp., which explores for natural gas in the Green River Basin of Wyoming and offshore China, plans to file a 15-day automatic extension notification with the Securities and Exchange Commission relating to its Annual Report on Form 10-K for 2005 after identifying “certain deficiencies in its internal controls,” the company said in a statement. The extension will allow the company more time to prepare its consolidated financial statements and the work required to complete management’s assessment of internal controls over financial reporting in accordance with Section 404 of Sarbanes-Oxley and the rules of the Public Company Accounting Oversight Board. Ultra said it will disclose weaknesses in its financial reporting system and related remediation activities in its Form 10-K. Ultra expects to make its filing by March. 31.

March 17, 2006

Unocal Shareholders Await Next Move by CNOOC

Speculation was growing Friday that the China Offshore Oil Co. (CNOOC) was only waiting for Congress to recess before either dropping its attempt to purchase Unocal Corp. or raise the stakes and announce a U.S. partner to take over its U.S. assets.

August 1, 2005

Chevron 2Q Income, Output Down, Unocal Shows Gains

Chevron Corp., in a tug of war with the China Offshore Oil Co. (CNOOC) to take over asset-rich Unocal Corp., on Friday reported a drop of nearly 10% in 2Q2005 income, following lower earnings from its exploration and production (E&P) unit and its refining businesses. Worldwide, Chevron’s oil and natural gas production also fell, with North American output down 15%.

August 1, 2005

Unocal’s Board Backs New $17B Takeover Offer from Chevron

Unocal Corp.’s board of directors has endorsed an increased takeover offer of $17 billion from Chevron Corp., potentially ending the fierce bidding war by China’s National Offshore Oil Co.(CNOOC) for the U.S. oil and natural gas company.

July 22, 2005