In 2004, Range Resources pioneered the Marcellus Shale in Washington County, Pa. This week, the company signed and closed an agreement to sell a proportionately reduced 1% overriding royalty in its Washington County leases to an undisclosed buyer for gross proceeds of $300 million. Range plans to use the proceeds from the sale to lower its debt by 7%, resulting in an estimated net reduction in 2019 cash flow of about $10 million.
Nine Energy Service plans to beef up its completion tools business with the $493 million acquisition of downhole technology provider Magnum Oil Tools. Nine will acquire Magnum, which does not have any debt, for a combination of about $334 million in cash and 5 million shares of Nine common stock valued at $159 million.
Interior Secretary Ryan Zinke hinted to at least six coastal U.S. coastal states that he will keep their waters out of a looming plan to expand offshore drilling. While those words may have raised hopes for other states with objections to the plan, Zinke said the six states lack enough oil to be included anyway. Those six states are: New Hampshire, Maryland, North Carolina, Maine, Oregon and Washington. The final proposal by the Trump administration is expected later this year.
A massive Royal Dutch Shell natural gas field in northern British Columbia is getting greener. Shell said The Groundbirch Project, located above Canada’s richest shale gas deposit, slashed project emissions by moving its newest gas plant to hydroelectric power. It also replaced diesel with natural gas in drilling. The company said it is now tackling methane with new electric components and a fuel cell trial. Groundbirch will eventually send gas to the Shell-led LNG Canada export terminal approved this month, where it will be cooled for exporting.
Recommended Reading
McKinsey: Big GHG Mitigation Opportunities for Upstream Sector
2024-11-22 - Consulting firm McKinsey & Co. says a cooperative effort of upstream oil and gas companies could reduce the world’s emissions by 4% by 2030.
Cummins, Liberty Energy to Deploy New Engine for Fracking Platform This Year
2025-01-29 - Liberty Energy Inc. and Cummins Inc. are deploying the natural gas large displacement engine developed in a partnership formed in 2024.
APA Group to Build Pipeline in Expanding Australian Gas Play
2024-12-17 - APA Group will build and operate a 12-inch, 23-mile natural gas pipeline for a proposed 40-MMcf/d pilot drilling project in Australia.
Partnership to Deploy Clean Frac Fleets Across Permian Basin
2024-12-13 - Diamondback Energy, Halliburton Energy Services and VoltaGrid are working together to deploy four advanced electric simul-frac fleets across the Permian in an effort to enhance clean and efficient energy solutions in the region.
Equinor’s Norwegian Troll Gas Field Breaks Production Record
2025-01-06 - Equinor says its 2024 North Sea production hit a new high thanks to equipment upgrades and little downtime.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.