Houston independent Apache Corp. reported a first-quarter net loss of $489 million, including noncash, aftertax ceiling test writedowns of $325 million driven primarily by low commodity prices. That compares with a net loss of $7.2 billion in fourth-quarter 2015 and a first-quarter 2015 net loss of $4.7 billion. Source: News
Shah Deniz partners let $1.5-billion subsea installation contract
BP PLC, on behalf of the Shah Deniz consortium, has let a $1.5-billion contract for the transport and installation of the deeper water subsea production systems for Shah Deniz Stage 2 offshore Azerbaijan to the BOS Shelf LLC, Saipem Contracting Netherlands BV, and Star Gulf FZCO consortium. Source: News
Newfield to acquire STACK acreage from Chesapeake unit
Newfield Exploration Co., The Woodlands, Tex., has agreed to acquire 42,000 net acres in the Anadarko basin STACK play from a subsidiary of Chesapeake Energy Corp., Oklahoma City, for $470 million. The deal is effective Apr. 1, and is expected to close during the second quarter. Source: News
MARKET WATCH: NYMEX natural gas price falls on high inventory
Light, sweet crude prices touched above $46/bbl on the New York market May 5 before settling at about $44.30/bbl upon lingering world oil oversupply concerns despite fires in Canada that threaten oil sands producers. Source: News
OTC: Panel seeks to energize deepwater projects
“Nothing draws people together like a common enemy,” said Maersk Oil Houston’s President Bruce Laws, “and the common enemy right now is low commodity prices.” Laws, who addressed an audience at the Offshore Technology Conference in Houston on May 4, was part of a panel discussing worldwide oil and gas deepwater development. Source: News
Environmental groups sue to make EPA regulate production wastes
A group of environmental organizations sued the US Environmental Protection Agency, calling for it to regulate surface handling and underground disposal of oil field production wastes. An Independent Petroleum Association of America official quickly dismissed the May 4 action in US District Court for the District of Columbia as a maneuver to stop or delay […]
OMV signs MOU for fields in Iran
Austria’s OMV AG signed a memorandum of understanding in Tehran with National Iranian Oil Co. for evaluation of various fields in the Zagros area of western Iran. Source: News
Phillips 66 unit to buy Standish Pipeline, remaining interest in Sweeny Frac
Phillips 66 Partners LP has agreed with Phillips 66 to acquire the Standish Pipeline and remaining 75% interest in Phillips 66 Sweeny Frac LLC, which owns the newly constructed Sweeny Fractionator One and Clemens Caverns storage facility, for $775 million. Source: News
Synergy Resources to buy Noble acreage in DJ basin for $505 million
Synergy Resources Corp., Denver, has agreed to acquire 33,100 net acres in the Greeley Crescent area of Weld County, Colo., from Noble Energy Inc., Houston, for $505 million. The deal is effective Apr. 1 and expected to close as early as June. Source: News
OGUK reorganizes with five teams, fewer work groups
Following a business review, Oil & Gas UK has reorganized into five teams from seven. The trade organization also said it streamlined the number of work groups it runs for its members by 40% to provide greater focus on industry priorities. Source: News