June 2, 2015 – Oil & Gas 360

Secure Data Transmissions from the Digital Oilfield

June 2, 2015

Secure Data Coverage across 55,000 Square Miles of U.S. Oilfields Two U.S. technology companies recently joined forces to launch a large-scale data/IoT communications network that provides secure data transmission in more than 55,000 square miles of U.S. oil and gas fields in several important shale plays. San Diego’s On-Ramp Wireless, a provider of long-range connectivity for the Internet of Things (IoT), and WellAware,

EIA: Correction to Natural Gas Production Data for Jan-Mar 2015

June 2, 2015

The U.S. Energy Information Administration (EIA) has identified an error in the Natural Gas Monthly (NGM) data published on May 29. The error caused marketed and dry natural gas production for the first three months of 2015 to be underreported by about 1.5 billion cubic feet per day (Bcf/d). An adjustment for carbon dioxide produced in the “Other States” category

Cimarex Chief Financial Officer, Paul Korus, to Retire

June 2, 2015

Cimarex Energy Co. (XEC) today announced that its Chief Financial Officer, Paul Korus, has informed management and the Board of Directors of his plans to retire on or before September 1, 2015. Mr. Korus stated, “I have thoroughly enjoyed my time working with the exceptional people at Cimarex. I take great pride in our accomplishments and I look forward to following

Chevron to Move Deepwater U.S. Gulf of Mexico Platform to Sheltered Waters Following Damage to Installation Tendons

June 2, 2015

Chevron Corporation (CVX) today advised that the Big Foot tension-leg platform (TLP) will be moved to sheltered waters from its location in the deepwater U.S. Gulf of Mexico following damage to subsea installation tendons. The tendons were pre-installed in preparation for connection to the Big Foot TLP. Between Friday, May 29 and Sunday, May 31, 2015, several tendons lost buoyancy.

Nighthawk Energy plc Announces 2014 Results

June 2, 2015

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces its final results for the year ended 31 December 2014. Operational Highlights Record production and sales volumes in 2014 Gross oil sales for 2014 of 703,414 bbls (575,275 bbls net to Nighthawk’s net revenue interest1), nearly double 2013 sales volumes (2013: 358,294 gross bbls; 290,664

MarkWest Energy Partners Announces New Commercial Agreements to Provide Processing Services for Cimarex and Chevron in the Permian Basin

June 2, 2015

MarkWest Energy Partners, L.P. (MWE) (“MarkWest”) announced today the completion of long-term, fee-based agreements to support producer development in the Delaware Basin of West Texas. Under terms of the agreements, MarkWest will install a 200 million cubic feet per day cryogenic gas processing plant (Hidalgo Complex) in Culberson County, Texas. The new facility is scheduled to commence operations during the

Petrobras Revisits Debt Markets with Issuance of “Century Bond”

June 2, 2015

Petrobras (ticker: PBR) expects to raise US$2.5 billion through the issuance of 100-year global notes, the company announced on June 1, 2015. The notes include an annual yield of 8.45% and were issued at $0.81 on the dollar, enticing about $13 billion from potential investors, according to a source of The Wall Street Journal. Petrobras is the most indebted oil

Tourmaline Oil Increases Size of Bought Deal Financing

June 2, 2015

Tourmaline Oil Corp. Increases Size of Bought Deal Financing Tourmaline Oil Corp. (TOU.TO) (“Tourmaline” or the “Company“) is pleased to announce that in connection with its previously announced bought-deal financing, Tourmaline and the syndicate of underwriters led by led by Peters & Co. Limited and including FirstEnergy Capital Corp., Scotia Capital Inc., CIBC, National Bank Financial Inc., TD Securities Inc.,

Key Energy Services Closes on New $415 Million Credit Facility

June 2, 2015

Key Energy Services (ticker: KEG) announced the reorganization of its credit facility on June 2, 2015, replacing its previous $400 million senior revolving facility that was set to expire in 2016. Under the terms of the new facility, Key closed on a $100 million asset-based revolver (ABL) due February 2020 and a $315 million term loan facility due June 2020.

Iraq Production Reaches New Highs in May

June 2, 2015

Iraq continues to increase production ahead of OPEC meeting Iraq’s oil production reached record levels in May. The country produced an average of 3.87 MMBOPD, the highest levels in decades, according to Bloomberg. This news comes just days before OPEC’s June meeting, in which the cartel is expected to maintain its current policy of defending market share. Iraq’s oil exports

SandRidge Energy Gets Green Light for MLP Qualifying Income

June 2, 2015

Uncertainty around SandRidge’s well-water treatment and disposal business is dispelled SandRidge Energy (ticker: SD) announced that the Internal Revenue Service decided to grant it a positive private letter ruling (PLR) in an 8-K filed by the company Monday. A decision on SandRidge’s well-water treatment and disposal business was snared for more than a year when the IRS decided to initiate

MarkWest to Provide Services for Cimarex and Chevron in the Permian

June 2, 2015

MarkWest Energy Partners Announces New Commercial Agreements to Provide Processing Services for Cimarex and Chevron in the Permian Basin MarkWest Energy Partners, L.P. (MWE) (“MarkWest”) announced today the completion of long-term, fee-based agreements to support producer development in the Delaware Basin of West Texas. Under terms of the agreements, MarkWest will install a 200 million cubic feet per day cryogenic

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