Category: Oil & Gas

NGL Completes Divestiture of TransMontaigne for Nearly $300 Million

Tulsa-based NGL Energy Partners LP announced it has completed its transaction to sell TransMontaigne Product Services, LLC and its associated assets to an undisclosed buyer for $275.5 million in proceeds at closing, according to a company press release issued on Monday. NGL monetized approximately $15.6 million in derivative assets associated with the business and slashed …

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Energy Transfer to Acquire Tulsa’s SemGroup Corporation for $5 Billion

Dallas-based Energy Transfer LP has set its sight on acquiring Tulsa-based SemGroup Corporation with a stock and cash merger transaction deal valued at $17 per share, which includes assumption of nearly $5 billion in debt, according to a recent company press release. The SemGroup acquisition will increase Energy Transfer’s scale across multiple regions and provide …

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Energy Information Administration Details Short-Term Energy Outlook

The US Energy Information Administration released its short-term energy outlook this week, outlining the country’s energy production in 2019 and future production in 2020. According to an article published by Power Technology, Brent crude oil prices averaged at $64 a barrel in July 2019, falling from $74 a barrel in July 2018. The EIA estimates …

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Panhandle Oil and Gas Posts $15.4 Million Income for 3Q 2019

Oklahoma City-based Panhandle Oil and Gas reported net income grew to $15.4 million or $0.92 per share for its third quarter ending June 30, 2019. This compares to $14.1 million or $0.83 per share for the same period in 2018, according to a company press release issued on Thursday. Panhandle also reported royalty interest oil, …

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CSI Compressco LP Optimistic About 2Q 2019 Results

Despite posting a $2.9 million net loss for the second quarter of 2019, Houston’s CSI Compressco LP remains optimistic that the company is headed in the right direction as revenue increased sequentially by 31 percent, according to a company press release. The company posted a net loss of $12.5 million in the first quarter of …

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Halcon Resources Corporation Files Second Bankruptcy Petition

With support from major stakeholders, Houston-based Halcon Resources Corporation voluntarily filed for Chapter 11 bankruptcy protection on Wednesday, according to a company press release. The beleaguered energy company previously filed for bankruptcy in 2016 but continued to struggle following its initial restructuring efforts. The new plan will allow Halcon to emerge from bankruptcy within 60 …

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Ventana Exploration Receives Equity Capital to Continue Oklahoma Well Acquisitions

Oklahoma City-based Ventana Exploration and Production II recently received a new round of equity capital from an affiliate of Starwood Capital Group, Equity Group Investments and the Virginia Tech Foundation, according to a company press release issued on Monday. Ventana is in the business of acquiring non-operated oil and gas interests in Oklahoma. To date, the company has participated in more than 500 wells in the STACK/SCOOP/MERGE plays …

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Amplify Energy and Midstates Petroleum Announce All-Stock Merger, Houston Headquarters

Houston-based Amplify Energy Corp. and a subsidiary of Tulsa-based Midstates Petroleum Company, Inc. announced an all-stock merger, according to a press release issued on Monday. The combined company will maintain headquarters in Houston and trade on the New York Stock Exchange under the AMPY ticker. Ken Mariani, Amplify’s President and Chief Executive Officer, will remain …

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Jones Energy to Emerge From Chapter 11 Bankruptcy by May 17

  Texas-based Jones Energy, Inc. announced that its prepackaged Chapter 11 bankruptcy reorganization plan was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, according a company press release issued on Monday. As reported by OK Energy Today, Jones Energy initially filed for bankruptcy protection on April 3, 2019. Currently …

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Bayou Bridge Pipeline System Considering Service Connection From Northern States

Texas-based Energy Transfer LP and Phillips 66 Partners LP announced that its joint venture, Bayou Bridge Pipeline, LLC, recently launched a non-binding expansion open season to solicit shipper interest for expanded joint tariff transportation service received from certain connecting carriers onto the system. Bayou Bridge is evaluating joint tariff service from origin points in the …

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