The move means shuttering its legacy headquarters office in El Dorado, Ark., where Murphy Oil was formed by its namesake in 1944.
Here’s a snapshot of recent energy deals including Shell’s multimillion-dollar exit from Appalachia Shale plus HighPeak Energy’s new merger agreement following a scuttled deal in the Permian Basin.
Mexico agreed to a 100,000-bbl/d output cut as part of an initiative by the OPEC+ group to push up plummeting oil prices by withdrawing barrels from an oversupplied market. The cuts will be put in place this month.
The oil-rig count in the U.S. has now declined for seven weeks in a row, implying upcoming declines in domestic crude output.
ConocoPhillips plans to bring total cuts across its North American operations to 460,000 bbl/d by June, which represents a third of the company’s first-quarter oil production on a net basis, CEO Ryan Lance says.
The quarterly loss far exceeded the 35.7 billion peso loss during the January to March period last year and comes as the coronavirus pandemic has cratered demand for crude oil globally.
“We strongly believe that expanding our business at this time will allow us to better meet our customers’ needs as the market continues to evolve in the coming years,” Intrepid President Clint Leazer says.
As of April 19, the number of active rigs in the Permian Basin is down 43% year-over-year, while Appalachian rig activity is down 41%, according to Enverus Rig Analytics.
As of this week, the rig count decline is nearing the decline of 2015. It fell about 10 rigs per day this week and in 2015-2016, it fell about 12-15 per day.
The new online A&D platform, named EnergyNet Indigo, will feature upstream oil and gas asset deals valued from $20 million to more than $250 million.