Devon Energy Corp. is selling its assets in the Utica Shale in eastern Ohio, part of a strategy to raise new venture capital so it can focus on opportunities in the Permian Basin, Mississippian Lime and the Niobrara formation.
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Devon Energy Selling TMS, Utica Assets
Devon Energy Corp. is selling its assets in the Tuscaloosa Marine Shale (TMS) and the Utica Shale, in an effort to raise new venture capital and focus on opportunities in the Permian Basin, Mississippian Lime and the Niobrara formation.
QEP Seeking Cash Infusion With New Midstream MLP
QEP Resources Inc. plans to form a master limited partnership (MLP) to support the growth of its midstream business and expects to raise $300-400 million in gross proceeds by selling a minority interest in the MLP, the Denver-based exploration and production (E&P) company said.
Laclede Buying Southern Union Utilities in $1B Deal
The Laclede Group Inc. is buying Southern Union Co.’s Missouri Gas Energy (MGE) and New England Gas Co. (NEG) utilities for $1.035 billion in cash and debt. Southern Union was purchased earlier this year by Energy Transfer Equity LP (ETE) an affiliate of Energy Transfer Partners LP (ETP), which focuses on the midstream.
West Virginia City Enacts 6% Tax on Natural Gas Drillers
A West Virginia city in the Marcellus Shale has enacted a 6% business and occupation (B&O) tax on natural gas companies operating within the city limits, reportedly to raise revenue to fix roads and bridges that could be damaged by drilling there.
Independent Raring to Go in Frio County, TX
Eagle Ford Oil & Gas Corp. has been watching the producer activity around its more than 3,600 acres in Frio County, TX, and is working to raise capital by the end of the year to start drilling some wells of its own, the company said Wednesday.
Eaglebine Purchase, IPO Planned by Texas Producer
Energy & Exploration Partners Inc. on Monday said in a filing with U.S. regulators that it intended to raise up to $275 million through an initial public offering (IPO) of its common stock. In conjunction with the filing, the producer said it had agreed to buy acreage in the Eaglebine formation of Texas from Chesapeake Energy Corp. for $125 million.
NOAA Expects Atlantic Hurricane Activity to Pick Up
The chances of an above-normal Atlantic hurricane season have increased, prompting the National Oceanic and Atmospheric Administration (NOAA) to raise its tropical forecast to a total of 12-17 named storms, including five-eight hurricanes, two-three of them major (Category 3 or higher).
Pipelines Making Perryville a Shale-Power Link
The Perryville Hub in North Louisiana continues to raise its profile in the Gulf Coast region on the shoulders of Midcontinent shale gas production and growing gas-fired power generation demand in the Southeast. Pipeline operators are responding with efforts to streamline trading at the location with the expectation that it will become the supply-demand crossroads for shale gas and power plants.
Perryville Hub Services Evolving with Market
The Perryville Hub in North Louisiana continues to raise its profile in the Gulf Coast region on the shoulders of Midcontinent shale gas production and growing gas-fired power generation demand in the Southeast. Pipeline operators are responding with efforts to streamline trading at the location with the expectation that it will become the supply-demand crossroads for shale gas and power plants.