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360 Articles

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…]

Concho Announces Largest Permian Deal Ever

Concho Announces Largest Permian Deal Ever

$9.5 billion purchase of RSP Permian M&A activity in the Permian has come roaring back, with Concho Resources (ticker: CXO) announcing the biggest deal ever seen in the basin. Concho will acquire RSP Permian (ticker: RSPP) in an all stock deal valued at $9.5 billion, inclusive of debt. According to Concho, this will make the company the largest unconventional shale[Read More…]

Photo: Oil & Gas 360 - Permian - Delaware Basin Action Virtually Nonstop Since Oct. 1

SandRidge Rejects Midstates’ Proposal

SandRidge Energy, Inc. (ticker: SD) said that its board of directors, after careful consideration and a detailed technical and financial review, has rejected Midstates Petroleum Company, Inc.’s (ticker: MPO) unsolicited public offer to combine the two companies in a stock-for-stock merger at a 60%/40% exchange ratio. After extensive analysis, SandRidge has concluded that the relative asset values of the two[Read More…]

March 20, 2018 - 3:36 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
Former OXY Heavyweights Steve Chazen and Chris Stavros Join Forces in $2.7-Billion SPAC Deal

Former OXY Heavyweights Steve Chazen and Chris Stavros Join Forces in $2.7-Billion SPAC Deal

TPG Pace Energy acquires EnerVest’s South Texas Division in $2.66 billion handshake; forms new public company – Eagle Ford, Austin Chalk pure-play – Magnolia Oil & Gas Corp. TPG Pace Energy Holdings Corp. (ticker: TPGE), an energy-focused special purpose acquisition entity led by former Occidental Petroleum Corporation CEO Steve Chazen, has entered into definitive agreements with funds managed by EnerVest,[Read More…]

Bill Barrett Closes Merger with Fifth Creek Energy, Changes Name and Stock Symbol

Bill Barrett Closes Merger with Fifth Creek Energy, Changes Name and Stock Symbol

Starting tomorrow you can call it HighPoint Resources Bill Barrett Corporation (NYSE: BBG) has completed its strategic combination with Fifth Creek Energy Company, LLC.  The merger between Bill Barrett and privately held Fifth Creek Energy closed March 19, 2018. In conjunction with the merger’s closing, the oil and gas industry can flip the switch from an iconic name with a long history in[Read More…]

March 19, 2018 - 5:30 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
Midstates Petroleum 2018 CapEx of $100-$120 million, 1-Rig Program Targets Mississippian Lime

Midstates Petroleum 2018 CapEx of $100-$120 million, 1-Rig Program Targets Mississippian Lime

Midstates Petroleum Company, Inc. (ticker: MPO) reported a net loss of $85.1 million, or $(3.39) per share in 2017. In Q4 2017, the company reported a net loss of approximately $121 million, or $(4.78) per share. For 2017, the company averaged 18,181 BOEPD (28% oil, 24% NGLs, 48% natural gas) in the Mississippian Lime and 3,967 BOEPD in the Anadarko[Read More…]

Stone Energy Nets $382 Million in 2017, Merger with Talos Continues

Stone Energy Nets $382 Million in 2017, Merger with Talos Continues

Stone Energy Corporation (ticker: SGY) reported a net income of $17.1 million, or $0.85 per share for Q4 2017. For the full year of 2017, the company reported a net income of approximately $382.7 million. Net daily production during the fourth quarter of 2017 averaged approximately 17.6 MBOEPD, compared to net daily production of approximately 19.2 MBOEPD for Q3 2017.[Read More…]

Bill Barrett: Conference Call Reveals Fifth Creek Merger Details

Bill Barrett: Conference Call Reveals Fifth Creek Merger Details

Colorado-based Bill Barrett Corporation (ticker: BBG) reported Q4 and year-end results today. For the fourth quarter of 2017, the company reported a net loss of $77.8 million, or $(0.94) per diluted share. For 2017 as a whole, the company reported a net loss of $138.2 million, or $(1.80) per diluted share. BBG entered 2018 with $314 million of cash and[Read More…]

Alta Mesa Deal: ARM Energy Sold Kingfisher Midstream to Silver Run II for $1.55 Billion

Alta Mesa Deal: ARM Energy Sold Kingfisher Midstream to Silver Run II for $1.55 Billion

ARM Energy Holdings LLC said that the company and its partners have sold Kingfisher Midstream, LLC to Silver Run Acquisition Corporation II, in exchange for an aggregate consideration of up to $1.55 billion. The transaction consideration is comprised of $800 million in cash, ~$550 million in Silver Run II stock and up to ~$200 million in additional Silver Run II[Read More…]

