Pogo Producing Co. expects to make $700-800 million from the sale of a boatload of nonstrategic North American oil and natural gas properties. The Houston-based independent selected the assets from its holdings in the Gulf of Mexico, South and East Texas, South Louisiana, the Permian Basin, Texas Panhandle and Western Canada.
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Pogo Selling Nonstrategic North American Properties
Pogo Producing Co. Wednesday announced plans to sell nonstrategic North American oil and natural gas properties located in the Gulf of Mexico, South and East Texas, South Louisiana, the Permian Basin, Texas Panhandle and Western Canada. The Houston-based independent expects to make $700-800 million from the sales, which would be used for debt reduction.
ConocoPhillips to Sell Seven Nonstrategic Western Canadian Properties
ConocoPhillips is selling off seven nonstrategic Western Canadian oil and natural gas assets to reduce its portfolio after acquiring Burlington Resources Inc. earlier this year (see NGI, April 3). The assets to be sold produce about 8%, or 23,000 boe/d, of ConocoPhillips’ Canadian output. They have proven reserves of 53.7 million boe.
ConocoPhillips to Sell Seven Nonstrategic Western Canadian Properties
ConocoPhillips is selling off seven nonstrategic Western Canadian oil and natural gas assets as part of a plan to reduce its portfolio after acquiring Burlington Resources Inc. earlier this year (see Daily GPI, April 3). The assets to be sold produce about 8%, or 23,000 boe/d of ConocoPhillips’ Canadian output. They have proven reserves of 53.7 million boe.
Bullishness Prompts Sale of TX, CA, Gulf Properties
High commodity prices and an active market for assets have prompted Houston-based Plains Exploration & Production Co. (PXP) to pursue the divestiture of nonstrategic oil and gas properties, mainly in California and Texas, the company said Wednesday. Separately, Midland, TX-based independent Saber Resources LLC hired Energy Spectrum Advisors Inc. (ESA) to divest all of its oil and gas interests in the Permian Basin, which are about 90% oil producing.