A cofounder of WildHorse Resource Development has formed the new WildFire Energy in Houston with more than $1 billion in backing from two major private equity firms.
Two of the top private equity firms, New York-based Warburg Pincus and Los Angeles-based Kayne Anderson Capital, are investing in WildFire and its founder and chief executive Anthony Bahr.
Chesapeake Energy closed in February on its $3 billion acquisition of Houston-based WildHorse, which focused on the northern portions of Texas’ Eagle Ford shale.
The goal of the new WildFire is to acquire shale acreage that is already producing oil and gas, and then optimize and expand those existing operations.
“Our business strategy is designed to rapidly achieve scale by capitalizing on current market dynamics and acquiring assets generating material cash flow today,” Bahr said.
WildHorse was founded by Bahr and Jay Graham, but the two have now gone their separate ways.
In May, Graham started the new Houston energy startup Spur Energy Partners that has partnered with the private equity firm KKR & Co. for financing to develop oil and gas acreage in the booming Permian Basin.
Both WildFire and Spur Energy are private Houston firms with major equity backing that are looking to make oil and gas acquisitions.
The head of Gibraltar’s government has met privately with Iranian officials in a bid to defuse tensions surrounding the seizure of an Iranian supertanker near the British overseas territory.
Chief Minister Fabian Picardo told parliament on Friday that the meeting earlier this week “was both constructive and positive”.
Mr Picardo said he wants to “de-escalate” the situation after the interception of the Panama-flagged tanker off the southern tip of Spain on July 4.
The tanker is suspected of carrying Iranian oil to Syria in breach of European Union sanctions on Syrian President Bashar Assad’s government, and its seizure stoked international tensions over the Persian Gulf.
Mr Picardo said he met Iranian officials at the Foreign Office in London on Wednesday.
He said he told them that due process of law must be followed and that the case is before Gibraltar’s Supreme Court.
Gibraltar government’s later said the Supreme Court has extended for 30 days the detention of the supertanker.
The government said the court has set August 15 as the date for a new hearing on the Panama-flagged Grace 1.
British Royal Marines boarded the ship on July 4 and Gibraltar police have arrested the vessel’s captain, chief officer and two second mates as part of their investigation.
Oilfield services giant Schlumberger has appointed a former North Sea boss as its new chief executive.
Olivier Le Peuch will take on the top job on August 1, replacing Paal Kibsgaard who is retiring after more than 22 years at Schlumberger and eight years as CEO.
Mr Le Peuch is the current chief operating officer at the firm, having been with Schlumberger for 32 years.
In that time he had a spell between 2008 and 2010 as vice president for North Sea operations, overseeing work in the UK, Ireland, Norway, Denmark, the Netherlands and offshore north-west Africa.
He has also held a range of other senior positions within the company.
Current CEO, Mr Kibsgaard, said: “Olivier possesses the Company’s values, an in-depth knowledge of our business, and a proven industry track record—all together, he is ideally suited to lead Schlumberger into the next chapter of our history.”
Mr Kibsgaard is also being replaced as chairman by Mark Papa who will come in as non-executive chairman of the board.
Commenting on his new post, Mr Le Peuch said: “I am truly honored at being chosen to lead Schlumberger and its world-class workforce at a very exciting time in our Company’s history.
“I would like to thank Paal for his leadership and contributions to the Company, along with his guidance during the succession process.”
Earlier Schlumberger posted its second quarter results with pre-tax income of £773.3m, down 12% on the same period last year at £870.7m.
Revenues were £6.5bn, down from £6.6bn in the same period in 2018.
Global oil field service giant Schlumberger reported nearly $8.3 billion of revenue during the second quarter beating Wall Street expectations.
In an early Friday morning statement, he company reported posting a $492 million profit on nearly $8.3 billion of revenue during the second quarter. The figures translated into earnings per share of 35 cents for stockholders.
The figures fell in line for Wall Street expectations of earnings per share of 35 cents but beat second quarter expectations of $8.1 billion on revenue.
Schlumberger’s earnings were mixed compared to the $430 million profit on $8.3 billion of revenue reported during the second quarter of 2018.
The company’s gains on revenue were lead by overseas activity. Schlumberger’s international activity increased by 8 percent — accounting for $5.5 billion of revenue. North America remained relatively flat with 2 percent growth and $2.8 billion of revenue.
“From a macro perspective, we expect oil market sentiments to remain balanced,” Schlumberger CEO Paal Kibsgaard said in a statement. “The oil demand forecast for 2019 has been reduced slightly on trade war fears and current global geopolitical tensions, but we do not anticipate a change in the structural demand outlook for the mid-term.”
In a separate announcement, Kibsgaard announced that he is retiring and will be succeeded by the company’s chief operating officer Olivier Le Peuch effective Aug. 1.
Founded in 1926 and headquartered in Paris, Schlumberger maintains its U.S. headquarters and its principal offices in Houston.
With more than 100,000 employees in 85 nations, Schlumberger finished 2018 with a $2.2 billion profit on $32.8 billion of revenue — making it the largest oilfield service company in the world.
It was just another day offshore for Fraserburgh man Alan Roy until he plucked up the courage to have a laugh with Neil Armstrong.
The US astronaut’s presence on an oil rig off the coast of Ireland in the 1970s had rendered most of the crew mute.
But as the 50th anniversary of the Apollo 11 lunar mission approaches, Mr Roy has spoken of his meeting with one of the world’s most famous men.
The craft carrying Neil Armstrong, Buzz Aldrin and Michael Collins blasted off for space on July 16 1969.
Four days later, 50 years tomorrow, Armstrong became the first person to walk on the moon.
In the mid-1970s, however, he was touching down on the Aladdin rig as it sat off the coast of the city of Cork.
Mr Roy was working as a derrickman for Jebsen Drilling when they met, sometime between 1975 and 1978.
Alan Roy gets Neil Armstrong’s autograph on an oil rig
Armstrong was described by his family as “a reluctant American hero” but the presence of the man from space left the hardy men on the rig awestruck.
Mr Roy said: “Neil Armstrong was on the board of Marathon Oil at the time and came on to the rig with some of the other Marathon men.
“We were drilling a hole down off the coast, south of the city of Cork, if I remember right.
“The crew were scared about asking for his autograph, but when we saw he was on his way to the helicopter to leave, I finally plucked up the courage and asked for one.
“He did it no problem. It was great to meet him.”
Mr Roy handed over his tally book, the note book he was using offshore at the time, for the astronaut to sign.
While watching Armstrong scrawl his name across the page, Mr Roy cracked a joke, with the moment captured on camera as they shared a laugh.
The 64-year-old said: “I asked him, because he was wearing a hard hat at the time, whether I could borrow his hat. He couldn’t understand my accent so he asked one of the men with him what I had said and they explained.
“He said ‘No, I think I need it just now’ and I laughed and said ‘no, I mean your big round one’.
“We were all laughing after that. While we were laughing that’s when the picture of us was taken.
“I remember watching the moon landing on an old black and white TV, which was just incredible, so meeting him was great.”