Delaware – Page 2 – Oil & Gas 360

Delaware Utility Eyes Adding LNG Storage Facility to Meet Customer Gas Demand

February 27, 2019

From Washington Times/AP DOVER, Del. (AP) – Delmarva Power is asking state utility regulators for permission to build a liquefied natural gas storage facility in northern Delaware. According to a docket filing last week, the facility would be built on property near Red Lion that is already home to a Delmarva Power substation and a Bloom Energy fuel cell generation facility. Delmarva is proposing

Williams, Brazos Midstream Form Delaware Basin JV

November 16, 2018

Williams Companies Inc. (stock ticker: WMB) will enter into a joint venture in the Delaware Basin with privately-held Texas-based midstream services company Brazos Midstream. Brazos Midstream will have an 85% majority position in the joint venture. Its current assets include: Approximately 725 miles of pipeline for natural gas gathering Approximately 75 miles of pipeline for crude oil gathering Combined capacity

Devon Energy: Q3 was an ‘Inflection Point’ in the STACK

November 8, 2018

Devon sees STACK as its second-highest funded asset in 2019 PRB is the “best emerging growth opportunity in North America” Oklahoma-based Devon Energy Corporation (ticker: DVN) reported its Q3 2018 results Tuesday. On the call, Devon President and CEO Dave Hager gave good insight into the company’s STACK developments in Oklahoma. “Beyond the Delaware, the STACK and Rockies will also

EOG on a Roll: 9500 Locations, 40 Rigs, 20 Frac Spreads, 720 Planned Completions for 2018

November 2, 2018

EOG Resources (ticker: EOG) reported its Q3 results Thursday, and held its earning call today. Highlights from the Q3 Results include: Raised 2018 Capex Guidance Range to $5.8-$6.0 billion. Third quarter 2018 net income of $1.2 billion, or $2.05 per share. Q3 operating revenues/other of $4.8 billion. To read the complete earnings release, please refer to this link. Heard on the call Chairman

Lilis Converts 2nd Lien Term Loan to Equity

October 11, 2018

Houston-based Lilis Energy (ticker: LLEX), an independent oil and gas E&P company in the Delaware Basin (west Texas and southwestern New Mexico), announced yesterday it closed a new five-year senior credit revolving loan facility. The maximum borrowing amount is $500 million, with an initial borrowing base of $95 million. The initial borrowing base can be expanded in the future. According

Brazos Midstream Holdings Sold for $1.75 Billion

April 9, 2018

Fort Worth-based Brazos Midstream Holdings, LLC and its financial sponsor, Old Ironsides Energy, have entered into a definitive agreement to sell its Delaware Basin subsidiary companies to North Haven Infrastructure Partners II (NHIP II) and related funds for approximately $1.75 billion in cash. Closing is expected in the second quarter of 2018. Brazos’s Delaware Basin assets are located in Reeves,

Closed and Closed: WildHorse, WPX Divest Assets

April 2, 2018

WPX Energy (ticker: WPX) has closed the San Juan Basin oil play sale to Enduring Resources IV, LLC for $700 million. A significant portion of the proceeds are slated for debt reduction, WPX said, and the company now believes it can reduce its net debt/EBITDAX to a target level of 1.5x during 2019. The transaction completes WPX’s exit from operations

WPX Grows Oil Production 47% in Q4, Forecasts $1 Billion 2018 Drilling CapEx

February 22, 2018

WPX Energy (ticker: WPX) reported Q4 2017 oil volumes of 75,200 BOPD, which was 68% higher than a year ago, and 16% higher than Q3 2017. WPX’s first two North Sunday Island wells in the Williston Basin have 120-day cumulative production of more than 576,000 BOE (81% oil), consisting of 298,000 BOE from the Hidatsa North 14-23HX well and 278,000

Devon Energy Accelerates Production to 195 MBOEPD

February 21, 2018

Devon’s early ’18 production from Delaware, STACK up 20% over 2017 average Devon Energy Corp. (ticker: DVN) accelerated production growth in early 2018. The company’s Delaware Basin and STACK assets are producing approximately 195,000 BOEPD. The combined daily production rates from these two assets represent a 10% increase over the fourth quarter of 2017, and a ~20% increase compared to

Energen Approaches 100 MBOEPD

February 20, 2018

Energen Corporation (ticker: EGN) released financial and operating results for the fourth quarter and calendar year ended December 31, 2017. “Over the last five years, the board and management have strategically divested non-core assets and transformed Energen into a low-cost Permian pure-pay with a strong foundation for profitable growth,” said CEO James McManus. “We begin 2018 with a portfolio of

Liberty Oilfield Services Increases Flexibility with Debt Deal

October 12, 2017

Liberty Oilfield Services announces closing of $175 million term loan and $250 million revolving credit facility Denver-based oilfield services company Liberty Oilfield Services announced Tuesday that the company closed a debt deal. The company entered two new debt facilities consisting of a $175 million, five-year term loan and a $250 million asset-based revolving credit facility (ABL) subject to a borrowing

Apache: Building Up the Delaware

August 4, 2017

Apache Corp. (ticker: APA) announced its second quarter results and operational updates August 3rd, and reported an average production of 388,000 BOEPD. The company earned $572 million during Q2. Apache’s North American production totaled 244,000 BOEPD—where it averaged 18 rigs, and completed 36 gross wells. The Permian assets produced 146,000 BOEPD. In the Delaware Alpine High location, Apache continued testing

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