Explorer

ConocoPhillips, which is spinning off its refinery assets to create a pure-play explorer, has agreed to sell its interests in two U.S. pipeline companies for a total of $2 billion. An agreement with a subsidiary of Caisse de depot et placement du Quebec is for a 16.55% stake in Colonial Pipeline Co. and Colonial Ventures LLC; the transaction is to close in 1Q2012. Definitive agreements also were reached with Enbridge Holdings (Seaway) LLC for a stake in Seaway Crude Pipeline Co., which is to close in December. Once closed, these transactions, along with sales already closed in 4Q2011, would total close to $10.5 billion by the end of 2012.

ConocoPhillips is securing thousands of acres in emerging resource plays across Canada and the United States as it readies to become a stand-alone explorer, a company executive said Wednesday.

Marathon Oil Corp., which has announced plans to spin off its integrated assets and become a stand-alone explorer, on Wednesday said it plans to increase its capital spending in 2011 to develop existing projects and exploit new resources, including onshore in North America.

Marathon Oil Corp., which has announced plans to spin off its integrated assets and become a stand-alone explorer, on Wednesday said it plans to increase its capital spending in 2011 to develop existing projects and exploit new resources, including onshore in North America.

Houston explorer Sheridan Production Partners LLC has raised $1.8 billion of new equity commitments that it plans to use to complement its portfolio of assets in Oklahoma, Texas and New Mexico. Sheridan Production Partners II, the second private offering of limited partner interests, was oversubscribed and reached its hard cap, company officials said. Since its formation in 2006 by Sheridan Management and Warburg Pincus, the partnership said it has raised more than $3 billion in equity through private placements of its two investment vehicles (see NGI, Oct. 5, 2009; Aug. 13, 2007).

Houston explorer Sheridan Production Partners LLC has raised $1.8 billion of new equity commitments that it plans to use to build its portfolio of domestic onshore natural gas and oil properties, the company said Monday.

Offshore explorer Energy XXI Ltd. agreed last week to pay $1.01 billion to buy most of ExxonMobil Corp.’s oil and natural gas fields in the shallow waters of the Gulf of Mexico (GOM).

Offshore explorer Energy XXI Ltd. has agreed to pay $1.01 billion to buy the majority of ExxonMobil Corp.’s oil and natural gas fields in the shallow waters of the Gulf of Mexico (GOM).

Privately held explorer Chief Oil & Gas LLC plans to voluntarily disclose the hydraulic fracturing (hydrofracing) additives it uses in the Marcellus Shale, the producer said late Wednesday.