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2016-08-02 18:30:00

STATOIL SALES U.S.

STATOIL SALES U.S.

Statoil has agreed a further sale of non-core assets in its US onshore portfolio, the third in the southern Marcellus in the last two years.

In the latest transaction, Statoil will divest some of its non-operated interests in the US state of West Virginia to Antero Resources Corporation ("Antero") for approximately USD 96 million in cash.

This follows the announcement by Antero on 9 June 2016 of the acquisition of Southwestern Energy Company's ("Southwestern") interest in the same assets. Statoil and Antero have agreed on a price equivalent to that agreed between Southwestern and Antero.

The acreage is primarily located in Wetzel, Tyler and Doddridge Counties and is operated by Southwestern. Statoil's net acreage included in this transaction is approximately 11,500 acres and its average working interest is 19%.

As with the two previous transactions, the divestment increases Statoil's financial flexibility and allows capital to be focused on core activities in order to maximise value creation. The two previous transactions were:

  • In December 2014, Statoil agreed to reduce its working interest in its non-operated southern Marcellus asset from 29% to 23% in a USD 394 million transaction with Southwestern Energy.
  • In May 2016, Statoil divested its operated properties in the US state of West Virginia to EQT Corporation for USD 407 million in cash.

"The US business is one of the focus areas in Statoil's international strategy. We will continue actively to manage the portfolio, optimise field developments, and step up efficiency improvements and cost reduction measures," says Torgrim Reitan, executive vice president of Development and Production USA.

In the Marcellus Statoil retains its operated properties in the US state of Ohio and its c. 350,000 net acre non-operated position.

The transaction is expected to close by the third quarter of 2016, subject to certain conditions being met.

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Earlier:

STATOIL: 

STATOIL BUY BRAZIL: $2.5 BLN 

STATOIL CUTS $1 BLN 

STATOIL NET LOSS $302 MLN 

NORWEGIAN OIL & GAS DOWN BY $50 BLN 

NORWEGIAN MERGER

 

USA: 

U.S. RIGS UP 1 

U.S. DRILLING UP 

U.S. OIL COMPANIES UPDOWN 

U.S. OIL PRODUCTION DOWN 

U.S. OIL WELL COMPLETIONS DOWN 69%

 

Tags: STATOIL, USA

Chronicle:

STATOIL SALES U.S.
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

STATOIL SALES U.S.
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

STATOIL SALES U.S.
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

STATOIL SALES U.S.
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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