In the face of economic turmoil, Southwestern Energy has sold $700 million in assets following its multibillion-dollar acquisition in the southwest Marcellus Shale.
With the shock value of 20% to 80% capex cuts fading, producers might start pulling back production as the oil market keeps tightening and Saudi Arabia flexes its economic muscles.
With the barn-burner rumors of a huge sale gone, the Bakken behemoth looks to raise liquidity with debt and share offerings to overcome about $1 billion in capex outspend.
In the span of two days Southwestern Energy sells its Pennsylvania gathering system, along with its East Texas, Arkoma Basin assets for more than $700 million.
Whitecap Resources pays $115,200 per boe/d for production in the Viking, a highly economical oil asset near the Kerrobert area of west central Saskatchewan.
Sale day statistics show 64 blocks in water depths of greater than 1,600 m (5,249 ft) received bids worth a total of about $334.9 million.