Upstream

Centennial and Colgate Energy’s $7bn Deal

Centennial Resource Development and Colgate Energy Partners III have agreed to a merger of equals, the companies said, creating a $7 billion Permian Basin-focused US oil and gas producer. The deal comes when global crude prices have surged following sanctions on big producer Russia following its invasion of Ukraine, helping create attractive corporate valuations after years of financial underperformance. Reuters reported in December that the private equity owners of Colgate Energy were preparing to float the shale oil producer on the stock market at a valuation approaching $4 billion. "Colgate achieves a public listing without having to test a challenging IPO market for upstream companies while Centennial materially boosts scale including more than doubling production and acreage at a fair price," said Andrew Dittmar, director at energy data and analytics firm Enverus. Shares of Centennial, founded by shale pioneer Mark Papa, rose 1.3 percent to $7.59... > read more

Woodside Wins Backing To Buy BHP Oil

Woodside Petroleum Ltd almost certainly won investor approval to boost global oil and gas production by adding BHP Group assets while also facing a rebuke on its climate accounting. Almost all votes cast before an annual general meeting backed the acquisition, valued at about $23 billion by BHP last month, of operations and development sites, including in the US Gulf of Mexico and the Caribbean. Woodside plans to release final voting totals after the gathering. “The merger is an opportunity for Woodside to increase its contribution to the world’s growing energy needs and build the scale, resilience and diversity to thrive through the energy transition,” CEO Meg O’Neill said in a speech to the Perth meeting. However, the producer faced a backlash for its climate report. The inaugural plan, which is being put to a non-binding vote, had received criticism for its emissions... > read more

Tellurian COO Keith Teague Retires

Tellurian Inc has announced that COO) Keith Teague is retiring from full time employment and will continue in an advisory role. Tellurian has hired former McDermott International Ltd Executive Vice President and COO Samik Mukherjee who will serve in the role of executive vice president and president, Driftwood Assets. Executive chairman, Charif Souki, said: “Keith has been an integral part of my team for many years, having been responsible for the development, construction and operation of our liquefied natural gas (LNG) projects at Cheniere, and now he has led Tellurian to the construction phase of Driftwood LNG. “We have had a lot of success and fun working together on these projects and have built memories that will last a lifetime. All of us at Tellurian appreciate his dedication to our continued success and look forward to his further contributions as he transitions into retirement.”... > read more

GTA LNG Project 75 Percent Complete

The BP-led Greater Tortue Ahmeyim LNG project on the maritime border of Mauritania and Senegal is 75 percent complete, according to the project shareholder Kosmos Energy, the US-based oil and gas company. Kosmos revealed in its financial and operating results for the first quarter of 2022 that Phase One of the Greater Tortue Ahmeyim LNG project is approximately 75 percent complete at quarter-end. This is an offshore LNG project based on upstream gas production in waters that are two kilometres deep. The project partners include BP, Kosmos Energy, Petrosen and Société Mauritanienne des Hydrocarbures (SMHPM) with BP as the operator. Developing in phases, the FLNG project will produce up to 10 million tonnes of LNG a year (MTPA). However, it is to produce 2.5 MTPA of LNG in its first phase of development. Kosmos reports that in this quarter the FLNG has started pipe rack outfitting and equipment installation and testing... > read more

PDC Completes Great Western Acquisition

PDC Energy Inc has completed its acquisition of Great Western Petroleum LLC, a privately held company based in Denver. The acquisition was previously announced on February 28, 2022. The consideration paid was $543 million (less $50 million previously placed into escrow) and approximately four million shares of PDC common stock. In addition, the Company paid off the Great Western secured credit facility totaling $235 million and $312 million in principal amount of Great Western’s 12 percent senior secured notes due 2025. Bart Brookman, president and CEO of PDC, stated: “We are excited to close the Great Western acquisition, which is accretive to our operating, ESG and financial metrics. We look forward to providing the market with updated guidance by early next month as we work to integrate Great Western’s operations... > read more

Prev Next

Terra Explores $2.5B Sale

Private equity firms Kayne Anderson Capital Advisors and Warburg Pincus are exploring a sale of Terra Energy Partners LLC,...
> read more

Energy Crunch Causing ESG To Fall Out Of Favor

The former chief of BP Plc warned that investors are pushing environmental, social and governance concerns aside as fears...
> read more

