Baker Hughes, a GE company (BHGE), is selling its natural gas solutions (NGS) business, part of the turbomachinery and process solutions segment, in two separate agreements for a total of $375 million. The NGS product line is being sold to First Reserve in a transaction that includes three manufacturing sites in North America and the UK, as well as transferring 450 employees in eight countries. Separately, the Talamona, Italy branch of the NGS product line, which includes a manufacturing site, is being sold to Pietro Fiorentini SpA. Forty employees in Talamona also would be transferred. Both transactions are expected to close by the end of the year.
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An evolving strategic focus on capital discipline by U.S. onshore exploration and production (E&P) companies that began quietly within the last couple of years is expected to become far more widespread in 2018, with nearly half of a sampled group of independent producers — mostly in the Permian Basin — generating free cash flow (FCF) in 2018, according to BTU Analytics.
ACNX Resources Corp. affiliate has agreed to pay a $433,500 fine to the Pennsylvania Department of Environmental Protection(DEP) for several violations at well sites in Greene County. CNX Gas Co. LLC was cited for failing to, among other things, properly control flowback and drilling fluids, maintain containment during hydraulic fracturing activities, and unauthorized discharge of industrial waste into state waters. The penalties come after a long-term investigation by DEP. The well sites have since been remediated.
Rex Energy Corp. has again received notice from Nasdaq that it is not in compliance with the listing standards of the Nasdaq Capital Market, putting the company in jeopardy of delisting if its plan to meet the exchange’s requirements is not accepted.
Antero Resources Corp. said Thursday that it earned more than $1 billion through a stock offering and changes to its natural gas hedge portfolio, securing some of the cash it needs to support year/year production growth of 20-22% through 2020.
Lucas Energy Inc. said it has received $4.5 million in gross proceeds from a stock sale, part of a series of transactions the company committed to last April to secure up to $15 million to fund its future growth initiative.
Goodrich Petroleum Corp. and Swift Energy Co. have reached separate agreements with their respective creditors on reorganization, with the former planning to enter Chapter 11 bankruptcy on April 15 and the latter planning to emerge from it on the same day.
Looking to hold onto its acreage and maintain liquidity as it waits out a depressed commodity market, Clayton Williams Energy Inc. announced this week that it has reached a credit agreement with lender Ares Management LP.
Trading in Houston’s Goodrich Petroleum Corp. common stock was suspended Wednesday by the New York Stock Exchange (NYSE) and a delisting process has begun for the onshore producer.
SandRidge Energy Inc., which mostly explores for oil and natural gas in the Midcontinent, said Monday afternoon its stock price had fallen below the continued listing requirement of the New York Stock Exchange (NYSE).