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Swift, which focuses on exploration and production in Texas and Louisiana, has struggled financially for a few years, but has seen its value dip precipitously along with oil prices since last year.
Chairman and CEO Gil Goodrich said in a conference call the company is selling much of its Eagle Ford Shale acreage in Texas for $118 million to “boost our liquidity and lengthen our runway.” The sale is going to an unnamed buyer so Goodrich Petroleum can keep itself afloat financially and pay off existing debt. The company said it would net a $50 million gain from the deal.
Communities in the Eagle Ford Shale in South Texas topped the state’s list of the top oil- and natural gas-producing counties in June, according to data released this week by the Texas Railroad Commission. Karnes County continues to pump more crude oil than any other county, with nearly 6.8 million barrels produced in June.
After already writing about Indiana Jones this week, and kicking off this post with an homage to The A-Team’s Hannibal (George Peppard, of course), you may think that I am stuck in the eighties, but I assure you this is not the case. (Mostly). The reason for the aforementioned Hannibal reference is because I was mulling over […]
Unimin said that it, with Union Pacific Railroad, delivered the sand to the Mission Rail Terminal in Elmendorf. The unit train was 6,200 feet long and was powered by four diesel engines.
A top Cheniere executive provided an update on the project at an energy conference in Houston on Monday, months after the company first revealed that it was hoping to build a marine and storage terminal on a 552-acre site along the La Quinta Ship Channel.
The deal will shift $2 billion in assets from Eagle Ford Shale Midstream, a joint venture owned by Dallas-based Pioneer Natural Resources and India’s Reliance Industries Ltd, to the Houston-based Enterprise Products Partners.
Shale wells require millions of gallons of water. Hydraulic fracturing pumps water, chemicals and sand at high pressure to crack shale, allowing oil and gas to flow up a well.
Jeff Tillery, Houston-based managing director and head of research at Tudor, Pickering, Holt & Co., said Linn’s dip in value made sense because the large offering coincided with a bad day for oil prices.
The Houston-based, exploration and production family of companies began entering the master limited partnership space after acquiring much of Houston-based Constellation Energy Partners LLC. Constellation last year was changed into Sanchez Production Partners, or SPP. But then, in March, the company became a limited partnership in the MLP structure.