Midstates Petroleum Proposes Merger with SandRidge

Midstates Petroleum Proposes Merger with SandRidge

Merger would create $1 billion Mid-Con company Midstates Petroleum (ticker: MPO) proposed a merger with SandRidge Energy (ticker: SD), only a few weeks after the SandRidge-Bonanza Creek (ticker: BCEI) merger was scrapped. This potential merger would see SandRidge holders receive 1.068 shares of Midstates Petroleum per SandRidge share, based on yesterday’s closing prices. This would mean the transaction does not[Read More…]

Immelt, the Force behind GE-Baker Hughes Acquisition, Lands in VC Slot

Immelt, the Force behind GE-Baker Hughes Acquisition, Lands in VC Slot

Global venture capital firm New Enterprise Associates, Inc. (NEA) has a new venture partner. Jeff Immelt who retired from his role as chairman and CEO of GE after 16 years will work with technology and healthcare companies at NEA. Immelt joined GE in 1982, serving as President of GE Healthcare before assuming the role of GE CEO in 2001. Immelt earned[Read More…]

Stable Oil Prices Key to 2018 M&A: Gibson Dunn

Stable Oil Prices Key to 2018 M&A: Gibson Dunn

With oil prices near three-year highs, 2018 may be the long-awaited year for a jump in M&A deals according to attorneys Gibson Dunn. The firm recently hosted a webcast that focused on the state of M&A in the oil and gas business. When oil prices dove in late 2014 and throughout 2015, many analysts predicted the downturn would bring with[Read More…]

Silver Creek Acquires Midstream Assets in Wyoming

Silver Creek Acquires Midstream Assets in Wyoming

Silver Creek Midstream, LLC recently announced that it will acquire Red Butte Pipe Line LLC from Merit Energy Company. The acquisition includes crude oil gathering, transportation and storage assets located in the Big Horn and Wind River Basins of Wyoming. Red Butte is a 530-mile crude oil gathering system with an expansive footprint across the Big Horn and Wind River[Read More…]

SandRidge-Bonanza Creek Merger Cancelled

SandRidge-Bonanza Creek Merger Cancelled

Icahn’s activism produces results SandRidge (ticker: SD) and Bonanza Creek (ticker: BCEI) have terminated the previously-announced merger agreement, ending the largest U.S. deal in five months. The $746 million SandRidge-Bonanza Creek merger would have created a major player in the DJ Basin, but a 17.4% premium was deemed too high. While SandRidge only paid about $2,500 per acre, far below[Read More…]

Kalnin Ventures Buys Sixth Marcellus Position for $105 Million

Kalnin Ventures Buys Sixth Marcellus Position for $105 Million

Kalnin Ventures LLC announced today that an affiliate of its BKV Oil and Gas Capital Partners, LP fund has entered into purchase and sale agreements with respect to the fund’s sixth acquisition in thirty months in the Northeast portion of the Marcellus Shale. Kalnin said it expects the deal to close by the end of December 2017. The Fund is[Read More…]

December 12, 2017 - 4:36 pm 360 Articles, Closing Bell Story, Mergers & Acquisitions
Eclipse Resources Acquires 44,500 Net Acres in the Utica

Eclipse Resources Acquires 44,500 Net Acres in the Utica

$93.7 million for Flat Castle core Utica project area Eclipse Resources Corporation (ticker: ECR) announced that the company and Eclipse Resources-PA, LP, a wholly owned subsidiary of the company, have entered into a definitive purchase and sale agreement to acquire certain oil and gas leases, wells, and other oil and gas rights and interests covering approximately 44,500 net acres located[Read More…]

New SandRidge Energy Letter Responds to Icahn Claims

New SandRidge Energy Letter Responds to Icahn Claims

Transaction represents 8% premium, not 75%: SandRidge letter November 15: SandRidge announces acquisition of Bonanza Creek Energy for $746 million November 27: SandRidge creates “poison pill” to fight Icahn November 30: Icahn responds to SandRidge December 11: SandRidge publishes new letter ‘dispelling myths’ SandRidge Energy, Inc. (ticker: SD) issued a letter today addressed to shareholders, highlighting the benefits of the[Read More…]

December 11, 2017 - 4:15 pm 360 Articles, Closing Bell Story, Mergers & Acquisitions
Drilling Deeper Into the Bill Barrett Fifth Creek Deal

