The combined company is expected to generate annual synergies of $1.2 billion and will operate as Cenovus Energy Inc with headquarters in Alberta.
Laredo Petroleum remains “focused on executing similar, reasonably-priced bolt-on acquisitions around our core position in Howard County,” CEO Jason Pigott says.
EQT had recently sent a takeover proposal to rival CNX Resources, a report said, adding that no final decision has been made.
Market conditions are weighing on a number of planned expansion projects, Kinder Morgan said, adding that they were not needed at least in the near term.
The job cuts are part of a plan unveiled this spring to redesign how Exxon Mobil works and to increase competitiveness, CEO Darren Woods said in an email to its nearly 75,000-person workforce.
Together the projects have the potential to power more than one million U.S. homes, with BP becoming a 50% non-operating partner.
The merger of the two shale producers, both Permian Basin pure-plays, follows a growing wave of consolidation, which Enverus’ Andrew Dittmar described as a “historic winnowing of U.S.-based independent E&P companies.”
Pioneer and Parsley, both Permian pure-plays, are discussing an all-stock deal and could be completed by the end of the month if talks don’t fall apart, a report by the Wall Street Journal said citing people familiar with the matter.
Concho Resources’ chairman and CEO, Tim Leach, is set to join ConocoPhillips’ board of directors and executive leadership team as executive vice president and president of Lower 48.