A sample of 90 US-based oil and gas producers and refiners posted a combined net loss of $17.74 billion for this year’s first quarter compared with a combined net loss of $7.05 billion for the same period in 2015. Source: News
ExxonMobil to acquire InterOil in deal valued above $2.5 billion
ExxonMobil Corp. has agreed to acquire all outstanding shares of InterOil Corp. for more than $2.5 billion. The deal is expected to close in September. Oil Search Ltd. in turn has withdrawn from its InterOil takeover attempt. An initial agreement between Oil Search and InterOil was announced in May (OGJ Online, May 20, 2016). […]
‘Keep-it-in-ground’ approach rebuked by Obama’s science guru
Realism with energy and climate change has lifted its battered head in, of all places, the administration of US President Barack Obama. Source: News
Thakorlal becomes Intecsea president
Geeta Thakorlal has been appointed president of offshore engineering consultancy Intecsea effective immediately. Source: News
Sigler joins Baker & McKenzie as partner
Denmon Sigler has joined Baker & McKenzie as a partner specializing in US and international energy and resource transactions. Source: News
US oil, overall rig counts creep upward; firms plot second-half activity
Thanks to another rise in oil-directed units, the US drilling rig count barely held on to its recent upward momentum during the week ended July 29. The modest increase comes during a week in which many US exploration and production firms outlined second-half drilling plans in second-quarter earnings reports. Source: News
LyondellBasell approves HDPE plant at US Gulf Coast
LyondellBasell has reached final investment decision to build a grassroots high-density polyethylene (HDPE) plant at the US Gulf Coast. Source: News
DNO launches bid to acquire Gulf Keystone
DNO, Oslo, has proposed to acquire Gulf Keystone Ltd., Bermuda, for $300 million in cash and shares. Both companies produce oil in the Kurdistan region of Iraq. Source: News
Repsol reports production increases due to acquisition, ramp-ups
Spain’s Repsol SA reported adjusted net income in the second quarter of €345 million compared with €312 million in the same quarter in 2015. Allowing for inventory and nonrecurring income, net income was €205 million vs. €292 million. Source: News
Halcon Resources files Chapter 11
Halcon Resources Corp., Houston, has filed voluntary petitions under Chapter 11 of the Bankruptcy Code to pursue a prepackaged plan of reorganization in which the firm would eliminate $1.8 billion in long-term debt and reduce annual interest expense by more than $200 million. Source: News