Finance/Companies news briefs, July 2

Smith International Inc., Houston, acquired Star Tool Co., which provides fishing and rental tool services in the US Permian basin market. Financial terms were not disclosed. Star Tool will be integrated into the Smith Services business unit. Smith said the acquired operations generated $17 million in revenue for the fiscal year ended June 30.

The US Federal Trade Commission requested additional information regarding Valero Energy Corp.'s proposed acquisition of Ultramar Diamond Shamrock Corp., said Valero. The acquisition is expected to close in the fourth quarter, pending expiration of the Hart-Scott-Rodino waiting period, a favorable vote by both Valero and UDS shareholders, and other conditions.

Pan American International Petroleum Corp. and its partners Rio Bravo and Mercantile Oil & Gas, a company registered in the Cayman Islands by Canadian shareholders, signed an agreement with Peruvian state oil agency Perupetro that reduces the royalties the companies pay on incremental production to 15% from 45-60% on existing output. Mercantile operates Block III and Block IV in the north coast Talara basin. Gas production is expected in May 2002; it will go to supply an electric plant 35 km from the fields.

Norwegian company Prosafe ASA renamed Procon Drilling Services AS, its drilling unit, Prosafe Drilling Services AS; Safe Service Ltd. has been renamed Prosafe Offshore Ltd.; and Nortrans Offshore Ltd. has been renamed Prosafe Production Ltd. Prosafe took the steps to strengthen its corporate identity.

Barrington Petroleum Ltd., Calgary, said Friday it is fighting a sour gas flow at Shekilie 5-31-116-10W6M.

Petrobras International Finance Co. Ltd., a wholly owned subsidiary of Petroleo Brasileiro SA, has priced a $500 million senior note issue. The Notes are scheduled to mature in June 2011; Petrobras priced this transaction at a yield of 9.79%.

Promax Energy Inc., Calgary, said it closed a $55 million (US) credit facility with Shell Capital Inc., Houston.

EXCO Resources Inc., Dallas, closed its rights offering, which resulted in proceeds of $105.1 million in gross proceeds. EXCO applied $97.6 million of the proceeds to pay off bank loans and intends to use the rest for general corporate purposes.

ATP Oil & Gas (UK) Ltd. acquired from BP PLC an 86% interest in Blocks 43/17c, 43/22a, and 43/22c in the southern gas basin of the UK North Sea. Financial terms were not disclosed. ATP said the blocks, in 190 ft of water, contain two gas discoveries. ATP is a wholly owned subsidiary of ATP Oil & Gas Corp., Houston.

PetroChina added Hong Kong & China Gas and a Russia-based consortium comprising PJSC Gazprom and PJSC Stroitransgaz as two independent bidders for an $18 billion natural gas project. PetroChina said it might extend the bid further to companies it didn't pick up in the first shortlist. The project involves gas development at the Tarim basin in northwestern China, building a 4,000-km gas pipeline from Tarim to Shanghai, and gas sales.

Tosco Corp. said it would take a second quarter charge of $10.5 million to cut costs. The move calls for the elimination of 200 positions and the separation of employees from its subsidiary, Tosco Marketing Co. About 90% of those affected work in Tosco Marketing's Tempe office.

Compton Petroleum Corp., Calgary, said it temporarily suspended its normal course issuer bid to purchase up to 5.4 million common shares, because of the issuance of 241,997 common shares to a private oil and gas company as partial consideration for the purchase of certain oil and gas assets in the Brant area of southern Alberta.

Related Articles

WAFWA: Aerial survey finds lesser prairie chicken population grew

07/06/2015 A recent range-wide aerial survey found the lesser prairie chicken population rose 25% from 2014 to 2015, the Western Association of Fish & Wil...

Buru awarded onshore Canning licenses

07/06/2015 Buru Energy Ltd., Perth, and Mitsubish Corp. have been granted two production licenses for Ungani oil field in the onshore Canning basin of Western...

Cenovus sells royalty business for $3.3 billion

07/06/2015 Cenovus Energy Inc., Calgary, inked an agreement to sell its wholly owned subsidiary Heritage Royalty LP to Ontario Teachers’ Pension Plan for gros...