Diamond Offshore First Financials

Global deep-water drilling company Diamond Offshore has reported its first set of quarterly results since relisting on the...
> read more

Upstream News

Centennial and Colgate Energy’s $7bn Deal

Centennial Resource Development and Colgate Energy Partners III have agreed to a merger of equals, the companies said, creating ... > read more

Terra Explores $2.5B Sale

Private equity firms Kayne Anderson Capital Advisors and Warburg Pincus are exploring a sale of Terra Energy Partners LLC, ... > read more

Energy Crunch Causing ESG To Fall Out Of Favor

The former chief of BP Plc warned that investors are pushing environmental, social and governance concerns aside as fears ... > read more

Woodside Wins Backing To Buy BHP Oil

Woodside Petroleum Ltd almost certainly won investor approval to boost global oil and gas production by adding BHP Group ... > read more

Tellurian COO Keith Teague Retires

Tellurian Inc has announced that COO) Keith Teague is retiring from full time employment and will continue in an advisory ... > read more

GTA LNG Project 75 Percent Complete

The BP-led Greater Tortue Ahmeyim LNG project on the maritime border of Mauritania and Senegal is 75 percent complete, according ... > read more

Upstream News

Equinor’s New Contracts Worth $2 Billion

Norway’s state-owned Equinor is extending integrated drilling and specialist well services contracts worth a combined Nkr20 ... > read more

Diamond Offshore First Financials

Global deep-water drilling company Diamond Offshore has reported its first set of quarterly results since relisting on the ... > read more

Biden Scraps Offshore Oil Auctions

The Biden administration is scrapping planned auctions of drilling rights in the Gulf of Mexico and Alaska’s Cook Inlet ... > read more

PDC Completes Great Western Acquisition

PDC Energy Inc has completed its acquisition of Great Western Petroleum LLC, a privately held company based in Denver. The ... > read more

Cheniere Energy Raises 2022 Profit Forecast

Cheniere Energy Inc raised its profit forecast for the year on the back of surging demand and production for liquefied natural ... > read more

BP Growth Trajectory At Mad Dog 2

UK supermajor BP is set to start up production by the end of the year from Argos, its newest production platform, and double ... > read more

Upstream News

Chevron Revises Tengiz Upgrade Deadlines

US major Chevron has pushed back again on the schedule for its a multibillion-dollar upgrade programme of the Tengiz oilfield ... > read more

Shale Explorers Boost Payouts

Shale drillers Diamondback Energy Inc, Devon Energy Corp and Coterra Energy Inc are boosting dividends while keeping oil ... > read more

Shell Announces Production at FPSO Guanabara

Shell Brasil Petróleo Ltd, a subsidiary of Shell plc, announced the start of production of the FPSO Guanabara in the Mero ... > read more

Chevron Raises Permian Basin Production Target

Chevron will produce the equivalent of about 725,000 barrels of oil daily in the Permian Basin this year, a 15 percent increase ... > read more

Gulf of Mexico Oil Drilling Comeback ‘Too Late

A new wave of oil platforms is sweeping into the US Gulf of Mexico as crude prices are riding historic levels and demand ... > read more

ExxonMobil Counts Cost Of Sakhalin Exit

US supermajor ExxonMobil has booked an after-tax charge of $3.4 billion as a result of its decision to walk away from its ... > read more

Upstream News

US Shale Patch Drilling Rig Prices Spiking

After driving up prices for everything from steel pipes to frac sand to labor, inflation has finally ensnared the centerpiece ... > read more

Shell Acquires Stake In Brazil’s Atapu Field

Shell Brasil Petróleo, a subsidiary of Shell plc, signed a Production Sharing Contract (PSC) to acquire a 25 percent stake ... > read more

Top Certification For Methane Emissions

ExxonMobil has said that approximately 200 million ft3/d of natural gas produced from its Permian Basin facilities at Poker ... > read more

US Energy Secretary - Output Will Continue

The US Energy Secretary said that US oil and gas production is rising and will continue to rise to make up for the 1 to 1.5 ... > read more

Halliburton Boosts 1Q Net Income By 55%

Halliburton Company has reported net income of $263 million, or $0.29 per diluted share, for the first quarter of 2022 in ... > read more

Halliburton Must End Contracts in Russia

Halliburton Co said that sanctions imposed by the US, the EU and others require the company to wind down certain contracts ... > read more