Only a portion of the Utica and Marcellus pipeline was up for sale, but a premium bid worth hundreds of millions changed CEO Gary Evans’ thinking.
Freeport-McMoran Oil & Gas Inc. controls millions of acres in Texas, California, Louisiana and Africa, but low oil prices have stifled investment and will hurt growth.
Diamondback has its critics, but the company continues to defy expectations with deals, upped production and costs low enough to boast a $30 WTI breakeven.
Energy XXI will receive $245 million in cash for about 150 miles of pipeline from CorEnergy Infrastructure Trust but as part of the deal will lease and operate the pipeline.
The Energy Transfer Equity offer to acquire Williams could complicate the company’s plan to absorb its MLP, Williams Partners, and strain the partnership’s unit prices, an analyst said.
The company is working feverishly to cut costs, and an analyst says the company may seek more acreage deals in the San Juan Gallup oil play.