The overall US drilling rig count increased for the second consecutive week, perhaps signifying the beginning of a light rebound in wake of a year-and-a-half-long drilling dive. Source: News

Halcon Resources Corp., Houston, has entered a restructuring-support agreement with holders of some of its debt that, if implemented, would eliminate about $1.8 billion of net debt and $222 million of preferred equity and cut its interest burden by more than $200 million/year. Source: News

Westlake Chemical Corp., Houston, has entered a definitive agreement to acquire Axiall Corp., Atlanta, in a deal that, once completed, would form the third-largest chloralkali producer and second-largest polyvinyl chloride (PVC) producer in North America. Source: News

BP Norge AS and Det norske oljeselskap ASA have agreed to merge through a share-and-cash transaction into an independent exploration and production company with more than 120,000 boe/d of production offshore Norway. Source: News

Antero Resources Corp., Denver, has agreed to acquire 55,000 net acres of undeveloped Marcellus shale leasehold, including deep rights on 41,000 net acres prospective for the underlying dry Utica, and 14 MMcfed of net production from Southwestern Energy Co., Houston, for $450 million. Source: News

Alon USA Partners LP is working to restart units at its 73,000 b/sd refinery at Big Spring, Tex., near Midland after a power outage forced an unscheduled shutdown of the plant in late May. Source: News