Reuters U.S. oil and gas producer Devon Energy Corp on Thursday cut its 2020 spending forecast by $500 million or nearly 30% to about $1.3 billion, joining its shale peers as the industry battles a slump in crude prices. Shale producers, including Occidental Corp and Diamondback Energy Inc, have tightened belt after a price war between Saudi Arabia and Russia
With the sale of its West Edmund Hunton Lime Unit (WEHLU) closed in February 2018, Gastar Exploration (ticker: GST) is now positioned to become a pure-play Oklahoma STACK Play operator. In the STACK play, Gastar is targeting two producing formations: Osasge and Meramec. Operational update According to Stephen Roberts, Senior Vice President and Chief Operating Officer, “As compared to the
Chaparral Energy, Inc. (ticker: CHPE) announced today that it has entered into a definitive purchase agreement to acquire acreage in Kingfisher County, Oklahoma, from a private seller for $60 million in cash, subject to customary post-closing adjustments. Highlights Acquiring 7,000 contiguous net acres in the core of the black-oil window of the STACK play in Kingfisher County The acreage is
Private Equity Cashing In: EnCap Company PayRock Energy Built the STACK Position Marathon Oil has reached an agreement to purchase privately held PayRock Energy Holdings for $888 million in a cash transaction. PayRock holds approximately 61,000 care acres in the Anadarko Basin STACK play in Oklahoma. “Acquiring PayRock’s STACK position will meaningfully expand the quality and scale of Marathon Oil’s
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