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Ohio shale oil, gas volumes tick up; rating agencies clip Devon's credit score


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Ohio shale oil, gas volumes tick up; rating agencies clip Devon's credit score

After 2 flat quarters, Ohio shale oil and gas volumes tick up in Q3

After two quarters of flat production growth, Ohio's shale wells showed a 9% uptick in oil, gas and NGL volumes in the third quarter as Gulfport Energy Corp. returned to active drilling in the state and pint-sized Montage Resources Corp. punched above its weight, racking up a 48% volume gain over the same quarter of 2018. Ohio producers reported 7.8 Bcfe/d of production in the third quarter, according to the latest data released Dec. 13 by the state Department of Natural Resources, a 12% increase over the third quarter of 2018 and 9% more than the second quarter of this year.

Rating agencies clip Devon's credit score after Barnett sale, buyback expansion

While Wall Street analysts welcomed Devon Energy Corp.'s sale of its historic position in the Barnett Shale, the driller's move toward becoming an onshore shale oil producer drove two credit rating agencies to clip Devon's investment credit rating by a notch Dec. 20. Fitch Ratings and S&P Global Ratings noted that the sales involve hefty cuts to Devon's production and reserve numbers.

Riviera Resources inks deal to sell East Texas properties for $34M

Riviera Resources Inc. entered into an agreement to sell its interest in properties in the Personville field in East Texas to an unnamed buyer for $34 million. Under the deal, the company will sell about 750 wells that had an average third-quarter net production of about 28 MMcfe/d, according to a Dec. 20 news release. Riviera Resources said it plans to use the proceeds as an addition to cash on its balance sheet.

Apache forms JV with Total to develop Block 58 offshore Suriname

Houston-based Apache Corp. and French integrated oil and gas company Total SA formed a joint venture to develop Block 58 offshore Suriname. Under the joint venture, Apache and Total will each get a 50% working interest in Block 58. Apache said it will get a $5 billion cash carry on its first $7.5 billion of appraisal and development capital, 25% cash carry on the corporation's appraisal and development capital beyond the $7.5 billion, cash payments related to the joint venture's completion and production from other projects and a 50% reimbursement of all costs spent in Block 58.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.