No Apache merger – but 37 North Sea job cuts confirmed
Two energy giants have distanced themselves from rumours of another $17billion mega-merger as the low oil price environment creates a febrile environment for takeover speculation.
Apache
Proserv wins multi-million dollar North Sea contract with Apache
Energy services company Proserv has been awarded a multi-million dollar contract from Apache Corporation for work on the UK Continental Shelf.
OTC 2016: Expro completes Gulf plug and abandonment project for Apache
Oilfield services specialist Expro has completed a plug and abandonment (P&A) project in the Gulf of Mexico (GoM) for Apache.
Apache tribunal told there’s ‘room for improvement’ after speeding vessel crash
A marine expert told a tribunal “there is room for improvement when monitoring vessels” after a boat crashed into a North Sea rig.
Wild well crew deployed after Apache gas leak
A wild well crew was deployed after Apache confirmed a gas leak from one of its operated wells in Texas.
North Sea operators team up to reduce warehouse stock
A group of North Sea operators have come together to improve efficiency with the launch of a trial scheme to share 200,000 inventory items.
Apache awards North Sea subsea work
US oil and gas firm Apache has hired Harkand to support its drilling campaign on the Nevis South field in the North Sea.
Apache slashes spending by more than 60%
Apache Corp cut its annual capital budget by nearly two-thirds and reported a quarterly loss smaller than analysts had expected as its costs fell.
Apache tribunal: Vessel had “capacity to take out” platform
A tribunal heard yesterday that a boat which crashed into a North Sea rig had "the capacity to take out the platform and all the people on it."
Apache tribunal: Claims “bread and butter” error led to supply vessel crash
A ship master's "bread and butter" error was one of the factors that led to a supply vessel crashing into a North Sea rig at eight times the recommended speed limit, a tribunal heard yesterday.
Apache tribunal: Ship captain emotionally distressed when vessel crashed into oil rig
A ship captain was emotionally distressed when the vessel he was in charge of collided with a North Sea oil rig, a tribunal heard today.
Apache tribunal hears of “fundamental failure”
One of the world's biggest oil & gas companies is appealing a health and safety notice ordered following a collision between a supply vessel and one of its North Sea rigs.
Snowstorm hits crude output in Permian Basin
A snowstorm has hit parts of the Permian Basin in West Texas and New Mexico, affecting some crude output. The weather has also left some roads dangerous for trucks heading to and from oil wells.
Apache boss says still possible to make money in UK sector despite oil price
Cory Loegering, Apache’s regional VP and MD for the North Sea said it was possible to make money from the UK sector despite the current oil price.
Apache publishes 2015 sustainability report
Apache Corporation has published its 2015 Summary Sustainability Report.
Qedi awarded Apache North Sea commissioning contract
Qedi, Amec Foster Wheeler's completions and commissioning provider, has been awarded a commissioning contract from Apache North Sea for the brownfield modifications on all its North Sea assets.
North Sea must accept and adapt to $50 oil says industry leader
Many working in the North Sea have still to recognise the full impact of $50 oil and the crisis affecting the sector, according to one senior industry figure.
Security forces kill mastermind behind oil worker’s death
Security forces are reported to have killed an operative working for ISIS who masterminded the killing of an Apache worker in Egypt last year. According to media reports, Aly Ashraf Hassanein al Gharabi, had been responsible for running operations last year for an ISIS-linked militant group when William Henderson was killed.
Apache snub of Anadarko approach puts both explorers in play
Apache Corp.’s rejection of a takeover offer from Anadarko Petroleum Corp. leaves both energy explorers vulnerable to acquisition. Anadarko, the third-largest US natural gas producer, said it withdrew an all-stock offer after Apache refused to engage in substantive talks. Apache, one of the biggest leaseholders in the largest US shale play, slumped 7.3 percent, the most in nearly a year. Anadarko dropped 3.8 percent, wiping out $1.2 billion in market value. For Anadarko, an acquisition of the $20 billion company would have served as a defense from any potential suitors. Major oil companies including Royal Dutch Shell Plc and Exxon Mobil Corp., which have a half-trillion dollars in cash and shares to fund takeovers, are seen as likely to approach beaten-down US independent producers.
Major oil companies have half-trillion dollars to fund takeovers
The world’s six largest publicly traded oil producers have more than a half-trillion dollars in stock and cash to snap up rival explorers. Exxon Mobil Corp. tops the list with a total of $320 billion for potential acquisitions. Chevron is next with $65 billion in cash and its own shares tucked away, followed by BP Plc with $53 billion, according to data from corporate filings compiled by Bloomberg. Merger speculation was running high after Anadarko Petroleum Corp. said Wednesday it withdrew an offer to buy Apache Corp. for an undisclosed amount. Apache rebuffed the unsolicited offer and wouldn’t provide access to internal financial data, Anadarko said. Both companies are now takeover targets, John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by phone.
Anadarko ends Apache pursuit
Anadarko has confirmed it made an approach to Apache in a potential takeover bid for the company while also admitting it has given up its pursuit.
Anadarko said to have approached Apache with takeover offer
Anadarko Petroleum Corp. approached Apache Corp. about a combination that would be the largest for an independent U.S. oil and gas producer this year, according to people familiar with the matter.
Apache said to get takeover approach for $18billion company
Apache Corp., the oil and natural gas company worth more than $18 billion, has received an unsolicited takeover approach, according to people familiar with the matter.
Apache hit with $5.7billion quarterly loss
Apache has reported a quarterly loss of $5.7billion as it took a writedown due to the decline in oil prices. Despite the losses, the company has increased its production forecast for the year. Increased efficiencies, a drop in service costs and low break-even levels in core US shale fields have helped companies increase production even as they scale back spending.
Apache discoveries a “morale boost” for the North Sea
Apache’s further oil discoveries in the North Sea are a real “morale boost” for the sector, according to the chief executive of Oil & Gas UK. Deirdre Michie spoke to Energy Voice on the back of last month’s announcement of up to 70million barrels of recoverable oil in the North Sea. US-based Apache Corporation announced finds on two exploration wells in the Beryl area and a “large” discovery at its Seagull prospect about 50 miles south of its huge Forties Field.