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

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...

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
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