Hart Energy Headlines 12 20 18

Hart Energy Headlines 12 20 18


Hi everyone and thank you for joining us for
Hart Energy Headlines. I’m Jessica Morales. If you remember in October, BP was the big
winner of the sweepstakes to buy BHP’s U.S. onshore assets. The price was $10.5 billion. Now,
BP is selling its own U.S. onshore assets that could raise $3 billion of price for the
BHP assets. Are you following? Actually BP said at the time of the deal it would sell $5 billion
to $6 billion to finance the BHP deal. BP wants to focus on production from the Permian
and Eagle Ford basins to match rivals ExxonMobil and Chevron whose production there is set
to rise sharply in coming years. That’s not the only asset swap announcement
BP was involved in this week. ConocoPhillips said it completed its previously announced
sale to bp of a Conoco subsidiary that holds a 16.5% interest in the BP-operated Clair
Field for an undisclosed price. Conoco retains a 7.5 % interest in the field. The company
also completed an acquisition of BP’s 39.2% interest in the greater Kuparuk Area in Alaska and
38% interest in that transportation company for an undisclosed price. The Canadian government is giving its struggling
oil sector a boost. It said it would spend $1.6 billion Canadian dollars, to put in perspective,
that’s $1.19 billion U.S., to assist the country’s oil and gas industry. The Canadian
industry has struggled to move energy to U.S. markets due to full pipeline capacity. The government
will move the money mostly through loans. Finally, Cheniere Energy’s subsidiary Sabine
Pass Liquefaction has entered into an LNG sale and purchase agreement with Petronas LNG limited,
a subsidiary of the Malaysian state-owned company, Petronas, which will purchase approximately
1.1 MTPA of LNG from Sabine Pass Liquefaction on a free onboard basis for a term of 20 years.
The purchase price is indexed to the monthly Henry HUB price, plus a fee. That’s it for this week. I want to let you
know we will be taking a short hiatus for the holidays. Thank you for welcoming me back
from maternity leave. I was fortunate to have special time with my new son. Hart Energy
Headlines will return again on January 3rd with a special edition. We’ll see you then.
I’m Jessica Morales. Happy Holidays everyone.

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