On Sept. 2, Schlumberger said it purchased Novatek Inc. and Novatek IP LLC, companies founded by H. Tracy Hall. Hall is the scientist who invented the first reproducible process of creating man-made diamonds. In Hall’s 2008 obituary, the Los Angeles Times wrote that Hall’s achievement was considered “on a par with converting lead into gold.”
The U.S.-based companies specialize in synthetic diamond technology primarily for the oil and gas industry. The company, founded in 1955, has won 637 patents for various drilling equipment.
W&T's interest in the Permian’s Yellow Rose Field produces about 3,000 boe/d, but the company has stopped drilling until commodity prices improve.
The Tulsa, Okla.-based company is working to quickly reduce debt just two weeks after closing its $2.75 billion acquisition of privately held RKI Exploration & Production LLC.
The private equity firm says the industry may experience a shift amid the downturn, with acquisition and exploitation models getting dollars while the supply of natural gas divestitures increases as operators hold on to oil assets in hopes of a recovery.
The transaction will expand Schlumberger’s revenue base by more than 20%, Paal Kibsgaard, the company’s CEO and chairman, said in a press call. Schlumberger expects cost synergies of $900 million over two years.
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.
In the second quarter of 2015 deal activity and values climbed as oil hung around the $60 level, then transactions pulled back as oil prices fell below $42.
|S&S||USD 14800||Members only||Cameron International Corp.|
|E&P||USD 850||Members only||Encana Corp.|
|E&P||USD 1750||Members only||Cobalt International Energy Inc.|
|Mid||USD 185||Members only||WPX Energy Inc.|