Apache Corp. closed its acquisition of all of Anadarko Petroleum’s Gulf of Mexico Shelf exploration and production properties. The purchase includes 60 million boe of oil and gas reserves and 74 fields on 232 offshore blocks for $525.4 million in cash, plus assumed liabilities (see NGI, Aug. 23). The properties cover about 664,000 net acres, including 89 undeveloped blocks, and 104 platforms.
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Apache Locks Up Purchase of Anadarko’s Shelf Assets
Apache Corp. closed its acquisition of all of Anadarko Petroleum’s Gulf of Mexico Shelf exploration and production properties. The purchase includes 60 million boe of oil and gas reserves and 74 fields on 232 offshore blocks for $525.4 million in cash, plus assumed liabilities (see Daily GPI, Aug. 23). The properties cover about 664,000 net acres, including 89 undeveloped blocks, and 104 platforms.
Apache Locks Up Purchase of Anadarko’s Shelf Assets
Apache Corp. closed its acquisition of all of Anadarko Petroleum’s Gulf of Mexico Shelf exploration and production properties. The purchase includes 60 million boe of oil and gas reserves and 74 fields on 232 offshore blocks for $525.4 million in cash, plus assumed liabilities (see Daily GPI, Aug. 23). The properties cover about 664,000 net acres, including 89 undeveloped blocks, and 104 platforms.
Industry Briefs
Williams has completed the sale of three straddle plants in southern Alberta to Inter Pipeline Fund of Calgary for C$715 million (US$536 million). The sale includes Williams’ 100% ownership interest in the Cochrane and Empress II plants, and Williams’ 50% ownership interest in the Empress V facility. The sale does not include Williams’ olefins business that extracts natural gas liquids and olefins from oil sands refining near Fort McMurray, AB. The liquids are then fractionated into various products at a Williams facility near Redwater, AB. In addition to the proceeds from the sale, the transaction will release approximately $30 million in U.S. funds of letters of credit and prepayments back to Williams by the end of the year. Williams expects to record an estimated pre-tax gain of $190 million in U.S. funds on the sale, which will be reported in discontinued operations in its third quarter financial results.
Moody’s Drops EnCana Rating on Aggressive Production Targets, Debt
Because of its “aggressive production growth targets” and increased debt, which includes the April acquisition of Tom Brown Inc., Moody’s Investors Service lowered the long-term debt ratings on EnCana Corp. (ECA) to “Baa2” from “Baa1.” The outlook on the Calgary-based producer is stable, analysts said Wednesday.
Cheniere’s FERC Wish List Includes Two More Gulf Coast LNG Import Terminals w/Connecting Pipes
Just in time for the holidays, Cheniere Energy Inc. filed with the Federal Energy Regulatory Commission (FERC) applications for permits to construct liquefied natural gas (LNG) receiving terminals in Sabine Pass, LA and Corpus Christi, TX along with two related natural gas pipelines
Republican Conferees Draft Includes Support for Pipeline Route Through Alaska
Notwithstanding warnings from the administration and even stronger opposition from Canadian officials, Congressional conferees released a portion of energy bill draft language mandating a southern route through Alaska for a new Alaska natural gas pipeline.
Patina Boost Reserves 20% with $240.5M Purchase of Cordillera
Patina Oil & Gas boosted its proved gas reserves 20% last week with the purchase Denver-based Cordillera Energy Partners LLC, which includes 235 Bcfe of proved reserves, for $240.5 million of cash plus five-year warrants to purchase 500,000 shares of Patina common stock at a price of $45 a share. Patina shares currently are valued at $35.17. Cordillera’s principal shareholder is EnCap Investments LP.
Patina Boost Reserves 20% with $240.5M Purchase of Cordillera
Patina Oil & Gas boosted its proved gas reserves 20% Monday with the purchase Denver-based Cordillera Energy Partners LLC, which includes 235 Bcfe of proved reserves, for $240.5 million of cash plus five-year warrants to purchase 500,000 shares of Patina common stock at a price of $45 a share. Patina shares currently are valued at $35.17. Cordillera’s principal shareholder is EnCap Investments LP.
TXU Gas Requests Rate Increase
TXU Gas Co., a subsidiary of TXU Corp., on Friday requested to increase its natural gas rates in 437 incorporated cities throughout its service territory, which includes the Dallas/Fort Worth Metroplex area.