$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…
$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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