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Anadarko CEO calls the deal the “right action for our stakeholders” that avoids the risk of larger costs later.
As the global hunt for oil gets tougher, the icy expanse of the Arctic – one of the last frontiers left for exploration – is looking more attractive to some producers.
For the third quarter, a group of 19 major integrated oil and refining companies based in the Americas should earn a total of $41.1 billion, down from last quarter but up 32 percent from the July-to-September period in 2010, analysts with Barclays Capital predict.
The newly formed Ursa Resources Group II launches after its predecessor, Ursa Resources Group, also backed by Denham Capital, sold assets in the Williston Basin.
ConocoPhillips named two chief executives officers for its newly formed companies, officials said this morning.
The prediction comes as tougher safety and environmental regulations enacted after the deadly Macondo well blowout in April 2010 continue to slow the pace of new drilling permits, forcing producers to scale back exploration programs.
Anadarko Petroleum Corp. said it has “substantially increased” its estimate for the amount of natural gas offshore fields in Mozambique may hold in the wake of additional exploration success there by a partnership it leads.
The Houston oil company, which recently spun off its refining arm, is evaluating the possible sale of a minority stake in its deepwater Gulf of Mexico assets as it focuses on increasing shareholder returns and strengthening its portfolio
The prediction represents a drop from the investment bank’s previous prediction of $123.50 a barrel for West Texas Intermediate, and reflects the increasingly anxious outlook for the global economic recovery. The bank also trimmed its 2012 Brent price estimate to $120 a barrel from $130.