Spins

Beginning May 1, ConocoPhillips no longer will be among the ranks of the Big Oil integrated producers. Once Phillips 66, the refining and marketing arm, spins off, the Houston-based company will become the leading pure-play explorer in North America — a position it’s ready to handle, incoming CEO Ryan Lance said Monday.

Houston’s ConocoPhillips, which is poised to become the largest pure-play independent in North America once it spins off its refining unit, said Friday Ryan M. Lance will assume the chairman and CEO role when current chief Jim Mulva retires in 2012.

Houston’s ConocoPhillips, which is poised to become the largest pure-play independent in North America once it spins off its refining unit, said Ryan M. Lance will assume the chairman and CEO role when current chief Jim Mulva retires in 2012. Mulva, who has run the company since it merged with refining giant Phillips Petroleum Co. in 2002, plans to step down once the repositioning, announced in July, is complete (see NGI, July 18). Lance currently is senior vice president, exploration and production, international. Greg C. Garland was elected by the board to chair and become CEO of the new downstream company. Garland is currently senior vice president, exploration and production, Americas for ConocoPhillips.

Calgary-based Paramount Resources Ltd. will spin off its oil and natural gas assets in two of its operating units into an energy income trust, the company said Monday. Paramount, whose assets are 80% weighted to natural gas, said the properties targeted for the trust are in the Kaybob and Marten Creek areas of western Alberta, which produce about 120 MMcf/d of gas and 5,000 bbl/d of crude oil and natural gas liquids (NGL).

Calgary-based Paramount Resources Ltd. will spin off its oil and natural gas assets in two of its operating units into an energy income trust, the company said Monday. Paramount, whose assets are 80% weighted to natural gas, said the properties targeted for the trust are in the Kaybob and Marten Creek areas of western Alberta, which produce about 120 MMcf/d of gas and 5,000 bbl/d of crude oil and natural gas liquids (NGL).

Calgary-based Paramount Resources Ltd. will spin off its oil and natural gas assets in two of its operating units into an energy income trust, the company said Monday. Paramount, whose assets are 80% weighted to natural gas, said the properties targeted for the trust are in the Kaybob and Marten Creek areas of western Alberta, which produce about 120 MMcf/d of gas and 5,000 bbl/d of crude oil and natural gas liquids (NGL).

Looking to tap into natural gas supplies in southeastern Colorado County, TX, Petrosearch Corp. said Tuesday it has formed a new subsidiary, Pursuit Petrosearch LLC., to explore the deep Wilcox formation. The new company will be based in Houston.