Cobalt International made huge discoveries in a seven-year period offshore Angola but cedes interest after a federal investigation, low oil prices and uncertainty for all oil producers.
After a decade in the Haynesville, the company shifted from natural gas to a broader asset base that included liquids. The company also gains relief from obligations to its midstream assets.
AGL is planning to spend $670 million on interstate pipeline construction projects, including infrastructure from the Marcellus and Utica and that could grow volumes moving to the Southeast, Midcontinent and Eastern Canada.
E&Ps remain in character, with many saying they will continue to outspend cash flows and pump up production. Some are planning to put assets on the market, but potential buyers aren’t sure that prices are low enough.
The farm-in deal comes in the wake of reports that McClendon was eyeing Australia’s McArthur Basin as a shale hotspot for his first venture out of the U.S.
Miller Energy is accused of inflating the value of oil and gas assets in Alaska by more than 200 times their asking price.