CERI: Energy, operational efficiencies possible in Canadian oil, gas

07/06/2015 Measures can be taken by operators in the expanding resource-intensive Canadian oil and gas sector to improve both energy efficiency and operationa...

AGL Energy to scale back upstream gas operations


Gas retailer AGL Energy Ltd., Sydney, says it will exit the oil business and massively scaling back its upstream gas operations.

Woodside lets contracts for Browse LNG project

07/06/2015 Woodside Petroleum Ltd. has let more contracts for the Browse floating LNG project offshore Western Australia. The contracts, awarded to a Technip-...

Macondo settlement seen ‘positive’ for BP

07/06/2015 BP Exploration & Production Inc.’s recent agreement to settle federal and state claims related to the 2010 Macondo blowout and spill improves t...

The price of oil and OPEC-history repeating?

07/06/2015 The world oil market today is characterized by a standoff between the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers a...

Earth model assists Permian asset valuation

07/06/2015 Laredo Petroleum Inc.'s Permian-Garden City asset is an unconventional resource play with more than four potential stacked zones covering a 1,700 s...
White Papers

Definitive Guide to Cybersecurity for the Oil & Gas Industry

In the Oil and Gas industry, there is no single adversary and no single threat to the information tech...

UAS Integration for Infrastructure: More than Just Flying

Oil and gas companies recognize the benefits that the use of drones or unmanned aerial systems (UAS) c...

Solutions to Financial Distress Resulting from a Weak Oil and Gas Price Environment

The oil and gas industry is in the midst of a prolonged worldwide downturn in commodity prices. While ...
Sponsored by

2015 Global Engineering Information Management Solutions Competitive Strategy Innovation and Leadership Award

The Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global...
Sponsored by

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by
Available Webcasts

Better Data, Better Analytics, Better Decisions

When Tue, Oct 27, 2015

The Oil & Gas industry has large amounts of data stored in multiple systems which are purpose built for certain tasks. However, good decisions require insights based upon the data in all of these systems. These systems in turn do not talk to each other. So the process of analyzing data, gaining insights, and making decisions is a slow one and often a flawed one. Good decisions require accurate analytics and accurate analytics require superior/sustainable data quality and governance. This webinar focuses on:

  • The importance of data quality and governance
  • How technological advances are making data quality and governance sustainable in order to get the accurate analytics to make solid decisions.

Please join us for this webcast sponsored by Seven Lakes Technologies and Noah Consulting.


Operating a Sustainable Oil & Gas Supply Chain in North America

When Tue, Oct 20, 2015

Short lead times and unpredictable conditions in the Oil & Gas industry can create costly challenges in supply chains. By implementing a LEAN culture of continuous improvement you can eliminate waste, increase productivity and gain end-to-end visibility leading to a sustainable and well-oiled supply chain.

Please join us for this webcast sponsored by Ryder System, Inc.


On Demand

Leveraging technology to improve safety & reliability

Tue, Sep 22, 2015

Attend this informative webinar to learn more about how to leverage technology to meet the new OSHA standards and protect your employees from the hazards of arc flash explosions.


The Resilient Oilfield in the Internet of Things World

Tue, Sep 22, 2015

As we hear about the hype surrounding the Internet of Things, the oil and gas industry is questioning what is different than what is already being done. What is new?  Using sensors and connecting devices is nothing new to our mode of business and in many ways the industry exemplifies many principles of an industrial internet of things. How does the Internet of Things impact the oil and gas industry?

Prolific instrumentation and automation digitized the industry and has changed the approach to business models calling for a systems led approach.  Resilient Systems have the ability to adapt to changing circumstances while maintaining their central purpose.  A resilient system, such as Maximo, allows an asset intensive organization to leverage connected devices by merging real-time asset information with other critical asset information and using that information to create a more agile organization.  

Join this webcast, sponsored by IBM, to learn how about Internet of Things capabilities and resilient systems are impacting the landscape of the oil and gas industry.


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected