Northern Oil and Gas Inc., an E&P with a nonop position in the core of the Williston Basin Bakken and Three Forks play, announced a transaction on Jan. 16 to further reduce its debt.
The Minnetonka, Minn.-based company agreed to repurchase and retire $16 million of its 2023 senior secured second lien notes in exchange for 160,000 shares of preferred stock and $700,000 in cash. The agreement was with an institutional holder of the 2023 notes, according to the company news release.
Upon closing of this transaction, Northern said it will have $391.8 million in principal amount of notes outstanding.
Schlumberger CEO Olivier Le Peuch said the appointment of Dr. Katharina Beumelburg as chief strategy and sustainability officer comes at a pivotal time for the oilfield services company as well as “the energy industry and our planet.”
Alerian’s MLP/Midstream indexes reflect stability compared to other oil and gas sectors.
Kelcy Warren also expressed confidence that Energy Transfer’s controversial Dakota Access Pipeline would continue to run, despite being embroiled in a legal battle over a key permit.