U.S. oil and gas producer Devon Energy Corp. said Dec. 18 it expects to take a non-cash pretax charge of $650 million to $750 million in the fourth quarter related to the sale of its assets in the Barnett Shale in North Texas.
The company agreed a day prior to sell the assets to Kalnin Ventures LLC for $770 million and also announced a new $1 billion share repurchase program.
Companies added three oil rigs in the week to Jan. 24, bringing the total count to 676, energy services firm Baker Hughes Co. said in its weekly report.
Most of the undiscovered technically recoverable oil resources are believed to be in the Brookian Sequence, the USGS report shows.
A Marcellus Shale discovery by EQT, Marathon’s Upper Three Forks completion and two horizontal Woodford producers top this week’s drilling activity highlights from around the world.