W&T Offshore has agreed to sell its stake in a West Texas oil field to a private equity start-up company for $376 million, the latest oil deal geared toward supporting a seller’s financial books amid cheap oil prices.
Samson Resources has made a deal with a group of creditors to restructure its balance sheet as part of a plan that involves seeking Chapter 11 bankruptcy protection next month, the company said late Friday.
Hercules Offshore may not be the last cash-strapped offshore driller to file for chapter 11 bankruptcy protection, as energy companies struggle to cope financially with one of the worst downturns in recent decades, Fitch Ratings said Friday.
Rhode Island-based Deepwater Wind reached its first “steel in the water” milestone in the early construction phase of its Block Island Wind Farm at the end of July, and the company has some other projects planned offshore of the Atlantic coast.
The approvals — which involve exchanges of U.S. oil for a similar amount of Mexican crude — did not require any change in U.S. law. The administration also denied applications to exchange U.S. crude for oil and petroleum products from other nations.
As plants operate at record-high capacities to soak up cheap crude and satisfy a growing demand for gasoline, a spate of refinery shutdowns have cropped up across the United States, including a recent shutdown of the BP Whiting plant, the largest refinery in the Midwest.
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