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

ATP-IP settlement marks first joint resolution of CWA, OCSLA claims

10/27/2014 ATP Infrastructure Partners LP (ATP-IP) agreed to pay a $1-million fine and perform corrective measures to resolve federal claims that it violated ...

ATP finds more sands, thicker pay at Mirage

09/09/2009 ATP Oil & Gas Corp., Houston, said the No. 3 well at its Mirage field on Mississippi Canyon Block 941 in the deepwater Gulf of Mexico found thi...

ATP Oil & Gas cuts 2008-09 drilling budget

10/08/2008 ATP Oil & Gas Corp., Houston, said it plans to cut more than $200 million from its capital expenditure budget for the rest of 2008 and 2009.

ATP negotiating to sell certain assets

10/08/2008 ATP Oil & Gas Corp. said it is negotiating with various potential buyers for selected properties.

ATP acquires interest in Green Canyon blocks

07/02/2008 ATP Oil & Gas Corp. acquired a 55% working interest in the Gulf of Mexico's Green Canyon Blocks 299 and 300, collectively known as Clipper.

ATP makes executive promotions

05/26/2008 ATP Oil & Gas Corp. promoted Leland E. Tate to president of the company. Tate served as chief operating officer since August 2000. Prior to joining...

Oil, gas found on Gladden, Auduin West prospects in deepwater gulf

04/30/2008 ATP Oil & Gas recently participated in drilling two successful exploration wells in the deepwater Gulf of Mexico.

ATP advances Mirage field development

08/14/2007 Bluewater Industries, project manager of Mirage field on behalf of 100% owner and operator ATP Oil & Gas, has let a contract to Technip for subsea ...

ATP expands holdings in GOM's Mississippi Canyon area

02/05/2007 ATP Oil & Gas Corp. has acquired interests in three blocks near its operations on Mississippi Canyon Block 711 in the Gulf of Mexico that include G...
White Papers

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

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...
Available Webcasts


Prevention, Detection and Mitigation of pipeline leaks in the modern world

When Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST



On Demand

Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


US Midstream at a Crossroads

Fri, Mar 6, 2015

Oil & Gas Journal’s Mar. 6, 2015, webcast will focus on US midstream companies at an inflection point in their development in response to more than 6 years shale oil and gas production growth. Major infrastructure—gas plants, gathering systems, and takeaway pipelines—have been built. Major fractionation hubs have expanded. Given the radically changed pricing environment since mid-2014, where do processors go from here? What is the fate of large projects caught in mid-development? How to producers and processors cooperate to ensure a sustainable and profitable future? This event will serve to set the discussion table for the annual GPA Convention in San Antonio, Apr. 13-16, 2015.

This event is sponsored by Leidos Engineering.

register:WEBCAST


The Future of US Refining

Fri, Feb 6, 2015

Oil & Gas Journal’s Feb. 6, 2015, webcast will focus on the future of US refining as various forces this year conspire to pull the industry in different directions. Lower oil prices generally reduce feedstock costs, but they have also lowered refiners’ returns, as 2015 begins with refined products priced at lows not seen in years. If lower per-barrel crude prices dampen production of lighter crudes among shale plays, what will happen to refiners’ plans to export more barrels of lighter crudes? And as always, refiners will be affected by government regulations, particularly those that suppress demand, increase costs, or limit access to markets or supply.

register:WEBCAST


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