Page 12 - NorthAmOil Week 48 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM redeployment of net proceeds received by the DOWNSTREAM
Company for the working interest divestures.
PHX Minerals announces These recent working interest divestitures AECOM advances
and royalty acquisitions are expected to have
additional working interest a neutral effect on overall production during strategic focus on its
2022.
divestitures and mineral PHX MINERALS, December 01, 2021 professional services

acquisition MIDSTREAM business with sale of its

PHX Minerals announced today that it oil and gas maintenance
has sold two packages of assets totalling OGE Energy announces
193 non-operated legacy working interest and turnaround services
wellbores located primarily in the Arkoma the successful close
shale and Western Anadarko shale plays of business
Oklahoma to two undisclosed buyers for a of the merger between
total of approximately $2,500,000. The buyers AECOM, the world’s trusted infrastructure
of the assets will also assume approximately Energy Transfer and Enable consulting firm, today announced the signing
$500,000 of asset retirement obligation of a definitive agreement to sell its oil and
from the company. These working interest Midstream Partners gas maintenance and turnaround services
divestitures, along with the Fayetteville business to affiliates of Graham Construction.
wellbores PHX sold last month, generated OGE Energy, the parent company of The business being divested is non-core to the
net proceeds of approximately $4,625,000 Oklahoma Gas and Electric (OG&E) today company’s professional services business and
and represent 692 total gross legacy wellbores announced the completion of the merger is included in discontinued operations. The
divested and approximately $670,000 in between Energy Transfer and Enable transaction is subject to customary closing
aggregate asset retirement obligation removed Midstream Partners. conditions and regulatory approvals and is
from the company’s balance sheet. On a pro “We are pleased to announce the successful expected to close in the second quarter of
forma basis, PHX has 1,089 legacy working merger between Energy Transfer and Enable fiscal year 2022.
interest wellbores remaining. and I thank Enable and its employees for their “Today’s announcement furthers the
Additionally, PHX completed the hard work and dedication over the years,” execution of our strategy to focus our efforts
acquisition of approximately 172 net royalty said Sean Trauschke, chairman, president exclusively on our higher-margin and lower-
acres located primarily in Carter and and CEO of OGE Energy. “This merger is risk professional services business,” said Troy
Stephens County, Okla., for $1,376,416. This an important step in OGE’s plan to become Rudd, AECOM’s chief executive officer. “I
acquisition is predominately located in the a pure-play electric utility. The strength of thank the leadership and employees of the oil
same Springboard III area of the SCOOP play our balance sheet remains a competitive and gas maintenance and turnaround services
as the company’s previously closed April 2021 advantage for the company, supports our team for their efforts over the years and wish
royalty acreage acquisition where current intention to exit a majority of the Energy the business the best of success in the future.”
drilling activity continues to accelerate. Transfer investment by the end of 2022, and AECOM, November 30, 2021
The new royalty acreage acquisition, along allows for continued investment in the electric
with the cash acquisitions announced by utility and the communities we serve.”
the Company last month, represent a full OGE ENERGY, December 02, 2021 MOVES
Southwestern Energy

announces derivative
position added to support

acquisition financing

Southwestern Energy today announced
additional natural gas derivatives
implemented by the company and GEP
Haynesville to support the repayment of the
borrowings contemplated by the company to
help finance its pending acquisition of GEP.
The incremental positions are sufficient to
cover at least 80% of the expected 2022 to
2024 production from the acquired properties.
“Protecting financial strength is one of
the core pillars of our strategy. With these
incremental and acquisition-specific hedge

P12 www. NEWSBASE .com Week 48 02•December•2021