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Anadarko’s Assets
“Rigzone” reports that Anadarko’s Chairman and CEO, Al Walker, has told investors that as the crude oil price collapse lingers, he expects shale assets in the Bakken and Eagle Ford shales to be put up for sale. While the industry has been expecting such property sales for quite some time, they have yet to become… Read More
$2 Natural Gas?
“World Oil” reports that an oversupply of natural gas, in conjunction with unseasonably warm weather, is driving natural gas prices toward $2 per Million British Thermal units. Prices have not been this low since April of 2012. Tim Evans, energy analyst at Citi Futures Perspective, observed that at these prices investment, drilling and production will… Read More
Whiting Writes Off Kodiak
“Rigzone” reports that Whiting Petroleum, the largest oil producer in North Dakota, has written off $2.57 billion in assets. $870 million of this write off relates to the 2014 purchase of Kodiak Oil for $1.55 billion. The write down of the Kodiak assets is surprising to many industry observers, as these were largely prime acreage… Read More
Oxy Sells Bakken Acreage
“Rigzone” reports that Occidental Petroleum Corp. is selling roughly 300,000 acres in North Dakota’s Bakken shale. While Oxy is not strapped for cash, the sale will enable the company to remain cash neutral during the current industry downturn and concentrate on other plays. The Bakken assets were sold for $500 million to a private equity… Read More
Eagle Ford Gas
Apparently the Eagle Ford shale of South Texas is a microcosm of the domestic energy industry. “World Oil” reports that the same “retreat to the core” strategy is playing out in Karnes County as has been the case across the nation. As prices drop and funds become scarce, shale operators are devoting their remaining cash… Read More
