Baker Hughes and Schlumberger also made announcements that they will cut nearly 15,000 jobs on top of already announced layoffs.
Vanguard buys LRR Energy’s Permian and Arkoma assets, including 1,290 gross producing wells and about 158,000 net acres. LRR’s proved reserves were about 203 Bcfe in December 2014.
With a JV in the Marcellus under wraps, Rex is also pursuing the sale of its 60% ownership interest in its water service subsidiary with estimated proceeds of $60 million to $80 million.
Cheap money is chasing deals, with $8 billion in equity raises keeping companies alive while Shell’s purchase of BG Group has ‘rekindled M&A animal spirits.’
The purchased acreage, which is entirely undeveloped, represents a natural bolt-on to Gulfport's existing position in the shale play and translates to $12,700 per acre.
The Viking play continues to attract attention as one of the most economic patches in Canada. In March, Canada’s Whitecap Resources said it would buy Beaumont Energy for US$476 million.