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360 Articles

Diamondback – Energen to Combine in Second Largest Permian Deal Ever

Diamondback – Energen to Combine in Second Largest Permian Deal Ever

$9.2 billion transaction close second to $9.5 billion CXO-RSPP deal Diamondback Energy (ticker: FANG) continued the recent trend of consolidation in the Permian with the acquisition of Energen (ticker: EGN). This $9.2 billion all-stock deal adds to an active year for large M&A transactions. This deal is the second-largest Permian transaction ever, falling just short of Concho’s (ticker: CXO) $9.5[Read More…]

Diamondback Looks to North Midland With $1.25 Billion Acquisition

Diamondback Looks to North Midland With $1.25 Billion Acquisition

Buys 25,500 acre-Ajax Resources Diamondback Energy (ticker: FANG) announced second quarter results today, showing net income of $219 million, or $2.22 per share. Diamondback produced 112.6 MBOEPD in Q2, up 10% sequentially and 46% year-over-year. The company is increasing production guidance slightly, and is now predicting overall 2018 output of around 117 MBOEPD. The company also announced a major acquisition[Read More…]

Energy Transfer on Trend: Consolidates MLP

Energy Transfer on Trend: Consolidates MLP

Energy Transfer Equity, L.P. (NYSE: ETE) and Energy Transfer Partners, L.P. (NYSE: ETP) announced that an agreement upon the merger of ETP with ETE in a unit-for-unit exchange. In connection with the transaction, ETE’s incentive distribution rights (IDRs) in ETP will be cancelled. ETP unitholders (other than ETE and its subsidiaries) will receive 1.28 common units of ETE for each[Read More…]

TPG Pace Energy Holdings Closes $2.6 Billion Merger

TPG Pace Energy Holdings Closes $2.6 Billion Merger

Steve Chazen up and running in the Eagle Ford, Austin Chalk Steve Chazen’s newly formed company, Magnolia Oil & Gas, is up and running, its stock trading on the NYSE under ticker MSY. Magnolia came out of TPG Pace Energy Holdings Corp. (NYSE: TPGE) merger with EnerVest, Ltd.’s South Texas Division for $2.66 billion. The deal closed July 31. The[Read More…]

August 3, 2018 - 2:47 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
BP Buys BHP’s U.S. Shale Position in $10.5 Billion Deal

BP Buys BHP’s U.S. Shale Position in $10.5 Billion Deal

Largest upstream M&A since March 2017 BHP (ticker: BHP) has finally found a buyer for its U.S. shale assets, as the company today announced BP (ticker: BP) will purchase most onshore U.S. properties. BP will pay $10.5 billion for BHP’s properties in the Eagle Ford, Permian and Haynesville. This sale will be the largest oil and gas M&A deal since[Read More…]

EQT Corporation Streamlines Midstream Through Q2

EQT Corporation Streamlines Midstream Through Q2

EQT Corporation (NYSE: EQT) announced its Q2 earnings, which was highlighted by a massive jump in both net cash provided by operating activities and in adjusted operating cash flow. EQT also recapped major sales of assets made in Q2, along with plans for further stock buyback initiatives. Highlights: Increase of 116% in net cash provided by operating activities Increase of[Read More…]

Gear Energy Acquires Steppe Resources

Gear Energy Acquires Steppe Resources

Gear Energy Ltd. (TSX: GXE) has entered into a definitive agreement for the acquisition by Gear of all of the issued and outstanding common shares of Steppe Resources Inc., a private oil and gas company. Steppe’s assets are focused in the Tableland area of Southeast Saskatchewan. Acquisition highlights Approximate production of 1,175 BOE/d for June 2018 Estimated 2H 2018 annualized[Read More…]

Northern Delaware Basin Operations 

From Concho.com

Concho Resources Becomes Biggest Fish in the Permian Sea

Concho Resources Inc. (NYSE: CXO) announced that it has completed its acquisition of RSP Permian, Inc. (NYSE: RSPP), which now makes Concho the largest unconventional shale producer in the Permian Basin. Under the terms of the merger, each share of RSP common stock was converted into the right to receive 0.320 shares of Concho common stock. As a result, Concho[Read More…]

Independence Contract Drilling and Sidewinder Drilling to Merge

Independence Contract Drilling and Sidewinder Drilling to Merge

Independence Contract Drilling, Inc. (NYSE: ICD) and Sidewinder Drilling, LLC have jointly announced a merger agreement for ICD to acquire all outstanding Sidewinder equity interests. The acquisition allows ICD to more than double its fleet of rigs to 34, following upgrades to five of Sidewinder’s rigs. In conjunction with this acquisition ICD has received binding commitments for a $130 million,[Read More…]

Consolidation in the Wind as Offshore Recovery Advances

Consolidation in the Wind as Offshore Recovery Advances

Two offshore maritime providers to become $1.25 billion company Tidewater Inc. (NYSE: TDW) and GulfMark Offshore, Inc. (NYSE: GLF) offshore support vessel companies will combine as recovery gains traction, creating a combined company market value of approximately $1.25 billion, Tidewater said in a press release today. The combined company will provide customers with access to modern, high-specification vessels. Under the terms[Read More…]

