East Texas, Haynesville Long Plays
Brandon Davis, Swan Energy, explains why some current investment in oil and gas may be 5-year plays right now. He also shares his thoughts on the reduction of drilling costs making $40-$45 oil profitable.
“A lot of opportunity in East Texas and Haynesville right now. They are longer though. When you are looking at gas heavy fields, which are really good, it’s just the price has been down for so long and I don’t think its going to change anytime soon. I think it will take 4-5 years,” Davis said. “Which seems like an eternity in this business right now. It’s just a different look at it.”
Energy Transfer Evaluating Lake Charles LNG EPC Bids
Lake Charles LNG has received commercial bids from EPC companies in response to a commercial tender issued in December last year.
“These bids are being evaluated,” Energy Transfer said in a monthly status report to US FERC dated July 14.
The company did not did not reveal any additional info such as who the bidders are or when it plans to award the deal.
Lake Charles project seeks to convert Energy Transfer’s existing regasification terminal in Louisiana to an LNG export facility.
California Resources Corp., Leading Oil and Gas Producer, Files for Chapter 11 Bankruptcy
California Resources Corp., the state’s largest oil and gas production company with more than 2 million acres of reserves spanning four major basins, filed for Chapter 11 bankruptcy protection on Wednesday evening, seeking relief from $5 billion in debt and looming interest payments.
The company’s announcement came just hours before the clock was about to run out at midnight Eastern Time on the last of several agreements with creditors.
Under a Chapter 11 restructuring filed in U.S. Bankruptcy Court for the Southern District in Texas, the company hopes to eliminate more than $5 billion of debt and equity interest and consolidate its ownership of its Elk Hills power plant and a gas plant in Kern County upon court approval.
Liquidity would be bolstered by $1.1 billion debtor-in-possession financing, which also would refinance in full CRC’s current revolving loan facility.
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