Package

EPL Oil & Gas, Inc. said Monday it will pay $550 million to a unit of Hilcorp Energy Co. for a package of shallow water Gulf of Mexico (GOM) shelf oil and natural gas interests.

Chesapeake Energy Corp. CEO Aubrey McClendon said Thursday the company remains on track to sell up to $14 billion of assets by the end of the year, including a package of properties in the Permian Basin. He’s also confident that even as the company continues to turn toward more oily production, natural gas prices will strengthen in the coming months.

Chesapeake Energy Corp. CEO Aubrey McClendon said Thursday the company remains on track to sell up to $14 billion of assets by the end of the year, including a package of properties in the Permian Basin. He’s also confident that even as the company continues to turn toward more oily production, natural gas prices will strengthen in the coming months.

Marcellus Shale gas will push out some gas traditionally imported from Dawn, ON, later this year as new pipeline expansions come online, Bentek Energy LLC said in a market note.

Chesapeake Energy Corp. on Friday agreed to sell its midstream businesses to Global Infrastructure Partners (GIP) in three separate transactions for more than $4 billion in cash. Chesapeake would net about $2.4 billion and cut previously budgeted midstream capital spending over the next three years by $3 billion.

Chesapeake Energy Corp. has to sell “at least” $7 billion worth of assets this year to avoid a breach of debt covenants and a credit downgrade, a senior analyst with Moody’s Investors Service said Thursday.

UK-based Weir Group plc this week struck a $176 million deal to acquire Dallas-based Novatech LLC, its second oilfield services purchase in two months. The transaction would give Weir an even bigger footprint in North America’s onshore.

Canada’s Direct Energy on Friday agreed to pay Encana C$58 million in cash to acquire a package of natural gas-weighted producing assets in the Carrot Creek region of west-central Alberta.

President Obama proposes to rescind $40 billion in oil and natural gas tax breaks as part of a $467 billion package of savings and offsets to pay for his $447 billion jobs bill, which was to be sent to Congress late Monday.