Mesa Offshore Trust, Austin, Tex., (OTCBB: MOSH) announced it will not distribute trust income to unitholders in November because it failed to receive expected royalty income.
Mesa reported that no income can be distributed to unitholders until JPMorgan Chase Bank NA, as trustee, recoups the $3.9 million expenses that it has established for future needs. In addition, Mesa currently owes $134,000 in current and future abandonment expenses for properties in which Mesa has an interest, which will be deducted from any future gross proceeds on the royalty properties.
Diamondback Closes $1.55 Billion Lario Acquisition, Boosting Midland Basin Inventory
2023-02-01 - With the Lario Permian deal closed, Diamondback wraps up a pair of fourth-quarter 2022 deals in which it purchased private Midland Basin operators for a total of about $3.3 billion.
April US Shale Production Set to Rise to Highest Since December 2019
2023-03-13 - Crude output in the Permian Basin in Texas and New Mexico, the biggest U.S. shale oil basin, is expected to rise to 5.62 MMbbl/d. Though that would be a record high, oil output from the region is expected to gain by 26,000 bbl/d from the previous month, it’s also the smallest increase since last December, the data showed.
Arena Energy Acquires Cox Operating's GOM Shelf Properties
2023-01-25 - Arena Energy's acquired interests add to the company's ownership interest in the Eugene Island 330 and South Marsh 128 fields in the U.S. Gulf of Mexico.
Report: Biden Administration to Approve Willow Oil Project in Alaska
2023-03-13 - The project, led by ConocoPhillips, is expected to produce about 600 MMboe over its life, peaking at 180,000 bbl/d of oil, ConocoPhillips says on its website.
Subsea Tieback Round-Up for 2022-2024
2023-02-28 - Here's a round-up of subsea tiebacks projects across the globe. The first in a two-part series, this list is a look at some of the subsea tiebacks scheduled to be online by 2024.