Dramatic Increase in Upstream M&A Seen for H2 2018

Dramatic Increase in Upstream M&A Seen for H2 2018

According to a recent report from Drilling Info, 2Q 2018 activity was low with only $8.7 billion in mergers and acquisitions compared to the quarterly average since 2009 of $17.8 billion. Drilling Info believes this was partially due to investors’ incessant cry for positive cash flow, forcing many companies to become pure-play to achieve this outcome. E&P company’s divestments now[Read More…]

Eni Norge and Point Resources to Merge, Forming New Company

Eni Norge and Point Resources to Merge, Forming New Company

New company plans to invest $8 billion over 5 years  Italian based energy company Eni and Norwegian based private equity investor HitecVision have announced an agreement to merge Point Resources AS into Eni Norge AS, which will be renamed as Vår Energi AS. History of Point Resources AS Point Resources was established early in 2016 following the merger of Pure E&P,[Read More…]

OLYMPUS DIGITAL CAMERA

Samson Oil and Gas Sells Williston Assets

Upon completion, Samson will be able to retire all of its debt, meet liabilities and retain $6.7 million Samson Oil and Gas USA, Inc. a subsidiary of Samson Oil and Gas Limited (ASX:SSN and OTCQB:SSNYY), has entered into a Sales agreement with EDF Trading for Samson’s Foreman Butte Project located in the Williston Basin in North Dakota and Montana, effective[Read More…]

GE Reshuffles Its Full Portfolio: Baker Hughes Will Go

GE Reshuffles Its Full Portfolio: Baker Hughes Will Go

GE’s position in BHGE is worth $23.1 billion Less than two years after General Electric (ticker: GE) announced it would acquire Baker Hughes, GE has changed its mind, and will divest the company. This came in an announcement today in which GE revealed plans for a sweeping overhaul of its business including moving GE Healthcare out as a standalone business[Read More…]

Bohrturm, Österreich: Weißer Hof 2014

Baytex Energy and Raging River to Create 100 MBOEPD Company

Combined company targets 100 MBOEPD in 2019 with $750 million CapEx budget After a quiet first quarter, Canadian M&A activity has been busy in Q2 2018, with two major producers merging today. Baytex Energy (ticker: BTE) and Raging River Exploration (ticker: RRX) announced a strategic combination, creating a company with a combined enterprise value of about $5 billion. The combined[Read More…]

Cheniere Energy to Acquire Cheniere Partners; Charters an LNG Carrier

Cheniere Energy to Acquire Cheniere Partners; Charters an LNG Carrier

Cheniere Energy, Inc. (NYSE American: LNG) announced today that it has reached a definitive agreement to acquire all of the publicly-held shares of Cheniere Partners Holdings (NYSE American: CQH). Cheniere Partners Holdings shareholders will receive a fixed ratio of 0.475 Cheniere Energy shares for each outstanding publicly-held share. The transaction is currently valued at $30.93 per common share of Cheniere[Read More…]

Energy XXI Gulf Coast to be Acquired by Cox Oil for Approximately $9.10 per Share

Energy XXI Gulf Coast to be Acquired by Cox Oil for Approximately $9.10 per Share

Energy XXI Gulf Coast, Inc. (NASDAQ: EGC) has signed a definitive agreement to be acquired by a privately held Cox Oil affiliate that owns and operates assets in the Gulf of Mexico. Cox will acquire all the outstanding shares of EGC common stock for $9.10 per fully diluted share in cash, for a total consideration of approximately $322 million, representing[Read More…]

Talos Energy Updates Production Guidance

Talos Energy Updates Production Guidance

Houston-based Gulf of Mexico producer Talos Energy Inc. (ticker: TALO) outlined the company’s strategy today in a new update. The company projects 2018 pro forma production sales volumes of 18 – 19.5 MMBOE, or an average daily production 49 – 53 MBOEPD. Capital expenditures are expected to be $430 – $450 million, funded by cash on hand and cash flows[Read More…]

Vermilion Energy Closes $1.4 Billion Acquisition

Vermilion Energy Closes $1.4 Billion Acquisition

Vermilion Energy Inc. (ticker: VET) closed the acquisition of Spartan Energy Corp. for a total consideration of $1.40 billion, comprised of $1.23 billion in Vermilion shares plus the assumption of approximately $175 million in debt. Vermilion acquired all of the issued and outstanding common shares of Spartan on the basis of 0.1476 of a Vermilion share for each Spartan common[Read More…]

Callon Petroleum Expands Permian Footprint with $570 Million Delaware Purchase

Callon Petroleum Expands Permian Footprint with $570 Million Delaware Purchase

Consolidation continues in the Permian, with Callon Petroleum (ticker: CPE) purchasing $570 million in assets Thursday. Callon intends to acquire 28,657 net acres in the Delaware, primarily in Ward and Loving Counties, from Cimarex Energy (ticker: XEC). This acreage is partially contiguous with Callon’s assets in the Delaware, and is all at least nearby. Over 90% of the new acreage[Read More…]

