Wednesday, July 31, 2019

CLR Sells Water Gathering And Recyling System In Blaine County, Oklahoma; COP To Add Rig In Eagle Ford; Japan Bets Big On US Shale Revolution -- July 31, 2019

From a CLR press release:
Continental Resources, Inc. today announced the sale of its eastern STACK water gathering and recycling system in Blaine County, Oklahoma for $85 million to Lagoon Water Solutions.
Along with the divestiture, Continental has entered into a long-term arrangement with Lagoon to provide water sourcing, gathering and disposal services for Continental's future development in the area.
From shale to offshore: Rigzone article here

Japan bets big on US shale boom: Bloomberg via Rigzone. Data points:
  • Osaka Gas Co
  • first purchase of a US shale gas driller by a Japanese company
  • will acquire: Sabine Oil & Gs Corp, a unit of Sabine Oil & Gas Holdings
  • price; $160 million
  • 175,000 net acres; east Texas in the Haynesville and Cotton Valley formations
  • about $900/acre
  • Osaka's biggest purchase; surpassed its $532 million purchase back in 2008 -- APA GasNet Australia Investment Ltd
COP earnings: from Rigzone --
  • "earnings fall flat" for 2Q19
  • EPS: $1.40
  • generated free cash flow of $1.7 billion
  • seventh consecutive quarter of generating free cash flow
  • raised CAPEX from $6.1 billion to $6.3 billion
  • to add another rig in the Eagle Ford [a week ago, Z4 Research declared the Eagle Ford to be "in permanent decline" -- I guess that's why COP felt compelled to add another rig]
  • more exploration and appraisal drilling in Alaska

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