$17B Shale Player to Emerge and More

$17B Shale Player to Emerge and More
Here are some of Rigzone's top upstream stories during the last week, just in case you missed them...

Here are some of Rigzone’s top upstream stories during the last week, just in case you missed them…

$17B Shale Player to Emerge Later This Year

Bloomberg announced that Cabot Oil & Gas Corp. and Cimarex Energy Co. had agreed to merge. The deal will create a new Houston-based shale driller with a value of about $17 billion, Bloomberg highlighted.

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$7B+ Shale Driller Merger Baffles Analysts

The merger of Cabot Oil & Gas Corp. and Cimarex Energy Co. confounded investors and analysts, leaving them to question the logic behind the tie-up, Bloomberg noted.

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Petrofac Chief Exec Sees Pay Cut in 2020 

Petrofac’s ex-chief executive Ayman Asfari saw a pay cut last year, the company’s latest annual report revealed. Asfari received a total remuneration of $999,000 in 2020, which marked a drop of 13.3 percent compared to Asfari’s total remuneration figure of $1.15 million in 2019.

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ADNOC Announces $744MM Contract Award

The Abu Dhabi National Oil Company announced the award of a $744 million contract for the full field development of the Belbazem Offshore Block. Al Yasat Petroleum Operations Company Ltd - ADNOC’s subsidiary and joint venture with China National Petroleum Corporation - awarded the EPC contract to the National Petroleum Construction Company.

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Oasis Petroleum Exits Permian Basin

Oasis Petroleum entered into a series of definitive agreements to sell its entire Permian Basin position for a total gross potential consideration of $481 million. The total consideration consists of $406 million at closing and up to three $25 million annual contingent payments in 2023, 2024, and 2025.

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W&T Offshore Awards GOM Drilling Contract

W&T Offshore contracted a Valaris heavy-duty jack-up rig for a U.S. Gulf of Mexico campaign. The contract secures the VALARIS JU-117 (Ralph Coffman) jack-up.

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To contact the author, email andreas.exarheas@rigzone.com



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