Encana Corp. agreed last week to sell a half-stake in its Cutbank Ridge assets in British Columbia and Alberta to a subsidiary of PetroChina International Ltd. for C$5.4 billion.
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Chesapeake Shedding Fayetteville, Other Assets
Chesapeake Energy Corp. said last week it plans to sell all of its Fayetteville Shale assets, as well as its equity investments in Frac Tech Holdings LLC and privately held Chaparral Energy Inc. Pre-tax proceeds could exceed $5 billion, the Oklahoma City-based company said.
PetroChina Partners with Encana in Canada for C$5.4B
As has been rumored for weeks, Encana Corp. agreed late Wednesday to sell a half-stake in its Cutbank Ridge assets in British Columbia and Alberta to a subsidiary of PetroChina International Ltd. for C$5.4 billion.
Chesapeake to Shed Fayetteville, Other Assets
Chesapeake Energy Corp. said Monday it plans to sell all of its Fayetteville Shale assets, as well as its equity investments in Frac Tech Holdings LLC and privately held Chaparral Energy Inc. Pre-tax proceeds could exceed $5 billion, the Oklahoma City-based company said.
Chesapeake Jettisoning Fayetteville, Other Assets
Chesapeake Energy Corp. said Monday it plans to sell all of its Fayetteville Shale assets, as well as its equity investments in Frac Tech Holdings LLC and privately held Chaparral Energy Inc. Pre-tax proceeds could exceed $5 billion, the Oklahoma City-based company said.
Samson Selling U.S. Gas Projects
With the prospect of higher natural gas prices in the near-term dwindling, junior producer Samson Oil & Gas Ltd. said Friday it will sell most of its domestic gas projects and turn its attention to domestic oil-weighted holdings.
Industry Briefs
NiSource Gas Transmission & Storage unit Columbia Gas Transmission is seeking to sell or lease the Greenwood and North Greenwood storage fields in Steuben County, NY. The fields consist of approximately 6,700 acres, including nine storage wells, approximately three miles of storage pipeline and a 1,000 hp compressor station. Of the nine storage wells, four have active injection and withdrawal capabilities and one is an underground injection control injection well. Interested parties may send inquires to dataroom@nisource.com. A data room will be accessible Oct. 1-31. All bids are due by Nov. 1. The process is nonbinding and NiSource reserves the right to take no action.
Industry Brief
The Antitrust Division of the Department of Justice has approved Baker Hughes Inc.’s (BHI) plan to sell Superior Energy Services two stimulation vessels (the HR Hughes and the Blue Ray) and some other assets used to perform sand control services in the U.S. Gulf of Mexico (see Daily GPI, July 7). The asset sale, expected to close by the end of August, is being conducted in connection with BHI’s acquisition of BJ Services Co. (see Daily GPI, April 29). Once the Superior sale is closed BHI would be free to fully integrate BJ Services into its operations.
First Reserve Affiliate to Buy Quicksilver Midstream Unit
Quicksilver Resources Inc. late Thursday agreed to sell all of its interests in its midstream unit Quicksilver Gas Services to Crestwood Midstream Partners II, LLC, a portfolio company of First Reserve Corp. for $701 million in cash at closing plus up to $72 million in additional earn-out payments.
Trio of Bullish Fundamentals Only Results in 13-Cent Gain
In a typical case of “buy the rumor, sell the fact,” August natural gas futures pushed higher in early Thursday morning trade in anticipation of a bullish storage injection for the week ending July 16. However, once the news broke of a 51 Bcf injection, front-month values came off a bit. While the August contract went on to close the session 13 cents higher at $4.643, some market watchers were surprised the rally wasn’t larger considering the bullish injection, extended summer heat and a tropical depression bearing down on the Gulf of Mexico.