Steve Chazen’s Magnolia Assets: Q1 2018 Results

Steve Chazen’s Magnolia Assets: Q1 2018 Results

TPG Pace Energy Holdings Corp. (ticker: TPGE), an energy-focused special purpose acquisition entity led by former Occidental Petroleum Corporation CEO Steve Chazen, disclosed certain financial and operating results for the first quarter of 2018 for the Karnes County and Giddings Field assets (the Magnolia assets) that TPGE is under definitive agreements to acquire from affiliates of EnerVest, Ltd. The Magnolia[Read More…]

RSP Permian Earns $90 Million, Production Up 39%

RSP Permian Earns $90 Million, Production Up 39%

RSP Permian Inc. (ticker: RSPP) posted a Q1 2018 net income of $89.6 million, or $0.57 per diluted common share. Production for the quarter increased 39% to 62.8 MBOEPD (72% oil, 87% liquids) compared to Q1 2017. Drilling The company operated seven horizontal rigs and three full-time completion crews during the first quarter of 2018 (third crew added in late[Read More…]

Permian Juggernaut Concho Resources Reports $835 Million Net Income for Q1

Permian Juggernaut Concho Resources Reports $835 Million Net Income for Q1

Producing 228 MBOEPD, Running 20 Rigs Concho Resources Inc. (ticker: CXO) bought home a net income of $835 million, or $5.58 per diluted share for Q1 2018. Last year at this reporting period, Concho had a net income of $650 million, or $4.37 per share. Additionally, the company said it has reduced its total debt by $320 million in Q1[Read More…]

Refiners Join Forces: Marathon to Acquire Andeavor for $23 Billion

Refiners Join Forces: Marathon to Acquire Andeavor for $23 Billion

Deal will create the largest U.S. refiner Marathon Petroleum Corp. (ticker: MPC) and Andeavor (ticker: ANDV) have entered into a definitive merger agreement under which MPC will acquire all of ANDV’s outstanding shares, representing a total equity value of $23.3 billion and total enterprise value of $35.6 billion, based on MPC’s April 27, 2018, closing price of $81.43. ANDV shareholders[Read More…]

Canadian M&A Roars Back with $1.4 Billion Deal

Canadian M&A Roars Back with $1.4 Billion Deal

Vermilion energy boosts Saskatchewan presence During the first quarter of 2018, M&A activity was dominated by U.S. deals, with the largest-ever Permian deal accenting this trend. In terms of total value, Q1 2018 was the third-largest quarter for U.S. M&A since the beginning of the downturn. Canadian activity, however, was much more muted in Q1 with only minor deals taking[Read More…]

EIG’s FS Energy and Power Fund – at $4.3 Billion – is Largest Energy BDC

EIG’s FS Energy and Power Fund – at $4.3 Billion – is Largest Energy BDC

FS Investments (FS) and EIG Global Energy Partners (EIG) closed a transaction today, allowing EIG to manage FS Energy and Power Fund (FSEP). According to the company’s press release, FSEP will be the largest energy-focused business development company (BDC) in the marketplace with $4.3 billion in assets under management. “We are excited to enter the next phase of our partnership[Read More…]

Icahn at it Again

Icahn at it Again

Last week Carl Icahn gave Sandridge Energy Inc. (ticker: SD) another poke as he suggested an all-cash offer for the company with a major catch – he wants to decide who goes on the company’s board of directors. Bloomberg reported that Icahn is the company’s largest shareholder at 13.5%. Icahn said that he has “grave concerns” in regard to the[Read More…]

Another Approval in Merger of WGL Holdings and AltaGas

Another Approval in Merger of WGL Holdings and AltaGas

The Maryland Public Service Commission gave its blessing Wednesday, allowing the combination of WGL Holdings, Inc. (ticker: WGL) with AltaGas Ltd. (ticker: ALA) to proceed. The $4.5 billion merger brings together two energy companies. The commission voted 4 to 1 in favor of the merger. Maryland PSC joins the Virginia State Corporation Commission, FERC, FTC, DOJ, and the Committee on[Read More…]

Australia’s Swirling $10.3 Billion Oil & Gas Mega-Deal

Australia’s Swirling $10.3 Billion Oil & Gas Mega-Deal

U.S. firm’s fourth offer for large Australian natural gas, LNG producer One of the largest private equity-backed energy deals in history inched closer to reality today, as Australia’s Santos (ticker: STO) opened its books to Harbour Energy Ltd. The U.S.-based Harbour, a private energy firm backed by EIG Global Energy, is finally seeing its obvious determination and persistence pay off.[Read More…]

Lackawana Energy Center Project Rendering. Source: http://lackawannaenergy.com/

Encana, Keyera Deal Will Add 33,000 Barrels of Montney Condensate Processing Capacity at Pipestone

Deal struck between Encana and Keyera Partnership adds 33,000 barrels of raw condensate processing capacity and 170 MMcf/day of net inlet gas processing; Keyera will own the facilities at Pipestone Encana Corporation (ticker: ECA) and Keyera Partnership have reached an agreement where Keyera will acquire and fund the remaining development of Encana’s Pipestone liquids hub and Encana’s planned Pipestone processing[Read More…]