In the wake of falling oil prices, a number of oil and gas companies announced budget cuts last week for their 2015 budgets. EOG Resources, Inc., a Houston oil and gas company, announced it was cutting its budget by 40% for 2015 for capital expenditures and production facilities. Noble Energy, Inc., also a Houston-based company, announced a 40% budget reduction. Marathon Oil Company of Houston announced a 20% reduction to its capital expenditures, investments, and exploration budgets for 2015. Finally, Devon Energy Company of Oklahoma City cut its capital expenditures and exploration and production budget by 20%.
In spite of falling prices, a number of companies announced major deals in the 4th Quarter of 2014. Oneok Partners, LP, a Tulsa-based company which is one of the country’s largest publicly traded master limited partnerships, announced that it had reached agreement to acquire NGL Pipelines and related assets in the Permian Basin in west Texas and New Mexico from affiliates of Chevron Corporation. The deal was worth approximately $800 million according to a report in the Oil and Gas Journal.
Also, Oklahoma City-based Continental Resources, Inc. formed a joint venture with a U.S. subsidiary of SK E&S Co., Ltd., a liquid natural gas company based in Seoul, South Korea, develop Continental’s northwest assets in the Cana Woodford natural gas field in Blaine County and Dewey County in Oklahoma.
For updates, stay tuned to this blog, or contact Toni Ellington at (504) 599-8500.
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