Eagle Ford Shale

Austin, TX-based Victory Energy Corp., which is focused on the Permian Basin, and Lucas Energy, a cash-strapped Houston-based independent with operations in the Eagle Ford Shale and Austin Chalk, said Wednesday they have executed a letter of intent and term sheet for a proposed merger.

EV Energy Partners LP (EVEP) said it plans to cut its capital expenditures (capex) by 40% this year and is “accelerating” the sale of its stake in Utica East Ohio (UEO) midstream, but the company will delay selling some of its acreage in the Eagle Ford and Utica shales due to low oil and natural gas prices.

Shares of Denver-based SM Energy Co. took off Tuesday after the company reported production growth that beat guidance and Wall Street expectations.

Anadarko Petroleum Corp. is throttling back across its operations in 2015, with no plans to chase any growth in the onshore or offshore, except for possibly chasing some distressed unconventional assets, CEO Al Walker said Tuesday.

EnLink Midstream Partners LP plans to pay about $600 million in cash and partnership units for Permian Basin gas gatherer and processor Coronado Midstream Holdings LLC, continuing an acquisition spree backed by a “…financial position which allows us to effectively expand in times like these,” EnLink CEO Barry Davis said Monday.

ConocoPhillips said its year-over-year (y/y) production from continuing operations, excluding Libya, grew 4% in 2014, fueled by growth from major projects, development programs and a 35% y/y increase in combined production from the Eagle Ford and Bakken shales.

Carrizo Oil & Gas Inc. will join its peers and “downshift” its drilling program this year, company management said during an analyst conference Tuesday, announcing a plan to stick with oil, cut spending and stay flexible in the event that commodity prices rebound.

Dallas-based Matador Resources Co. would become the largest Delaware Basin acreage holder among small- and mid-cap public companies with the consummation of its recently announced deal to acquire Roswell, NM-based Harvey E. Yates Co. from HEYCO Energy Group Inc.

In response to weak commodity prices Australia’s BHP Billiton Ltd. is dialing back operations in U.S. shale plays, with plans to cut its operated rig count to 16 from 26 by the end of June, a nearly 40% reduction.