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Occidental acquires certain PXP assets for $1.25B
Occidental Petroleum Corp. has signed a definitive purchase and sale agreement with Plains Exploration & Production Co. to purchase all of PXP's interests in the Permian Basin of West Texas and New Mexico and Piceance Basin of Colorado for $1.25 billion.
Current production (net to Occidental) from the properties is roughly 4,300 barrels of liquids and 52 MMcfd; for a total of 13,000 boe/d.
T.D. Williamson Inc. has promoted Bruce Binkley to president and CEO. Binkley replaces Dick Williamson, who led the company for the past 16 years and remains with the company as chairman of the board.
Since 2005, Binkley has served as president and COO for TDW. Prior to that, he was senior vice president and general manager of the Western Hemisphere Region.
Oklahoma City-based Devon Energy Corp. has completed the sale of its operations in the West African nation of Cote d'Ivoire to Afren plc for $205 million. After adjusting for net revenues received by Devon from June 30, 2007, through closing, the adjusted proceeds were $164 million.
With this transaction, Devon has divested all of its oil and gas producing properties in Africa. The aggregate pre-tax value of the combined African divestitures was approximately $3 billion.
El Paso Pipeline Partners to acquire additional interest in CIG, SNG
El Paso Pipeline Partners LP has agreed to acquire an additional 30% interest in Colorado Interstate Gas Co. (CIG) and an additional 15% interest in Southern Natural Gas Co. (SNG) from El Paso Corp. for $736 million. The acquisition will increase El Paso Pipeline Partners' interest in CIG to 40% and its interest in SNG to 25%.
Energy sector faces greater FCPA scrutiny
Regulatory officials are putting oil and gas companies and service firms under a microscope as they examine overseas energy deals, particularly those involving government licenses.
Connecting the spokes at Newfield Exploration
In 2003 the systems utilized by the different business units at Newfield Exploration Co., would have been characterized as the spokes of a wheel, none of which were attached to its hub.
Eric van Oort, Planning & Business Improvement Manager, Shell E&P Americas Douwe Franssens, Global Real Time Technology Manager, Halliburton Sperry Drilling Services
