Negative oil futures aren’t the only drag on deals. History, replete with examples of how to deal with bad times, is being made right now.
Houston-based WaterBridge Resources agreed in late February to acquire Centennial Resource Development’s Permian water assets in a $225 million transaction that was expected to close at the end of the first quarter.
Diversified Gas & Oil’s EQT bolt-on, and an earlier deal with Carbon Energy, add upstream and midstream Appalachia assets primarily in West Virginia and Pennsylvania.
Occidental Petroleum has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices.
Here’s a snapshot of recent energy deals including the closing of EQT’s $125 million asset sale in Appalachia to Diversified Gas & Oil.
US Mineral Exchange has been retained for the sale of Permian Basin royalties in Reeves County, Texas, operated by an affiliate of Diamondback Energy Inc.
Here’s a quicklist of oil and gas assets on the market including a Permian Basin package of Wolfcamp Shale assets located in Reeves County, Texas, being sold by Victerra Energy.
Additionally, EQT decided to temporarily curtail approximately 1.4 Bcfe/d of gross production, equivalent to roughly 1 Bcfe/d of net production.
The order was the latest legal blow to U.S. President Donald Trump's effort to increase oil and gas production on federal lands by rolling back environmental regulation.
Victerra Energy retained EnergyNet for the sale of a Permian Basin/Wolfcamp Shale package located in Reeves County, Texas, through an auction closing June 10.
Biden has said that moving away from fossil fuels would pave the way for big job gains in renewable energy.
David Baggett, founder and managing partner of Opportune, says oil and gas companies are focused on short-term survival and lowering costs, which can already be seen by massive capex cuts among producers and the historic plunge in rig counts.