Sunday, June 24, 2018

Delaware News

Axeon to Close NJ Asphalt Plant

Axeon Specialty Products plans on shutting down its 75,000 barrel-per-day asphalt refinery in Paulsboro, New Jersey, as early as this summer, according to a local politician and sources familiar with the company's plans. If completed, the shutdown marks another contraction in the shrinking refining sector along the U.S. northeast, where four of the region's 10 refineries have shut in the past decade. Axeon is owned by New York-based hedge fund Lindsay Goldberg. Neither Axeon nor Lindsay Goldberg responded to requests for comment.

Energy Future Postpones Restructuring Hearing

An attorney for Texas' leading power company, the bankrupt Energy Future Holdings, told a court hearing on Thursday that it will delay seeking court approval of a restructuring support agreement that lays a path out of Chapter 11. At the start of a two-day hearing on a request to move the bankruptcy case to Dallas from Wilmington, Delaware, Edward Sassower said Energy Future will postpone to June 30 from June 6 a hearing to approve its restructuring support agreement, known as an RSA.

Energy Future Bankruptcy Case to Stay in Delaware

The Chapter 11 bankruptcy of Texas's largest power company, Energy Future Holdings, will remain with a U.S. Bankruptcy Court in Wilmington, Delaware, the judge handling the case ruled on Thursday. Energy Future filed one of the largest nonfinancial bankruptcies ever in April in Delaware, where the company's subsidiaries are incorporated. The company has $42 billion in debt. U.S. Bankruptcy Judge Christopher Sontchi rejected arguments by a trustee for junior creditors that the case should be in Dallas…

US Judge to Approve Peabody Ch. 11 Plan, Subject to DOJ Talks

A U.S. bankruptcy judge said on Thursday he would approve a plan by Peabody Energy Corp , the world's largest private sector coal producer, to exit Chapter 11 bankruptcy subject to discussions with the U.S. Department of Justice.   (Reporting by Tom Hals in Wilmington, Delaware; Editing by Chris Reese)

Marathon Adds to Permian Acreage with $700 Mln Buy

Marathon Oil Corp said on Tuesday it bought additional acreage in the Permian basin for about $700 million, the company's second purchase in less than two weeks as it focuses on higher-margin, lower-cost U.S. assets. The about 21,000 acres, situated in the Northern Delaware basin of New Mexico, was acquired from Black Mountain Oil & Gas and other private players, the company said. Marathon, which has said it would exit its Canadian oil sands business, bought up about 70,000 net surface acres in the oil-rich Permian basin for $1.1 billion earlier this month.

Blackstone to buy EagleClaw Midstream

File Image (CREDIT: AdobeStock / (c) pisotckii)

EagleClaw Midstream Ventures LLC said on Monday it agreed to be bought by funds managed by Blackstone Group LP for about $2 billion.   EagleClaw Midstream Ventures LLC, which owns and operates natural gas pipelines and processing facilities, said the all-cash deal includes about $1.25 billion in debt, financed by Jefferies LLC.   EagleClaw is the largest privately held midstream operator in the Permian's Delaware Basin in West Texas. Reporting by Arathy S Nair

Blackstone to Buy EagleClaw Midstream

EagleClaw Midstream Ventures LLC, the largest privately held operator of pipelines and processing facilities in West Texas' Delaware Basin, said it agreed to be bought by funds managed by Blackstone Group LP for about $2 billion. Private-equity funds, including Blackstone, Carlyle Group , and CVC Partners, have built up significant firepower in recent years to invest in the oil and gas industry, where asset prices have dipped sharply since crude oil prices collapsed mid-2014. Blackstone said in August it would invest about $1.5 billion in the oil-rich Permian basin.

FairfieldNodal to Perform Delaware Basin Surveys

FairfieldNodal announced plans for two new multi-client surveys, Barilla Draw and DB4A, in the Delaware Basin in West Texas and Southeast New Mexico. Currently in the permitting phase, FairfieldNodal expects to complete both surveys by October 2015, offering new data as early as the end of the year. Barilla Draw encompasses approximately 320 square miles in Reeves and Ward counties in Texas. The survey has been designed to image Wolfcamp and other objectives in multiple pay zones.

Halcon Resources to Shed Some Williston Assets

File Image (CREDIT: AdobeStock / (c) Edelweiss)

Oil producer Halcon Resources Corp said on Tuesday it would sell assets it operates in the Williston Basin to Bruin E&P Partners for $1.4 billion in cash, as it looks to focus on the more lucrative Delaware Basin. Halcon shares were up 40 percent at $6.30 in premarket trading. The Delaware basin, part of the larger Permian Basin, has seen a slew of land acquisitions as producers scramble to gain or expand positions in the top U.S. oil field. The assets to be sold produce about 29,000 barrels of oil equivalent per day, Halcon said in a statement.

