Targa Terminals LLC, a subsidiary of Targa Resources Corp., Houston, has let a contract to KP Engineering LP (KPE), Tyler, Tex., to provide services related to construction of a previously proposed 35,000-b/d crude oil and condensate splitter at its Channelview, Tex., terminal on the Houston Ship Channel (HSC). Source: News

Range Resources Corp., Ft. Worth, has agreed to acquire Memorial Resource Development Corp. (MRD), Houston, in an all-stock deal valued at $4.4 billion, including the assumption of MRD’s net debt of $1.1 billion as of Mar. 31. Source: News

The Inpex Corp.-operated Ichthys LNG project has reached another milestone with completion of the prelaying of the 77-km chain and mooring system near Ichthys gas-condensate field in the Browse basin offshore Western Australia. Source: News

New York Atty. Gen. Eric T. Schneiderman (D) asked the US Federal Energy Regulatory Commission to investigate whether Constitution Pipeline’s construction along portions of its right-of-way in the Empire State violated federal law, regulations, and authorizations. Source: News

Statoil Holding Netherlands BV, a wholly owned unit of Statoil ASA, has agreed to take 50% interest in two licenses in the Thrace region of the European northwestern portion of Turkey from Calgary-based Valeura Energy Inc. Source: News

Light, sweet crude prices dropped moderately on the New York market May 13, holding above $46/bbl after a volatile week. Meanwhile, analysts appeared somewhat optimistic about the possibility of $50/bbl oil later this year. Source: News