Halcon reports net income boost

Halcon reports net income boost

HOUSTON

Halcon Resources Corp. announced its second-quarter 2012 financial and operational results.

Halcon reported net income for the quarter of $2.8 million, or $0.02 per diluted share, after adjusting for selected items, compared to net income of $2.3 million, or $0.09 per diluted share, in the comparable quarter of 2011.

The company produced an average of 3,912 barrels of oil equivalent per day during the quarter, 73 percent of which was oil and natural-gas liquids.

Revenues for the three months ending June 30 decreased to $23.3 million, compared to $28.2 million for the three months that ended June 30, 2011, as a result of lower realized average prices and production volumes.

BP Egypt makes major gas find

CAIRO

BP Egypt announced the Taurt North and Seth South gas discoveries in the North El Burg Offshore Concession, Nile Delta. These are the fourth and fifth discoveries made by BP after Satis-1 and Satis-3 Oligocene deep discoveries and Salmon-1 shallow Pleistocene discovery.

The two wells were drilled by IEOC on behalf of concession operator BP, using Scarabeo IV rig in water depths of 110 and 78 meters, respectively. The wireline logs, fluid samples and pressure data confirmed the presence of gas in one Pleistocene interval in Taurt North and two Plio-Pleistocene intervals in Seth South.

Options to tie both discoveries to nearby infrastructure are being studied.

BP sells Calif. refinery

BP has reached agreement to sell its Carson, Calif., refinery and related logistics and marketing assets in the region to Tesoro Corp. for $2.5 billion as part of a previously announced plan to reshape BP’s U.S. fuels business.

Subject to regulatory and other approvals, Tesoro will acquire the 266,000-barrel-per-day refinery near Los Angeles as well as the associated logistics network of pipelines and storage terminals and the ARCO-branded retail marketing network in Southern California, Arizona and Nevada. The sale also includes BP’s interests in associated cogeneration and coke calcining operations. The closing is expected to happen before mid-2013.

Chesapeake trust OKs distribution

AUSTIN

Chesapeake Granite Wash Trust announced that its common unit distribution for the quarter that ended June 30 will be $0.61 per common unit.

The trust also will pay a distribution of $0.4819 per subordinated unit for the quarter. The distributions were paid Aug. 30 to all common and subordinated unit holders of record at the close of business Aug. 20.

During the three-month production period that ended May 31, total sales volumes and realized oil prices were slightly higher than estimated for the period. However, realized natural gas and natural-gas liquids prices were significantly lower than estimated. This resulted in quarterly income available for distribution of $0.578 per unit, which is $0.032 below the subordination threshold. As a result, the distribution per common unit is the subordination threshold of $0.61 for the quarter.

Shell, Chevron deal

Shell Development and Chevron Australia Ltd. have entered into a binding agreement for the exchange of Chevron’s 16.7 percent interest in the East Browse titles and Chevron’s 20 percent interest in the West Browse titles with Shell’s 33.3 percent interest in the Clio-Acme titles. In addition to the assets exchanged, a further cash payment from Shell to Chevron of $450 million has been agreed.

After completion of this transaction, Shell will hold a 35 percent interest in the West Browse titles and 25 percent interest in the East Browse titles.

The transaction is subject to governmental approval and regular processes for approval and registration of the dealings.

The transaction is consistent with Shell’s growth strategy, securing material direct interests in major LNG supply projects.

Coalition president sees bright shale future

pittsburgh

Marcellus Shale Coalition president Kathryn Klaber issued this statement regarding recommendations released by Pennsylvania Gov. Tom Corbett’s Manufacturing Advisory Council:

“The safe development of America’s abundant, clean-burning natural-gas resources has been, and will continue to be, a powerful catalyst for strengthening our nation’s manufacturing base, a critical sector of our economy. The common sense, pro-growth, pro-jobs policies outlined by the advisory council underscore how historic of an opportunity shale gas is for not only the commonwealth, but for our nation,” Klaber said in the statement.