Story by Reuters Morgan Stanley has agreed to sell a compressed natural gas business that came under regulatory scrutiny shortly after its launch last year, according to a document obtained by Reuters and three people familiar with the matter. The bank will transfer the gas business, Wentworth, to a newly formed company called Pentagon Energy LLC. Two Morgan Stanley managers
Enterprise Products Partners L.P. (EPD) today reported that Michael A. Creel, chief executive officer of Enterprise’s general partner, has announced his intention to retire as of December 31, 2015. A.J. “Jim” Teague, Enterprise’s chief operating officer, has been elected to succeed Mr. Creel as chief executive officer upon Mr. Creel’s retirement at the end of 2015. “Mike Creel has been
A Stanford Report Stanford economist Frank Wolak says the drop in oil prices and demand reflects heightened energy production in North America, better technologies and the declining market power of the OPEC countries Factors such as domestic oil production, improved technologies and declining market power of OPEC countries are likely to continue keeping oil prices low, says Stanford economist Frank
PetroQuest Energy, Inc. (PQ) announced today that the Company’s bank group has completed its semi-annual re-determination of its borrowing base under its credit facility. As a result, the Company’s $220 million borrowing base has been revised to $190 million, subject to the aggregate commitments of the bank group, which the Company elected to remain unchanged at $170 million. In addition,
A report filed by the National Petroleum Council encourages the U.S. to develop Arctic energy reserves The National Petroleum Council (NPC) recently concluded a study at the behest of the United States’ Department of Energy about potentially tapping oil and gas reserves in the Arctic. The NPC’s report encourages developing Arctic assets in the very near future in order to
VAALCO Energy, Inc. (EGY) today announced that the post-salt Kindele-1 well, its first exploration well on Block 5 offshore Angola, was drilled to a total vertical depth of approximately 1,829 meters. The objective reservoir, the Mucanzo sand formation in the Pinda Group section, was found to be water-bearing and the well is currently in the process of being plugged and
Breitburn Energy Partners (ticker: BBEP), a master limited partnership (MLP) E&P with operations throughout the United States, announced a $1 billion investment from EIG Global Energy Partners (EIG) in a press release on March 29, 2015. The agreements include $350 million of perpetual convertible preferred units (priced at $7.50 per share, a 27% premium to BBEP’s closing price on March
The West Virginia Department of Commerce will allow hydraulic fracturing under the Ohio River, according to reports from local media outlets. The state had previously leased out about 474 acres of land in Marshall and Wetzel counties and retains a 20% royalty of the produced resources. Statoil (ticker: STO) has already finalized a deal with an average cost of about
Oilservice majors Halliburton and Baker Hughes shareholders approve merger Halliburton (ticker: HAL) announced that its stockholders approved HAL’s proposal to issue shares of Halliburton common stock as contemplated by its merger agreement with Baker Hughes (ticker: BHI). Baker Hughes announced that its stockholders adopted the merger agreement and thereby approved the proposed combination of the two companies, according to a
The U.S. oil major has retained Scotiabank to help sell assets in Western Canada ConocoPhillips (ticker: COP) hired the Bank of Nova Scotia (Scotiabank) to advise on the sale of about 20% of its production in Western Canada outside of the oil sands, reports BNN. Details on the sale from Houston-based COP will be provided in the second quarter, according
Story by Reuters ConocoPhillips said on Friday it is looking to sell about 20 percent of its production in Western Canada, outside the oil sands, as tumbling oil prices have made operations in the country less profitable. ConocoPhillips, which operates conventional and oil sands operations in Canada, had announced last week plans to cut about 7 percent of its workforce,
Resolute Energy Corporation (“Resolute” or the “Company”) (NYSE: REN) announced today that it has entered into a definitive agreement to sell certain non-core assets in the Midland Basin portion of the Permian Basin in west Texas. The properties will be sold to a private party for a purchase price of approximately $42 million. The proceeds of the sale will be used to
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