Plains E&P to acquire Pogo in $3.6 billion deal

By OGJ editors
HOUSTON, July 17 -- Plains Exploration & Production Co. has agreed to acquire Pogo Producing Co. in a cash and stock deal valued at $3.6 billion.

Pogo stockholders will receive 0.68201 share of Plains E&P common stock and $24.88 cash for each Pogo stock share, representing a total consideration of about $60/share. The transaction is subject to stockholder approval from both companies.

The transaction nearly doubles Plains E&P's production with the addition of substantial producing properties and significant growth potential in Texas, primarily the Panhandle, Permian, and Gulf Coast regions, as well as the prolific Madden field in Wyoming and the San Juan basin in New Mexico.

The Pogo assets are complementary to the Plains E&P's assets, having long production lives and low decline rates. At yearend 2006 pro forma for asset sales, Pogo reported proven reserves of 219 million boe.

Upon closing, which is expected in the fourth quarter, Plains E&P will have a proved reserves base of 635 million boe. Proved, probable, and possible reserves potential is estimated at 1.4 billion boe.

Plains E&P is considering creating a master limited partnership as well.

Related Articles

Study finds no fracing problems in Inglewood oil field

09/23/2013 A comprehensive study of Plains Exploration & Production Co.'s Inglewood oil field in southern California's Los Angeles basin found no adverse ...

Anadarko's Lucius taps Pliocene, Miocene oil

12/10/2009 A group led by Anadarko Petroleum Corp. is gathering data to analyze fluids from its Lucius exploration well in the ultradeepwater Gulf of Mexico a...

Gas supply potential linked to corporate strategies

11/04/2009 The potential of natural gas to reshape energy markets should exert parallel influence on corporate strategies, speakers said at the RMI Oilfield B...

Four Chesapeake shales set output marks

10/22/2009

Chesapeake Energy Corp., Oklahoma City, achieved record gross operated production from its four main US shale gas plays.

McMoRan drilling ultradeep gulf shelf prospect

09/24/2009 McMoRan Exploration Co., New Orleans, is setting intermediate casing at 23,500 ft, below a salt weld, at a proposed 28,000-ft ultradeep shelf prosp...

Petrohawk Energy names Stoneburner as president, COO

09/09/2009

Petrohawk Energy Corp. has named Dick Stoneburner as president and chief operating officer of the firm.

StatoilHydro joins Chesapeake in gas E&P pact

11/11/2008 StatoilHydro has ventured into unconventional gas opportunities and gas shale development under an agreement signed with Chesapeake Energy Corp.

StatoilHydro joins Chesapeake in $3.38 billion gas E&P pact

11/11/2008 StatoilHydro has ventured into unconventional gas opportunities and gas shale development under an agreement signed with Chesapeake Energy Corp.

Ultradeep shelf well logs four apparent pays

10/24/2008 The ultradeep Gulf of Mexico shelf well known as Blackbeard has logged four "potential hydrocarbon-bearing zones below 30,067 ft," said operator Mc...

White Papers

What is System Level Thermo-Fluid Analysis?

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

Accurate Thermo-Fluid Simulation in Real Time Environments

The crux of any task undertaken in System Level Thermo-Fluid Analysis is striking a balance between ti...

6 ways for Energy, Chemical and Oil and Gas Companies to Avert the Impending Workforce Crisis

As many as half of the skilled workers in energy, chemical and oil & gas industries are quickly he...
Sponsored by

AVEVA NET Accesses and Manages the Digital Asset

Global demand for new process plants, power plants and infrastructure is increasing steadily with the ...
Sponsored by

AVEVA’s Approach for the Digital Asset

To meet the requirements for leaner project execution and more efficient operations while transferring...
Sponsored by

Diversification - the technology aspects

In tough times, businesses seek to diversify into adjacent markets or to apply their skills and resour...
Sponsored by

Engineering & Design for Lean Construction

Modern marketing rhetoric claims that, in order to cut out expensive costs and reduce risks during the...
Sponsored by

Object Lessons - Why control of engineering design at the object level is essential for efficient project execution

Whatever the task, there is usually only one way to do it right and many more to do it wrong. In the c...
Sponsored by

Available Webcasts



The Future of US Refining

When 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


Oil & Gas Journal’s Forecast & Review/Worldwide Pipeline Construction 2015

When Fri, Jan 30, 2015

The  Forecast & Review/Worldwide Pipeline Construction 2015 Webcast will address Oil & Gas Journal’s outlooks for the oil market and pipeline construction in a year of turbulence. Based on two annual special reports, the webcast will be presented by OGJ Editor Bob Tippee and OGJ Managing Editor-Technology Chris Smith.
The Forecast & Review portion of the webcast will identify forces underlying the collapse in crude oil prices and assess prospects for changes essential to recovery—all in the context of geopolitical pressures buffeting the market.

register:WEBCAST



On Demand

Optimizing your asset management practices to mitigate the effects of a down market

Thu, Dec 11, 2014

The oil and gas market is in constant flux, and as the price of BOE (Barrel of Oil Equivalent) goes down it is increasingly important to optimize your asset management strategy to stay afloat.  Attend this webinar to learn how developing a solid asset management plan can help your company mitigate costs in any market.

register:WEBCAST


Parylene Conformal Coatings for the Oil & Gas Industry

Thu, Nov 20, 2014

In this concise 30-minute webinar, participants have an opportunity to learn more about how Parylene coatings are applied, their features, and the value they add to devices and components.

register:WEBCAST


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