U.S. crude oil production efficiency continues to improve
February 1, 2020
EIA U.S. tight oil production increased in 2017, accounting for 54% of total U.S. crude oil production, in part because of the increasing productivity of new wells. Since 2007, the average first full month of oil production from new wells in regions tracked by EIA’s Drilling Productivity Report (DPR) has generally increased. These growing initial production rates have helped tight oil production
Exclusive: Occidental seeks up to $700 million for Anadarko assets in Wyoming, Colorado – sources
November 11, 2019
Source: Reuters HOUSTON (Reuters) – Occidental Petroleum Corp is soliciting bids for oil and gas properties in Wyoming and Colorado that it acquired when it purchased Anadarko Petroleum, hoping the assets will fetch up to $700 million, according to people familiar with the matter. Occidental offered about 200,000 acres in the Denver-Julesburg Basin of Wyoming and Colorado that produce $66
Occidental estimates higher third-quarter production on Permian boost
October 15, 2019
Source: Reuters Oil and gas producer Occidental Petroleum nudged its estimate for third-quarter production higher on Tuesday, helped by fewer shutdowns in Colorado’s DJ basin and strong performance in its Permian Resources unit. The shale producer, which completed the purchase of rival Anadarko Petroleum in August, now expects production from continuing operations to be 1.1 million to 1.12 million barrels
Oxy Lowers Production Guidance on Legacy Anadarko Assets
August 14, 2019
From The Houston Chronicle With Occidental Petroleum finalizing its $38 billion acquisition of Anadarko Petroleum last week, Oxy is now lowering its oil and gas production guidance for the legacy Anadarko assets. For the rest of this year, Oxy said Anadarko’s assets will see lower production volumes by at least a couple of percentage points than anticipated because of pipeline
Icahn Enterprises Completes Sale of Brazilian Resource Company
August 2, 2019
By Tyler Losier, Energy Reporter, Oil & Gas 360 Icahn Enterprises closes sale of Ferrous Resources to Vale S.A. for $550 million Icahn Enterprises L.P. (stock ticker: IEP), a conglomerate company owned by American investor Carl Icahn, has closed on its previously announced sale of Ferrous Resources Limited to Brazilian mining company Vale S.A. for a total consideration of $550
Shell Invests in New Deep-Water Gulf of Mexico Project, Sells Assets to Equinor and Noreco
August 1, 2019
By Tyler Losier, Energy Reporter, Oil & Gas 360 Shell Offshore Inc. makes final investment decision for PowerNap deep-water project in U.S. Gulf Shell Offshore Inc., a subsidiary of Royal Dutch Shell plc (stock ticker: RDS-A, RDS-B), has reached a final investment decision (FID) for the PowerNap deep-water project in the US Gulf of Mexico, electing to move forward with
Occidental Petroleum Profit Falls on Low Gas Prices, Derivative Contracts
July 31, 2019
From Reuters Occidental Petroleum Corp, which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% fall in core profit on Wednesday, as higher crude prices and volumes were offset by adjustments to derivatives contracts and lower natural gas prices. Core income fell to $729 million, or 97 cents per share, in the
ISS Backs Icahn’s Call for More Shareholder Say After Anadarko Deal
July 25, 2019
From Reuters Proxy advisory firm Institutional Shareholder Services on Thursday urged Occidental Petroleum Corp shareholders to ask management to let them weigh in on board and governance issues as the company buys rival Anadarko Petroleum Corp.. The request comes one week after the takeover deal’s biggest critic, billionaire investor Carl Icahn, laid out plans to shake up Occidental’s board. ISS
Private Equity Firm Forms Second Partnership With E&P
July 16, 2019
By Tyler Losier, Energy Reporter, Oil & Gas 360 Mach Resources and Bayou City Energy form BCE-Mach II LLC, signs two PSAs Mach Resources, an independent E&P founded in January of 2017, and upstream-focused private equity firm Bayou City Energy, have formed BCE-Mach II LLC, representing the second partnership between the two companies. Their first collaboration, BCE-Mach LLC, continues to
New Board Member Joins Occidental
July 11, 2019
By Tyler Losier, Energy Reporter, Oil & Gas 360 Former BlackRock director Robert M. Shearer elected to OXY board Occidental Petroleum (stock ticker: OXY), an international E&P with operations in the U.S., the Middle East and Latin America, has elected Robert “Bob” M. Shearer to its board of directors. Shearer, a 64-year-old former managing director at BlackRock, has over 35
