The oil field is the last remaining property of the Naval Petroleum and Oil Shale Reserves program.
BP plans to reduce company expenses by $1 billion in 2015.
The timing couldn’t have been better for MLPs to make deals in 2014, as midstream companies looked to the exits in an ever-competitive environment.
Even as oil prices were down more than 40% in the fourth quarter, transactions were robust.
In 2014, Kinder Morgan brought all of its MLPs under one umbrella for $76 billion.
MHR wants oilfield service discounts of at least 40% to reflect commodity price drop.
There are still a number of large operators with strong cash positions who may be willing to deploy capital to acquire companies at reduced prices.
Flat commodity prices are likely to transform the industry.
Round One makes available 169 blocks with more than 18 Bboe in prospective resources and proven and probable reserves.
Acquisition comes at a time when leading Bakken producers are scaling back expenses.
Deal adds 1.3 MMboe of PDP reserves, but Matador’s capex is down about $350 million from 2014.
The move helps shore up its partner in Russia and increases market share as Halliburton, Baker Hughes merge.
|Mid||USD 18000||Members only||Regency Energy Partners LP|
|Mid||USD 3000||Members only||Hiland Partners LP|
|E&P||USD 37.4||Members only||Harvey E. Yates Co.|
|S&S||USD 1700||Members only||Eurasia Drilling Co. Ltd.|