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Coronado bids for Anglo American's coal assets; KMI selling stake in pipeline system to Southern Co.

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Essential Energy Insights - February 2021

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Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021


Coronado bids for Anglo American's coal assets; KMI selling stake in pipeline system to Southern Co.

Coal M&A news

Coronado CoalLLC has thrown its hat into the ring for 's Australian coalassets, which are expected to fetch upward of A$1 billion, by partnering with aTexas-based private equity firm, according to The Australian. According to the report,Coronado and Energy and Minerals Group submitted a bid for Anglo America'sGrosvenor and Moranbah North metallurgical coal mines.

TerraCom Ltd.subsidiary Orion Mining Pty Ltd.will acquire theBlair Athol coal mine in Queensland, Australia, and receive A$80 million fromthe Blair Athol coal joint venture as part of the deal, according to astatement. The acquisition includes the mining lease, licenses, land, contractsand all mining plant and equipment, as well as all site infrastructure.


Natural gas/midstreamM&A news

After buying the largest natural gas utility business in thecountry, Southern Co.is diving further into the gas industry with plans to a 50% stake inKinder Morgan Inc.'s7,600-mile Southern Natural GasCo. LLC pipeline system for $1.47 billion.

Having surviveda takeoverattempt that it legally has to pretend it still wants, WilliamsCos. Inc. can go back to tending its big pile of knitting, analystssaid, as long as somebody else does not target it for M&A again. "Williamscan breathe a sigh of relief that it's over, and they can go back to businessas usual," Jake Dollarhide of Longbow Asset Management said in aninterview.

A unit of holding company HRG Group Inc. agreed to sell its equity interest in theoil and gas company Compass Production Partners to an affiliate of MountainCapital Management. CPP WI Holding Co. LLC would pay $145 million in cash forCompass, a subsidiary of HGI Energy Holdings LLC, subject to customary closingadjustments. The transaction is expected to close in August and may beterminated after Sept. 15 if a closing has not occurred by then.

Keyera Corp.has agreed to acquire an additional 35% interest in the andits associated gathering pipelines, giving it 70% ownership in the properties.Keyera would pay BellatrixExploration C$112.5 million, subject to closing conditions, for theassets. Upon closing, Bellatrix will continue to operate the west-centralAlberta facility, which has a licensed capacity of 110 MMcf/d.

Sanchez ProductionPartners LP acquiredSanchez Energy Corp.'s50% interest in Carnero Gathering LLC. The partnership's acquisition of theCarnero stake includes an initial payment of about $37 million in cash; theassumption of the company's remaining capital commitments to Carnero, about$7.4 million; and future payments based on hitting volume, transportation feeand delivery targets.

Questar Corp.CFO Kevin Hadlock has taken a leave of absence for personal reasons. On closingof the pending Dominion ResourcesInc./Questar merger,Hadlock intends to leave the company.