Australia's BHP Petroleum is selling its interests in Papua New Guinea to Orogen Minerals for US$130 million, as it continues to streamline its upstream division. An additional US$10- to US$15 million is payable, contingent on the future development of certain gas resources. CanArgo Energy Corp., Houston, has sold its Albanian assets to U.K.-based Northern Petroleum Plc for 1.5 million options to purchase Northern common shares, US$100,000 and a 15% net profit interest in the Gorisht-Kocul project. Separately, CanArgo has increased its holdings in Ninotsminda Oil Co. from 68.5% to 79%. Kerr-McGee Corp., Oklahoma City, has increased its position as the largest U.S. independent producer in the North Sea with the $555-million cash purchase of assets from Spain's Repsol YPF. Kerr-McGee's daily production in the North Sea will grow by about 30%. The acquired assets include 100 million BOE of proved reserves. Separately, Kerr-McGee has put up for sale or trade several other North Sea assets-most of them small and noncore. Bellwether Exploration Co., Houston, has signed a definitive production sharing agreement with Petroecuador for operations in the Charapa Field, comprising approximately 63,000 acres in northern Ecuador's Oriente Basin. The company will operate the field and hold a 90% working interest. It expected to commence drilling three or four horizontal wells in January. Pioneer Natural Resources Co., Dallas, has acquired a 100% working interest in two properties in Argentina's Neuquen Basin for approximately US$40 million through its Argentine subsidiary. The Al Sur de la Dorsal and Estacion Fernandez Oro properties extend the company's core position in the Neuquen Basin by eight new blocks that cover 230,000 acres. Pioneer bought Al Sur de la Dorsal from Pan American Energy, which had a 70% interest, and Perez Companc SA, which held a 30% stake. It bought Estacion Fernandez from Pan American, which held a 100% interest. Torch Energy Advisors Inc., Houston, has invested in Argentina's Ingenieria Alpa SA, Buenes Aires. The company's name and executive management will remain the same. Torch can eventually own up to one-half of Alpa, whose assets include seven operated blocks in Argentina with production in the Neuquen and San Jorge basins. Vintage Petroleum Inc., Tulsa, has acquired an additional working interest in Block 14, Block 17 and the Shiripuno exploration area in Ecuador for US$18 million in cash from Petrobras Internacional SA-Braspetro. The acquisition is expected to raise the company's production in Ecuador by 87%-from 1,925 bbl. of oil per day to 3,600 bbl. of oil per day. -Jennifer Blader
BP Delivers Profits of $27.7 Billion in 2022
2023-02-07 - London-based BP Plc reported an underlying replacement cost profit of $27.7 billion in 2022 while reducing net debt to $21.4 billion and achieving an average return on average capital employed of 30.5%. In 2023, the company will remain focused on delivery of its financial frame underpinned by a $40/bbl balance point.
Magnolia Oil and Gas Announces 15% Increase to Quarterly Dividend
2023-02-01 - Magnolia Oil and Gas Corp.’s shareholder distribution increase reflects the company’s efforts to maximize shareholder returns.
Crestwood Midstream Announces Upsized Private Offering of $600 Million
2023-01-18 - The $600 million upsized private offering of senior notes is a $100 million increase from the original offering amount.
Chevron Ups Dividend, Authorizes $75 Billion Share Buyback
2023-01-26 - Tudor, Pickering, Holt & Co. said Chevron’s dividend was in-line with expectations, while the $75 billion buyback may suggest an upside to the high end of the company’s earnings set for release Jan. 27.
Ares Management Raises $5 Billion of Infrastructure Debt Capital
2023-01-11 - Ares' fund targets investments across the digital, utilities, renewables, energy and transportation sectors.