Devon Energy Corp. of Oklahoma City, OK, announced Tuesday that it will acquire Mitchell Energy & Development Corp. for $3.1 billion in cash and stock, making it the second largest independent natural gas producer in the United States after Anadarko Petroleum Corp.
Oklahoma
Articles from Oklahoma
Kinder Morgan Launches New Rockies Pipeline Project
With Williams’ Western Frontier pipeline from northern Colorado to Kansas and Oklahoma being shelved and other Rockies pipeline projects in doubt because of the financial crisis gripping the industry, Kinder Morgan Energy Partners LP has stepped in with a new pipeline plan of its own. The company is proposing a system that would deliver gas from the Powder River Basin and other Wyoming gas producing areas to markets in the Midcontinent and Midwest eventually terminating in Kansas City.
Kinder Morgan Launches New Rockies Pipeline Project
With Williams’ Western Frontier pipeline from northern Colorado to Kansas and Oklahoma being shelved and other Rockies pipeline projects in doubt because of the financial crisis gripping the industry, Kinder Morgan Energy Partners LP has stepped in with a new pipeline plan of its own. The company is proposing a system that would deliver gas from the Powder River Basin and other Wyoming gas producing areas to markets in the Midcontinent and Midwest eventually terminating in Kansas City.
Devon’s Rise in Revenue, Production Overshadowed by Income Drop
Despite reporting record high second quarter oil and gas production and revenues, Oklahoma City-based Devon Energy Corp. said that lower oil and natural gas prices caused net earnings to fall below year-ago levels. In addition, “sharply lower” gas prices in Canada also resulted in a non-cash full cost ceiling adjustment of $371 million, net of an income tax benefit.
Devon’s Revenues and Production Rise Overshadowed by 2Q Income Drop
Despite reporting record high second quarter oil and gas production and revenues, Oklahoma City-based Devon Energy Corp. said that lower oil and natural gas prices caused net earnings to fall below year-ago levels. In addition, “sharply lower” gas prices in Canada also resulted in a non-cash full cost ceiling adjustment of $371 million, net of an income tax benefit.
Devon, Petro-Canada Discover Gas in Mackenzie Delta Well
Oklahoma City-based Devon Energy Corp. and Calgary-based Petro-Canada said last week that they have discovered “significant natural gas flows” at the Tuk M-18 well located about 15 miles south of Tuktoyaktuk in the Mackenzie Delta of Canada’s Northwest Territories. The companies said that the M-18 was tested at restricted rates up to 30 MMcf/d and has estimated recoverable reserve potential of 200-300 Bcf.
Chesapeake Increases Gas Reserves 5% on Canaan Purchase
In a transaction worth about $118 million, two Oklahoma City-based independents, Chesapeake Energy Corp. and Canaan Energy Corp. plan to merge. Chesapeake, which already owns about $4 million of Canaan stock, said it would acquire the 4.5 million shares it does not own for $18 a share in cash and assume $33 million in debt. Canaan’s proved reserves, estimated at 100 Bcfe, are 91% natural gas, 74% proved developed, and are located almost exclusively in Chesapeake’s core Mid-Continent operating area.
Devon Energy Opens Data Rooms for $1.5B in Asset Sales
After going on an acquisition binge over the past couple of years, Oklahoma City, OK-based Devon Energy Corp. has switched gears and plans to shed up to $1.5 billion in properties in North America and overseas to reduce its ballooning debt by mid-2002.
Devon Energy Opens Data Rooms for $1.5B in Asset Sales
After going on an acquisition binge over the past couple of years, Oklahoma City, OK-based Devon Energy Corp. has switched gears and plans to shed up to $1.5 billion in properties in North America and overseas to reduce its ballooning debt by mid-2002.
Devon Earnings Slide; Mitchell to Cut Texas Drilling
Oklahoma City-based Devon Energy Corp., which stands to become the largest independent when it completes its acquisitions of two North American producers, saw its third-quarter earnings decline from last year, posting $90 million, or 69 cents per share, compared with earnings of $165 million or $1.27 per share a year ago. Mitchell Energy & Development Corp., one of Devon’s acquisitions, also reported lower quarterly earnings and now plans to reduce its active Texas drilling program.