More Companies News

Oxy reports decrease in US, worldwide 1Q production

Occidental Petroleum Corp. reported that its oil and gas production volumes in the first quarter averaged 745,000 boe/d, down from 763,000 boe/d in first-quarter 2013.

OTC: BP America optimistic about America’s energy renaissance, Mingé says

The top executive of BP America Inc. remains optimistic about the continuing energy renaissance taking place in the US.

Loyz acquires interests in central Thailand

A wholly owned subsidiary of Loyz Energy Ltd., Singapore, has completed its purchase of 20% interests in three producing concessions in central Thailand for $65 million from Carnarvon Thailand Ltd.

Shell aims for world's first commercial CCS project by end of decade

Royal Dutch Shell PLC hopes to operate the world's first successful commercial carbon capture and storage (CCS) project by the end of the decade.

EIA: Companies' global upstream spending flat in 2013

According to annual reports from 42 international oil and natural gas companies that have reported data on upstream expenditures since 2000, total upstream spending by these companies increased 0.4% in 2013, relatively flat compared with an average increase of 11%/year during 2000-12.

Chevron 1Q profits plunge on lower oil production, prices

Chevron Corp. reported earnings of $4.5 billion for this year’s first quarter compared with $6.2 billion for first-quarter 2013. Revenues in the first quarter were $51 billion, down from $54 billion during the same quarter a year ago.

Continental reports management changes

Continental Resources Inc., Oklahoma City, has named Gary E. Gould as senior vice-president, operations and resource development. He succeeds Richard E. Muncrief, who resigned to take the position of president and chief executive officer at Tulsa independent WPX Energy Inc.

Faroe Petroleum to buy UK North Sea interests from Tullow

Faroe Petroleum Ltd. has entered into an agreement with Tullow Oil PLC unit Tullow Oil SK Ltd. to buy 53.1% of Tullow’s Schooner unit interest along with 60% of its Ketch asset in the UK southern North Sea to for $75.6 million. The deal is effective Jan. 1.

Madagascar: OMV farms into onshore blocks

OMV AG reported it will acquire 35% participating interest in Madagascar onshore Blocks 3109 and 3111 from Tullow Oil PLC, which will retain 65% and continue as operator. The transaction is subject to approval from Madagascar’s government.

PwC: US M&A activity reaches highest 1Q volume in more than a decade

The US oil and gas industry recorded its highest volume of first quarter mergers and acquisitions (M&A) in more than a decade, PwC US Energy Practice said in an Apr. 30 report on transactions with value greater than $50 million. The movement was a result of rising upstream activities and increased interest from foreign entities.

Whiting reshuffles management following key retirement

Denver independent Whiting Petroleum Corp. reported that James T. Brown, president and chief operating officer since 2011, will retire. James J. Volker, chairman and chief executive officer, will assume the additional position of president.

Gazprom, CNPC preparing to sign gas supply contract in May

Following an Apr. 29 meeting in Moscow, OAO Gazprom said it is preparing to sign a gas supply contract with China National Petroleum Corp. in May.

Encana to sell assets in East Texas for $530 million

Encana Oil & Gas Inc., a wholly owned subsidiary of Encana Corp., has reached an agreement with an undisclosed buyer to sell certain properties primarily in Leon and Robertson counties in East Texas for $530 million, effective Apr. 1. The deal is expected to close in the second quarter.

El Paso to buy gas assets from Kinder Morgan for $2 billion

El Paso Pipeline Partners LP, a Kinder Morgan Inc. subsidiary, has agreed to acquire 50% interest in Ruby Pipeline, 50% interest in Gulf LNG, and 47.5% interest in Young Gas Storage from Kinder Morgan for $2 billion, effective Apr. 30.

Roc, Horizon Oil to join in ‘merger of equals’

Roc Oil Co. Ltd. and Horizon Oil Ltd., both of Sydney, have proposed a merger to create a significant Asian exploration and production company.

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