Linn Energy Inc.’s board has unanimously approved spinning off Riviera Resources LLC, an upstream and midstream outfit with assets in several unconventional regions that initially owould include Blue Mountain Midstream LLC.
Articles from Separate
GE to Punt Baker Hughes Within Three Years
General Electric (GE), which spent billions to become the largest shareholder in Baker Hughes Inc., said Tuesday it plans to “fully separate” its 62.5% interest within three years.
EQT Dropping Midstream Assets for $1B-Plus as Split Moves Forward
EQT Corp. on Thursday announced a pair of multi-billion dollar deals aimed at increasing shareholder value and streamlining the operations that have turned it into the nation’s largest natural gas producer.
Linn Now Eyeing Split into Two Onshore Companies; Management Team Stepping Aside
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.
Kodiak Completes Bakken, Three Forks Acreage Acquisition
Denver-based Kodiak Oil & Gas Corp. has completed its acquisition of 42,000 net acres and associated production in North Dakota’s Williston Basin for $660 million in cash from Liberty Resources LLC. The deal included core Bakken and Three Forks producing properties in addition to undeveloped leaseholds.
Chesapeake Board Reelected, New Conditions Defeated
Chesapeake Energy Corp. shareholders earlier this month reelected the board of directors, but rejected separate proposals to implement proxy access, reincorporate in Delaware and declassify the board, the last of which would have made it easier to replace the entire board in one fell swoop.
CNG Keeps Price Edge; NatGas Highway Expands
Separate reports confirmed the competitiveness of natural gas as a transportation fuel, with the price of compressed natural gas (CNG) maintaining a strong pricing edge over gasoline, diesel and other alternative fuels. At the same time, liquefied natural gas (LNG) is expanding its potential transportation options to include rail.
Chesapeake Shareholders Reelect Board, Reject Declassification
Chesapeake Energy Corp. shareholders reelected the company’s board of directors, but rejected separate proposals to implement proxy access, reincorporate in Delaware and declassify the board, the last of which would have made it easier to replace the entire board in one fell swoop.
QEP’s Initial Bakken Drilling Results Get Rave Reviews
Denver-based exploration and production (E&P) independent QEP Resources Inc. reported encouraging results from its first four-well pad drilling on recently acquired South Antelope property in the Williston Basin in North Dakota. QEP said it also completed nine wells — four in the Bakken and five in the Three Forks formations on the Fort Berthold Indian Reservation.
Wyoming Energy Plan Lays Out 47 Initiatives
Wyoming Gov. Matt Mead last week unveiled a broad state energy strategy with 47 separate initiatives, many of which have existed in draft form for more than a year.