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Whiting Petroleum Inks Deals to Divest North Dakota Assets
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Upstream energy firm Whiting Petroleum Corp. has signed a purchase and sale agreement to divest 50% stake in its North Dakota-based Robinson Lake natural gas processing plant. The company has also signed an agreement to sell 50% interest in Belfield natural gas processing plant and associated natural gas, crude oil and water gathering systems.
Both the Robinson Lake and the Belfield natural gas processing plant reported an average daily throughput of 132 MMcf per day for the second and third quarters of 2016. These North Dakota assets, which are jointly owned by Whiting Petroleum and Gas Corp., consist of over 650 miles of crude oil, natural gas and other gathering pipelines.
Independent refiner Tesoro Corporation’s master limited partnership, Tesoro Logistics LP will be purchasing these assets for about $700 million. Whiting Petroleum’s share of sale price is estimated to be approximately $375 million.
San Antonio, TX-based Tesoro is one of the largest independent oil refiners in the U.S. with a combined crude oil processing capacity of approximately 895,000 Bbl/d. The company operates via three segments – Refining (accounting for 58.4% of the company’s total 2015 operating income), TLLP (13.2%) and Marketing (28.4%).
Whiting Petroleum, on the other hand, is an independent oil and gas company that acquires, exploits, develops and explores for crude oil, natural gas and natural gas liquids primarily in the Permian Basin, Rocky Mountains, Mid-Continent, Gulf Coast and Michigan regions of the United States.
Whiting Petroleum currently carries a Zacks Rank #3 (Hold), implying that the stock will perform in line with the broader U.S. equity market over the next one to three months.
In the last four quarters, Braskem posted an average positive earnings surprise of 105.5%.
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Whiting Petroleum Inks Deals to Divest North Dakota Assets
Upstream energy firm Whiting Petroleum Corp. has signed a purchase and sale agreement to divest 50% stake in its North Dakota-based Robinson Lake natural gas processing plant. The company has also signed an agreement to sell 50% interest in Belfield natural gas processing plant and associated natural gas, crude oil and water gathering systems.
Both the Robinson Lake and the Belfield natural gas processing plant reported an average daily throughput of 132 MMcf per day for the second and third quarters of 2016. These North Dakota assets, which are jointly owned by Whiting Petroleum and Gas Corp., consist of over 650 miles of crude oil, natural gas and other gathering pipelines.
Independent refiner Tesoro Corporation’s master limited partnership, Tesoro Logistics LP will be purchasing these assets for about $700 million. Whiting Petroleum’s share of sale price is estimated to be approximately $375 million.
San Antonio, TX-based Tesoro is one of the largest independent oil refiners in the U.S. with a combined crude oil processing capacity of approximately 895,000 Bbl/d. The company operates via three segments – Refining (accounting for 58.4% of the company’s total 2015 operating income), TLLP (13.2%) and Marketing (28.4%).
Whiting Petroleum, on the other hand, is an independent oil and gas company that acquires, exploits, develops and explores for crude oil, natural gas and natural gas liquids primarily in the Permian Basin, Rocky Mountains, Mid-Continent, Gulf Coast and Michigan regions of the United States.
WHITING PETROLM Price
WHITING PETROLM Price | WHITING PETROLM Quote
Whiting Petroleum currently carries a Zacks Rank #3 (Hold), implying that the stock will perform in line with the broader U.S. equity market over the next one to three months.
A better-ranked player from the broader energy sector includes Braskem S.A. (BAK - Free Report) . The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the last four quarters, Braskem posted an average positive earnings surprise of 105.5%.
Now See Our Private Investment Ideas
While the above ideas are being shared with the public, other trades are hidden from everyone but selected members. Would you like to peek behind the curtain and view them? Starting today, for the next month, you can follow all Zacks' private buys and sells in real time from value to momentum . . . from stocks under $10 to ETF and option moves . . . from insider trades to companies that are about to report positive earnings surprises (we've called them with 80%+ accuracy). You can even look inside portfolios so exclusive that they are normally closed to new investors. Click here for Zacks' secret trades >>