Moving forward with a plan to shift its focus from the Gulf of Mexico (GOM) to onshore oil assets, Plains Exploration & Production Co. (PXP) has agreed to acquire from multiple sellers interests in about 60,000 net acres in the Eagle Ford Shale in South Texas for $578 million in cash, the Houston-based independent said Tuesday.
Articles from Closed
The cash market closed out the holiday-shortened trading week Friday much the same way as in the previous three days — with a majority of points again registering flat to moderately higher numbers.
The initial 90-day open season of TransCanada Corp.’s Alaska pipeline project has closed and the company’s TC Alaska unit and partner ExxonMobil Corp. are assessing and negotiating the issues associated with the bids received from potential shippers, the companies said.
The initial 90-day open season of TransCanada Corp.’s Alaska pipeline project closed Friday. The company’s TC Alaska unit and partner ExxonMobil Corp. now will begin assessing and negotiating the issues and conditions that are incorporated within the bids received from potential shippers, the companies said.
After trading in a narrow 10-cent range during Monday’s regular session, August natural gas futures closed the quiet day at $4.388, down 1.4 cents from last Friday’s finish. However, the serenity might not last as some market watchers see indications that the funds might be mobilizing to sell.
After three days of declines, natural gas futures bulls seized back control going into the weekend as the July contract closed on Friday at $4.781, up 13.4 cents from Thursday’s finish but 1.6 cents below last week’s close.
Cheniere Energy Inc. has closed the sale of its 30% limited partner interest in Freeport LNG Development LP for net proceeds of approximately $104 million to ZHA FLNG Purchaser LLC, an entity formed by Zachry American Infrastructure LLC and Hastings Funds Management USA Inc. on behalf of institutional investors, Cheniere said. Net proceeds are to be used to pay down a portion of the $400 million, 9.75% term loan held by a Cheniere subsidiary, the company said (see Daily GPI, April 26). The transaction is in line with Cheniere’s strategy of improving its capital structure and reducing debt.
Natural gas futures closed slightly higher Tuesday as traders were content to remain on the sidelines and avoid the free-falling petroleum and equity markets. June natural gas futures rose 1.3 cents to $4.013 and July added a meager 0.4 cents to $4.133. June crude oil tumbled $3.45 to $82.74, and the Dow Jones Industrial Average spiraled lower 225 points to 10,926 largely on debt concerns in Greece.