We conclude our interview series with Justin T. Stolte, partner at Gibson, Dunn & Crutcher LLP with part four. Part four looks at who is doing the deals.
“On the public side, you have public shareholders that are requiring that companies in a lot of instances either scale or sell or restructure. You are having a lot of consolidation with these smaller E&Ps. We are continuing to see that. That is an active source of transactions. Private equity remains a significant part of the industry. They have in most instances served as the source of capital to help E&Ps and midstream companies buildout infrastructure, build wells. Private equity players continue to be active players in the industry,” said Stolte.
The most notable changes to the number of oil and gas rigs operating in the U.S. during the past month occurred in the Midcontinent (up 12), Gulf Coast (up seven) and Ark-La-Tex (up six) regions.
Petrobras will start offering contracts backed by the U.S. Henry Hub reference price, in addition to contracts indexed to the international Brent oil benchmark, the company said in a statement.
Golfinho is one of dozens of legacy production assets that Petrobras is selling to reduce debt and sharpen its focus on the prolific, deepwater presalt formation.