Gulfport Energy Corp. has announced another round of noncore asset sales with agreements to sell for nearly $80 million water infrastructure assets in the Midcontinent and stakes in the Appalachian Basin.
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Briefs — SM Energy
Denver-based SM Energy Co. has hired Petrie Partners to sell noncore assets in the Williston Basin’s Bakken Shale to focus additional capital on the Permian Basin and Eagle Ford Shale. According to the company, about 54,500 net acres are being marketed, consisting of the Raven/Bear Den acreage and leases outside the Divide County, ND, development.
SM Energy Sells Noncore Assets in Three States
SM Energy Co. has agreed to sell two packages of noncore assets for a combined $172.5 million. They are one package of mainly waterflood assets in New Mexico and another of producing assets in North Dakota and Montana.
PDC to Accelerate Wattenberg, Utica Development
PDC Energy Inc. completed the sale of its noncore Colorado natural gas assets Tuesday, with the sales proceeds earmarked to accelerate development of its liquid-rich horizontal drilling programs in the state’s Wattenberg Field and Ohio’s Utica Shale.
U.S. Natural Gas Output to ‘Tip Into Declines’ in Second Half of Year
“Headline” U.S. natural gas production continues to move higher, but signs of decline are emerging in some onshore plays, according to Barclays Capital energy analysts.
ConocoPhillips Testing San Juan Basin’s Mancos Shale
ConocoPhillips has begun initial development on the “potentially impactful” Mancos Shale in the San Juan Basin, which has the potential to be a producer “for years and years,” CEO Ryan Lance said Wednesday.
Transportation Notes
Affiliates Southern California Gas and San Diego Gas and Electric lifted Friday transmission curtailments for all interruptible and a number of firm noncore customers in southeast California’s Riverside, Imperial and San Diego counties.
Devon to Continue Focus on Liquids-Rich Assets
Thanks to strong oil and liquids production growth and its ongoing divestiture strategy of noncore assets, Devon Energy Corp. boosted 3Q2010 net earnings to $2.1 billion, or $4.81 per common share ($4.79 per diluted common share), up from $499 million, or $1.13 per common share ($1.12 per diluted common share) during 3Q2009. Excluding adjusted items, which included the $1.5 billion gain on the sale of assets in Azerbaijan, the company earned $628 million, or $1.44 per diluted common share.
Devon to Continue Focus on Domestic Oil and Liquids-Rich Assets
Thanks to strong oil and liquids production growth and its ongoing divestiture strategy of noncore assets, Devon Energy Corp. boosted 3Q2010 net earnings to $2.1 billion, or $4.81 per common share ($4.79 per diluted common share), up from $499 million, or $1.13 per common share ($1.12 per diluted common share) during 3Q2009. Excluding adjusted items, which included the $1.5 billion gain on the sale of assets in Azerbaijan, the company earned $628 million, or $1.44 per diluted common share.
QEP Resources Grew 3Q Production 20%
Shale plays figured prominently in the third quarter performance of Denver-based QEP Resources as the company grew production by about 20% from the year-ago period.