Woodlands-based energy company completes $182M acquisition
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Earthstone Energy, a Woodlands-based oil and gas company, has acquired rival Independent Resources Management for $182 million.
The deal, which closed this month, consisted of $131.2 million in cash and about 12.7 million shares of Earthstone stock valued at $50.8 million. Earthstone, which is traded on the New York Stock Exchange under the symbol ESTE, develops and operates oil and gas assets in the Midland Basin of West Texas and the Eagle Ford of South Texas.
“The added scale of this acquisition enhances our ability to deliver top tier operational and financial results with a heavy focus on generating low-cost, high margin production,” Earthstone CEO Robert Anderson said in a statement.
Former Noble Energy Exec Brent Smolik Joins Marathon Oil Board
The addition of Brent Smolik, formerly president and COO of Noble Energy, increases the size of the Marathon Oil board of directors to nine, according to a company filing.
Hart Energy Staff Your browser does not support the audio element.
Marathon Oil Corp. said Jan. 11 that Brent Smolik, a former executive at Noble Energy, has been elected to the company’s board of directors.
Brent Smolik
Smolik, 59, has over 35 years of experience in the oil and natural gas industry. He recently retired from his role as president and COO of Houston-based Noble Energy following its merger with Chevron Corp. in 2020.
Pioneer completes $4 5B acquisition of Parsley lmtonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lmtonline.com Daily Mail and Mail on Sunday newspapers.
Devon Energy completes $5.8 billion acquisition of WPX Energy
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Devon Energy has completed its acquisition of rival WPX Energy, creating one of the nation’s largest shale players with a dominant position in West Texas.Nick de la Torre / HC
Devon Energy has completed its acquisition of rival WPX Energy, creating one of the nation’s largest shale players with a dominant position in West Texas.
The acquisition gives Oklahoma City-based Devon access to 400,000 acres in the Delaware Basin that spans West Texas and New Mexico. The combined company is expected to have production of 277,000 barrels a day and save $575 million in costs
Pandemic. Recession. Oil bust. How Houston weathered economic collapse under COVID-19
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Abandoned tanks in Penwell in April. A sudden and devastating oil crash pounded the energy sector,which was still recovering from the deep, two-year oil bust that ended in 2016Elizabeth Conley, Houston Chronicle / Staff photographerShow MoreShow Less
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Brick and mortar retailers were particularly hurt by the pandemic.Karen Warren, Houston Chronicle / Staff photographerShow MoreShow Less
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A man walks through an almost completely empty parking lot at Franklin and La Branch Streets in March.Steve Gonzales, Houston Chronicle / Staff photographerShow MoreShow Less
Back in January, economists predicted a fairly routine 2020. The global economy was expected to grow a healthy 3.3 percent, buoyed by hopes that trade tensions between the United States and China were easing.