David Baggett, founder and managing partner of Opportune, says oil and gas companies are focused on short-term survival and lowering costs, which can already be seen by massive capex cuts among producers and the historic plunge in rig counts.
Before the coronavirus pandemic and the oil price war, public investors had already thrown down the gauntlet to E&Ps. Companies, arguably, were learning to adapt, and they must keep doing so to access public capital in the new environment.
In conjunction with the retirement of CFO Don E. Wallette Jr., ConocoPhillips also said William (Bill) L. Bullock Jr. had been named as Wallette’s replacement.
Halliburton and larger rivals Schlumberger Ltd. and Baker Hughes Co. posted losses for the first quarter, owing to heavy writedowns on assets on the back of low oil prices.
Proceeds will be used to fund a cash tender offer that commenced May 18 for the purchase of notes Diamondback Energy acquired through its merger with Energen in 2018.
DOF ASA and DOF Subsea AS have entered into suspension agreements with, or received similar concessions from, secured lenders representing 93% of the secured debt of companies within the DOF Group comprised by the suspension agreements, the company said on May 15.
The deal was part of an $8.8 billion agreement reached between Total and Occidental to over Anadarko Petroleum's assets in Mozambique, Ghana, Algeria, and South Africa.
William (Bill) Albrecht succeeds Laredo Petroleum’s founder, Randy Foutch, who decided to not stand for re-election to the board.
Even to just survive, E&Ps increasingly must look beyond traditional sources of capital to fund their operations. Here are some other financial structures on the rise.
Other U.S. shale producers have taken similar measures this year in hopes of boosting its share price to avoid delisting, including Callon Petroleum and Chesapeake Energy.