Drilling Deeper Into the Bill Barrett Fifth Creek Deal

Bill Barrett Corporation (ticker: BBG) announced a merger with Fifth Creek Energy yesterday, creating a company with more than $1 billion in initial equity value. Bill Barrett held a conference call today, allowing investors to examine the specifics of the deal, and what the pro forma company will look like. Fifth Creek’s assets Fifth Creek owns about 81,000 acres in[Read More…]

Fifth Creek Energy, Bill Barrett Corporation to Merge in $649 Million Deal

Fifth Creek Energy, Bill Barrett Corporation to Merge in $649 Million Deal

Bill Barrett (ticker: BBG) announced the acquisition of Fifth Creek Energy after markets closed Tuesday, in a transaction valued at about $650 million. The agreement will see Bill Barrett and Fifth Creek each become subsidiaries of a new holding company, referred to as “New BBG.” Bill Barrett’s shareholders will exchange their shares for New BBG shares on a 1-for-1 basis,[Read More…]

SandRidge Creates “Poison Pill” to Fight Icahn

SandRidge Creates “Poison Pill” to Fight Icahn

Rights plan prevents acquiring large stake in company SandRidge Energy (ticker: SD) may be facing an uphill struggle in its acquisition of Bonanza Creek Energy (ticker: BCEI), based on recent filings. SandRidge announced the adoption of a short-term shareholder rights plan today. According to SandRidge, “The rights plan is designed to protect our shareholders’ right to vote, on a fully[Read More…]

Talos Energy LLC to Combine with Stone Energy Corporation

Talos Energy LLC to Combine with Stone Energy Corporation

New company name and NYSE ticker Talos Energy LLC and Stone Energy Corporation (ticker: SGY) announced today that their boards of directors have unanimously approved the combination of Talos and Stone in an all-stock transaction, creating an offshore-focused E&P company. The new company will be named Talos Energy, Inc. and the NYSE ticker will be “TALO.” Combined company highlights Pro[Read More…]

November 21, 2017 - 3:26 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
GE CEO Flannery Talks Baker Hughes – GE Future

GE CEO Flannery Talks Baker Hughes – GE Future

The history of GE dates back to Thomas A. Edison. In 1876 Edison opened his Menlo Park, NJ, laboratory, from which came perhaps the greatest invention of the age – a successful incandescent electric lamp. In 1890, Edison established the Edison General Electric Company by bringing his various businesses together. Two years later Edison’s company combined with a competitor. They called[Read More…]

SandRidge Energy Acquires Bonanza Creek Energy in $746 Million Deal

SandRidge Energy Acquires Bonanza Creek Energy in $746 Million Deal

Company size increases by ~50% SandRidge Energy (ticker: SD) announced the acquisition of Bonanza Creek Energy (ticker: BCEI) today, in the largest U.S. deal since August. SandRidge will acquire Bonanza Creek in a cash and stock transaction, increasing the size of the company by half in a single stroke. The pro-forma company will combine SandRidge’s 38.8 MBOEPD and Bonanza Creek’s[Read More…]

Bakken Deal Flow is Alive: $2.5 Billion in A&D in 2017

Bakken Deal Flow is Alive: $2.5 Billion in A&D in 2017

As far as companies buying and selling acreage and assets in the Williston basin, nearly $2.5 billion has changed hands in the Bakken this year. There are two more months of 2017, but already deal flow in the region is 25% higher than for all of 2016. While this does not come close to the values seen in 2011, 2012[Read More…]

Emerson to Acquire Paradigm in Half-Billion-Dollar Oilpatch Software Deal

Emerson will become largest E&P software provider to global oil and gas industry Today St. Louis’s Emerson (NYSE: EMR) announced it will acquire Paradigm®, a provider of software solutions for oil and gas companies, for a purchase price of $510 million, reflecting a multiple of 13 times expected 2017 EBITDA. By Paradigm joining Emerson’s existing Roxar software business targeting exploration[Read More…]

Tailwater Capital Announces $300 Million Haynesville/Cotton Valley Midstream Deal

Tailwater Capital Announces $300 Million Haynesville/Cotton Valley Midstream Deal

Tailwater Capital-backed Align Midstream, LLC has entered into a definitive agreement to sell the company to Oklahoma City-based Enable Midstream Partners, LP (NYSE: ENBL) for approximately $300 million. Dallas-based Align is focused on producers in East Texas and North Louisiana. Align operates a 100-million cubic feet per day cryogenic natural gas processing plant in Panola, Texas, and approximately 190 miles of natural gas gathering pipelines across Rusk, Panola and Shelby counties[Read More…]