Onshore

QEP Resources Inc., which is inching toward Permian Basin pure-play status, agreed Monday to cast off its Haynesville Shale/Cotton Valley assets in northwestern Louisiana to Aethon Energy for $735 million.

U.S. oil and gas drilling permits climbed 23% year/year in October and were up 39% from September, a strong sign that activity is likely to improve early next year, Evercore ISI said Thursday.

U.S. oil and gas drilling permits slid in September, down 21% sequentially and 27% from a year ago, which suggests that a decline in the domestic rig count is possible, according to Evercore ISI.

A healthy surge in finalizing offshore oil and natural gas projects is expected next year and likely will topple the onshore unconventional industry as the leader in spending, an analysis by Rystad Energy indicates.

A total of 3,600 permits to drill onshore in the United States were issued during July, down 28% from June but 8% higher than a year ago, as weaker numbers in Colorado, Texas and Wyoming were offset by gains in Ohio and North Dakota, according to Evercore ISI.

BP plc late Thursday agreed to pay $10.5 billion to acquire nearly all of BHP’s massive U.S. onshore portfolio, giving it entry into the Permian Basin in West Texas, doubling its Haynesville Shale position and adding attractive acreage in the Eagle Ford Shale.

The U.S. rig count fell by five units for the week ended Friday thanks to a drop in both oil and natural gas activity, including declines in the Haynesville and Eagle Ford shales and in the Williston Basin, according to data from Baker Hughes Inc.

Less than a year after General Electric Co. (GE) combined its oilfield business with Baker Hughes Inc., which created the second largest oilfield services (OFS) company by revenue, the venture appears to be paying dividends, while the backlog grows and costs decline.

Linn Energy Inc. revised its initial plan to separate into three standalone companies and now expects to break into two entities in 3Q2018: a pure play exploration and production (E&P) company focused on the Midcontinent, and an upstream and midstream outfit with assets in several unconventional regions. The entire management team, including CEO Mark Ellis, also is planning to retire.