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NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM of cash directly to shareholders, a plan to quarterly average NYMEX price on record
streamline corporate and operating costs since the third quarter of 1995,” stated Dan
Shell completes sale of across the organisation and the resumption of O. Dinges, chairman, president and chief
executive officer. “We anticipate that the
its debt reduction programme.
US Appalachia assets to to accelerate the scheduled closing date of improving demand outlook for natural gas,
Devon and Banpu Kalnin Ventures plan
in conjunction with accelerated structural
National Fuel the Barnett shale asset sale to October 1, declines in supply resulting from significant
activity cuts across all onshore basins, will
2020, from the previously arranged date of
SWEPI (Shell), a subsidiary of Royal Dutch December 31, 2020. After accounting for provide tailwinds for natural gas prices this
Shell plc, has completed the sale of its purchase-price adjustments, which include winter.”
Appalachia shale gas position to Seneca an upfront deposit of $170mn and allocated Second quarter 2020 daily production was
Resources Company and NFG Midstream revenues and expenses from the effective date, 2,229mn cubic feet equivalent (mmcfe) per
Covington, each of which are subsidiaries of Devon expects to receive a net cash payment day (100% natural gas), exceeding the high-
National Fuel Gas Company. of more than $300mn at closing. end of the Company’s guidance range. During
The consideration amount of $541mn, less The Barnett shale sale agreement the second quarter of 2020, the Company
closing adjustments, is paid fully in cash. The also provides Devon the opportunity for drilled 14.2 net wells, completed 31.2 net
transaction has an effective date of January 1, contingent cash payments of up to $260mn wells, and placed 25.0 net wells on production.
2020. based upon future commodity prices, with Second quarter 2020 natural gas price
Shell has operated this asset over the past upside participation beginning at either realisations, including the impact of
decade and is proud of the relationship it has a $2.75 Henry Hub natural gas price or a derivatives, were $1.52 per 1,000 cubic feet
built with the local community in Appalachia $50 West Texas Intermediate oil price. The (mcf), a decrease of 33% compared to the
while delivering strong operational contingent payment period commences on prior-year period. Excluding the impact of
performance and commitment to safety. January 1, 2021, and has a term of four years. derivatives, second quarter 2020 natural gas
ROYAL DUTCH SHELL, July 31, 2020 The contingent payments are earned and paid price realisations represented a $0.30 discount
on an annual basis. to NYMEX settlement prices compared to
Devon Energy provides DEVON ENERGY, August 04, 2020 a $0.44 discount in the prior-year period.
Second quarter 2020 operating expenses
Barnett update, announces Cabot Oil & Gas Corporation (including interest expense) were $1.44 per
1,000 cubic feet equivalent (mcfe).
special dividend and reports second-quarter $30.4mn, or $0.08 per share, compared to
Second quarter 2020 net income was
outlines next steps in cost- 2020 results $181.0mn, or $0.43 per share, in the prior-
year period. Second quarter 2020 adjusted net
reduction plan Cabot Oil & Gas Corporation today reported income (non-GAAP) was $18.0mn, or $0.05
per share, compared to $150.6mn, or $0.36
financial and operating results for the second
In conjunction with its second-quarter quarter of 2020. per share, in the prior-year period. Second
earnings announcement, Devon Energy “Cabot Oil & Gas demonstrated its quarter 2020 EBITDAX (non-GAAP) was
provided an update on the timing of its continued ability to deliver profitability $136.9mn, compared to $311.1mn in the
Barnett shale divestiture closing and outlined during this global pandemic, which has prior-year period.
details on the next phase of its strategic plan. contributed to a historically-low natural gas CABOT OIL & GAS CORPORATION, July 30,
These strategic initiatives include the return price environment, resulting in the lowest 2020
Fieldwood Energy

commences voluntary
Chapter 11 process

Fieldwood Energy and certain affiliates
announced today that it has filed a voluntary
petition for relief under Chapter 11 of the
United States Bankruptcy Code in the
Bankruptcy Court for the Southern District of
Texas. The company will continue to operate
its business safely in the normal course
during the pendency of the Chapter 11 cases
and will continue working with its vendors,
co-working interest owners, and employees
to support the operations. Fieldwood expects
to have access to sufficient liquidity to meet
financial obligations during the restructuring,
including cash on hand and a debtor-in-

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