Midcontinent

Ovintiv Inc., whose portfolio stretches from Western Canada to West Texas, is seeing costs for materials and labor rising, but inflationary pressures and capital guidance are being kept in check with operational efficiencies, executives said Wednesday. CEO Doug Suttles, who is retiring, presided over his final conference call on Wednesday, ushering in a new era…

Amid a ramp-up in both oil- and natural gas-directed drilling, the United States added five rigs to raise its tally to 484 during the week ended Friday (July 16), according to the latest count from Baker Hughes Co. (BKR). Three natural gas-directed rigs and two oil-directed rigs were added domestically during the week. The U.S.…

U.S. independent Cimarex Energy Co. has agreed to sell some of its Midcontinent properties, including a pair of natural gas gathering and processing facilities, to privately held BCE-Mach III LLC for an undisclosed amount. Under the recently signed purchase and sale agreement, the partnership of Houston-based Bayou City Energy Management LLC and Mach Resources LLC…

SandRidge Energy Inc. carried out zero drilling activity on its assets in the Midcontinent and in Colorado last year, causing production to wither, according to its 2020 annual report. The company’s output fell by nearly 25% in 2020 to 8.7 million boe comprising 24% oil, 45% natural gas and 31% natural gas liquids (NGL). In…

Chesapeake Energy Corp. has sold its massive Oklahoma asset position to Tapstone Energy LLC for $130.5 million.  Both Oklahoma City producers reached a deal after Tapstone successfully bid for the assets during a bankruptcy auction last week. Tapstone had been selected as the stalking horse bidder last month, when the U.S. Bankruptcy Court for the…

A court has authorized Chesapeake Energy Corp. to sell its Midcontinent assets and approved procedures to get the process started.  Under an order issued by the U.S. Bankruptcy Court for the Southern District of Texas, Chesapeake has until Oct. 22 to designate a stalking horse bidder that would set the bar for the value and…

Houston-based Black Bear Transmission LLC said Thursday it has completed the sale of natural gas gathering assets in Oklahoma and Arkansas acquired earlier this year from Enbridge Inc.   The assets, owned by Ozark Gas Gathering LLC (OGG), were sold to an undisclosed buyer and terms were not released. OGG was acquired from Enbridge as part…

Bankruptcies in the North American oil patch “have substantially picked up pace” so far in 2020, due largely to the impact of Covid-19 on prices and demand, according to a new report published Tuesday by Haynes and Boone LLP. The Dallas-based international corporate law firm has been tracking bankruptcy filings in the exploration and production…

Oil and natural gas operators that work through the midsection of the country faced dire activity levels during the second quarter and don’t expect much of an uptick through the rest of the year. The Federal Reserve Bank of Kansas City, aka the Kansas City Fed, every quarter traces energy activity in the Tenth District,…