Join The Discussion

 

Trademark closes on 63-acre Waterside site in Fort Worth

Construction begins Oct. 20 on the development, to be anchored by a Whole Foods Market.

read more >

UPDATE: $215M hotel, indoor ski project planned for Grand Prairie

Officials in Grand Prairie are expected later today to announce a $215 million project that will include a Hard Rock Hotel and an indoor ski facility.

read more >

Two Fort Worth council members propose temporary single-family moratorium around TCU

The moratorium would apply to new permits for single-family homes around TCU, and give the city time to figure out what to do with a controversial proposed overlay in several neighborhoods around the university.

read more >

Fresh Ebola fears hit airline stocks

DALLAS (AP) — News that a nurse diagnosed with Ebola flew on a plane full of passengers raised fear among airline investors that the scare over the virus could cause travelers to avoid flying.

read more >

Landscape architect behind several TCU landmarks acquired

The Dallas design firm behind several Texas Christian University projects, as well as Globe Life Park in Arlington and AT&T Stadium, has been acquired by Rvi Planning + Landscape Architecture.

read more >

Devon Energy buying Eagle Ford assets for $6B

 

NEW YORK (AP) — Devon Energy Corp. is buying oil-producing assets and other property in the Eagle Ford in Texas from GeoSouthern Energy for $6 billion.
 
Devon said Wednesday that the assets include current production of 53,000 barrels of oil equivalent per day and 82,000 net acres with at least 1,200 undrilled locations.
 
The acquisition includes acreage in DeWitt and Lavaca counties in Texas. The assets are expected to reach a peak production rate of about 140,000 barrels of oil equivalent per day.
 
Analysts say the GeoSouthern deal will give Devon a better balance between oil and natural gas.

Canaccord Genuity analyst Robert Christensen said oil currently accounts for 12 percent of Devon's total volume. "This deal would likely increase Devon's oil production by a significant amount, as GeoSouthern is the 4th largest oil producer in the Eagle Ford," he wrote in a note to clients.

GeoSouthern will continue to run its other assets in the Texas Gulf Coast region and other areas. Its corporate partner, The Blackstone Group, will exit its stake in the company as a result of the Devon transaction.

 
Devon plans to fund the deal with available cash and borrowings. The deal is expected to close in early 2014.
 
Devon's stock gained $1.12, or 1.8 percent, to $63.89 in morning trading.

 

< back

Email   email
hide
Ebola
How worried are you about Ebola spreading?