The Houston-based arm of BP plc expects to complete a transaction by the end of the month to hand off some of its natural gas-rich properties in the Texas Panhandle and Texas Hugoton field to Pantera Energy Co. for $390 million. BP America Production Co. spokesman Brett Clanton told NGI’s Shale Daily on Tuesday the deal was signed with Pantera Acquisition Group LLC. BP Energy Co., which provides hedging and risk management services, is working with Pantera to complete a gas marketing services deal as part of the sale, he said. The properties being sold cover about 270,000 gross acres in Sherman and Moore counties. Included are about 500 BP-operated, low-rate, sour gas wells now producing about 5,000 boe/d. The gas properties hold “significant” associated natural gas liquids (NGL) and helium volumes, Clanton said. Current net production is 27.6 MMcfe/d, 43% NGLs, and 96 Mcf/d of helium. BP still would operate 1,700 wells in the Panhandle after the sale. The sale by BP continues a $10 billion divestment program to upgrade the portfolio (see Daily GPI, Oct. 29, 2013). The oil major began streamlining its Lower 48 operations earlier this year to create a separate U.S. entity to better compete with other domestic operators (see Shale Daily, March 4). Clanton had no new details on that plan. Total U.S. operations, including large leaseholds in the Gulf of Mexico, contribute around one-third of BP global energy reserves. BP already has written off its Utica Shale business on disappointing appraisal results (see Shale Daily, April 29). Amarillo, TX-based Pantera is a family-owned company founded in 1982 by Scott Herrick, who is vice president. Jason Herrick is president. The producer’s initial projects were in the Texas Panhandle and in Western Oklahoma. It owns and operates more than 800 wells today, with gross production of more than 25 MMcf/d of liquids-rich gas and 700 b/d of oil. Tudor, Pickering, Holt & Co. analysts said the transaction was immaterial to BP’s overall portfolio but would help to high-grade the U.S. business. “The deal works out to be $80,000/d flowing bbl based on 5,000 boe/d of production,” 57% weighted to gas, the analysts said.
-
Archives
- October 2023
- September 2023
- August 2023
- February 2023
- January 2023
- June 2022
- January 2022
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- March 2021
- February 2021
- January 2021
- December 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- May 2013
- April 2013
- February 2013
- January 2013
- December 2012
- November 2012
-
Meta