Phillips 66 said the deal to acquire Pinnacle Midstream was a strategic move to expand its natural gas gathering and processing assets in the Midland Basin.
Here’s a roundup of the latest E&P headlines, including development of the Belinda Field in the North Sea to new contract awards and service company acquisitions.
Following the transaction’s close, Overseas Shipholding Group Inc. will operate as a standalone business unit within Saltchuk.
Joe Foran built the Matador Resources brand from friends-and-family financing into an $8 billion company. Foran, Matador’s chairman and CEO, still sees a long runway for growth in the Delaware Basin.
APA Corp. and subsidiary Apache are selling more than $700 million in non-core assets in the Permian Basin and Eagle Ford Shale—part of a plan to reduce debt after a $4.5 billion acquisition of Callon Petroleum.
Key Energy Services’ deal comes as Endeavor Energy Resources is selling its upstream assets to Diamondback Energy.
Iberdrola said its acquisition of the remaining stake in Avangrid Inc. is intended to increase its exposure in the U.S.
East Daley Analytics identified several market factors in the midstream sector that point to further consolidation ahead.
Seadrill Ltd. is also selling its 50% equity interest in the joint venture that operates the rigs offshore Qatar.
The combination of Crescent Energy and SilverBow Resources will yield one of the Eagle Ford’s top producers—and the pro forma E&P could look to gobble up more acreage in South Texas after closing.