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Two from Fort Worth appointed by Gov. Abbott to university boards

Steve Hicks, a University of Texas System regent who has been a vocal opponent of regents who have criticized the system’s flagship campus in Austin, was reappointed to the board by Gov. Greg Abbott on Thursday. 

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Fort Worth draws closer to deal with Lancaster developer

City staff are planning to introduce the developer Feb. 3 at a meeting of the City Council's Housing and Economic Development Committee.

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Compass BBVA names Happel CEO for Fort Worth

BBVA Compass has appointed Brian Happel, most recently the Fort Worth city president, its chief executive officer of Fort Worth.

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Museum District: Area’s evolution creating more interaction, public spaces

Fifteen years ago if someone had shot a cannon from Fort Worth’s world-renowned museum district, nobody would have noticed, joked Lori Eklund, senior deputy director of the Amon Carter Museum of American Art. But that has changed.

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Energy Transfer Partners, Regency Energy announce $18B merger

Energy Transfer Partners LP of Dallas and Regency Energy Partners LP have entered into a definitive merger agreement.

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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.

 

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