Diversified Gas & Oil initially offered $165 million for Carbon Energy’s Appalachia conventional assets in February 2018.
Harold Hamm, chairman and founder of Continental Resources, points to announcements made by the Chicago Mercantile Exchange preceding the 306% plunge in WTI on April 20.
Once some stability is added to the market, E&Ps with capital and the appetite for deals should see opportunities materialize, a recent Enverus report says.
The U.S. Department of Energy has withdrawn a solicitation to purchase oil for the Strategic Petroleum Reserve citing a lack of certainty around funding.
Small and midsize oil producers are the focus of the initial purchases. Buyers with fewer than 5,000 employees are eligible to submit proposals.
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