Coyanosa Survey Phase 1 Set to Begin

A FairfieldNodal and Schlumberger WesternGeco multiclient joint venture project in the southern Delaware Basin of West Texas, known as Coyanosa Phase I, is scheduled to begin shooting late-August. This initial phase, to be acquired by Dawson Geophysical, will consist of 307 square miles of high-quality, 3D seismic data in Ward, Reeves and Pecos Counties, Texas. Of particular interest are the Bone Spring and Wolfcamp formations. The resulting 3D data will tie…

Anadarko Petroleum to Buy Back $2.5 Bln in Shares

Anadarko Petroleum Corp said on Wednesday that its board had authorized a $2.5 billion share repurchase program through 2018.   The company's shares were up 3.8 percent at $46.5 in after-market trading.   Anadarko also reaffirmed its 2017 production forecast for its Gulf of Mexico and Delaware Basin assets. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Maju Samuel)

PBF's Delaware Cat Cracker Down for a Month

A key gasoline-making unit at PBF Energy Inc's 182,200-barrel-per-day (bpd) Delaware City, Delaware, refinery is expected to be shut for at least a month - and possibly much longer - following an explosion and fire on Friday, a source familiar with plant operations said on Sunday. The unexpected shutdown of the 65,000-bpd fluid catalytic cracker comes as U.S. refiners run at high rates to soak up the remaining profits of a summer marked by higher-than-expected demand. It's also the latest in a string of incidents that have caused gas prices to spike, even as U.S.

Anadarko Petroleum Eyes 2018 Sales Rise

(Photo: Anadarko Petroleum)

Anadarko Petroleum Corp on Thursday forecast an 11 percent rise in sales volumes for 2018, as shale producers boost oil output aggressively, taking advantage of recovering oil prices. The Woodlands, Texas-based oil and gas producer said it expects to sell 245-255 million barrels of oil equivalent (MMBOE) in 2018, higher than the 224-228 MMBOE it forecast for 2017. The company expects to spend $4.2 billion to $4.6 billion in 2018, with about 80 percent for the Delaware and DJ basins, including its midstream and deepwater assets in the Gulf of Mexico.

Blackstone to Invest $1.5 Bln in Permian Basin

Asset manager Blackstone Group LP will invest about $1.5 billion in the oil-rich Permian basin, in Texas and New Mexico. The company said it would partner with oil and gas company Jetta Operating Co Inc to create Jetta Permian, which will spend $1 billion on assets in the Delaware Basin, located in the larger Permian basin. Blackstone also said it would spend $500 million on future acquisitions, to be made through its recently formed oil and gas company, Guidon Energy.

Oasis Petroleum to buy Permian Assets

File Image (CREDIT: AdobeStock / (c) Edelweiss)

Oil and gas producer Oasis Petroleum Inc said on Monday it would buy 20,300 net acres in the Delaware Basin from privately-held Forge Energy LLC for about $946 million.   Oasis said it will would buy the acreage, which produced 3,500 barrels of oil equivalent in November, in cash and stock.   Reporting by Ahmed Farhatha

Crystallex Pursues Citgo as Vens Miss Payment Deadline

Mining company Crystallex International Corp said on Thursday Venezuela failed to honor a settlement and urged a federal judge to allow it to seize control of U.S. refiner Citgo Petroleum Corp, which is owned by the country's state oil company. Canada-based Crystallex won a 2016 international arbitration award of $1.2 billion against Venezuela, which has refused to pay. The company had been trying to collect by seizing shares of Citgo's U.S. parent company, which is owned by Venezuelan state oil company PDVSA.

EOG to Buy Yates in $2.5 bln Deal

EOG Resources Inc said on Tuesday it would buy privately held Yates Petroleum Corp and some of its subsidiaries and other entities in a deal valued at $2.5 billion to boost its assets in the Permian and Powder River basins. Oil and gas companies, encouraged by an uptick in oil prices, have been buying up acreage in the Permian Basin in west Texas and eastern New Mexico - the nation's largest shale oil play - as the region is considered among the most cost-effective and most viable to drill.

After Florida, more States Press US for Offshore Drilling Exemptions

© Steven Frame / Adobe Stock

Governors and other officials from several U.S. coastal states ramped up pressure on the Trump administration on Wednesday to exempt their waters from an offshore drilling plan, hours after the Interior Department granted Florida's request to opt out. The backlash could complicate President Donald Trump's efforts to expand oil and gas production offshore. A proposed leasing plan unveiled last week aims to open up all U.S. coasts to drillers over the next five years. Alaska and Maine are the only two U.S. states whose governors have expressed support for the plan.

TransCanada Unit offers to buy Columbia Pipeline Partners

TransCanada Corp said on Monday its unit, Columbia Pipeline Group, offered to buy Columbia Pipeline Partners LP for about $848 million in cash. The $15.75 per common unit offer represents a premium of 11.3 percent to Columbia Pipeline Partners' 30-day average closing price as of Sept. 23, TransCanada said. A committee of independent directors of Columbia Pipeline Partners' board will be formed to consider the offer as the general partner of Columbia Pipeline Partners is an indirect unit of Columbia Pipeline Group, TransCanada said.

ConocoPhillips sues Venezuela's PDVSA

Subsidiaries of U.S. oil company ConocoPhillips has sued Venezuelan state oil company PDVSA in a Delaware court, according to a court filing, accusing it of fraudulent operations involving its U.S. subsidiary Citgo. ConocoPhillips said PDVSA operations, including an ongoing bond swap that uses shares in Citgo Holding Inc as collateral, are part of an effort to prevent Conoco from collecting compensation in a dispute over a 2007 nationalization of its Venezuela holdings.