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In This List

Glencore makes new bid for Rio Tinto coal assets; Encana selling Piceance assets

Essential Energy Insights - September, 2020

Bull market leaves US utilities behind in August

Rate case activity slips, COVID-19 proceedings remain at the forefront in August

Utilities, midstream reckon with energy transformation on the horizon

Glencore makes new bid for Rio Tinto coal assets; Encana selling Piceance assets

Coal M&A

Glencore makes US$2.55B play for Rio Tinto coal assets in Australia

Glencore Plc on June 9 announced a rival bid to acquire Rio Tinto's entire stake in Coal & Allied Industries Ltd. for US$2.55 billion cash plus a coal price-linked royalty. The Swiss commodities trader will pay US$2.05 billion cash upon completion and US$500 million in deferred cash payments payable in annual US$100 million installments over five years following completion.

Competition commission approves Coal of Africa's Uitkomst operation acquisition

Coal of Africa Ltd.'s said June 9 that its acquisition of Pan African Resources Coal Holdings Pty. Ltd. and its 91% stake in the Uitkomst thermal coal operation was unconditionally approved by the South African Competition Commission. The completion of the deal is still subject to Coal of Africa shareholders' approval.

Mitsui taps Nomura to sell half of JV stake in Anglo's Dawson coal mine

Japan's Mitsui & Co. Ltd. has reportedly hired Nomura's head of natural resources, Rob Bailey, to sell about half of its 49% joint venture stake in the Dawson coal complex in Queensland, Australia. This comes after joint venture partner Anglo American Plc decided against selling the asset when bids failed to reflect the value expectations of the company.

Natural gas/midstream M&A

Encana's Piceance exit enables liquids-focused growth, analysts say

Encana Corp.'s move to sell off its assets in the Piceance Basin and focus on growth in its more liquids-heavy "core four" North American plays is meeting with approval from analysts. Encana said June 9 that it reached an agreement to sell its natural gas assets in the basin, located in northwest Colorado, to the Denver-based Caerus Oil and Gas LLC for approximately $735 million.

SemGroup to acquire Houston Ship Channel oil terminal for $2.1B

SemGroup Corp. agreed to acquire Houston Fuel Oil Terminal Co. LLC from investment funds managed by Alinda Capital Partners LLC for $2.1 billion in a bid to solidify SemGroup's position on the Gulf Coast. The deal is scheduled to close in the third quarter, after which Houston Fuel Oil is estimated to contribute $60 million to $65 million of additional 2017 adjusted EBITDA.

Tallgrass Energy Partners closes $128M Powder River gathering system buy

Tallgrass Energy Partners LP, through its subsidiary Tallgrass Midstream LLC, completed its purchase of DCP Midstream LP's natural gas gathering system in the Powder River Basin for about $128 million. The Douglas gathering system includes about 1,500 miles of gathering lines spanning four counties in Wyoming.

LINN Energy to exit California with $100M acreage divestiture

LINN Energy Inc. agreed to divest its interest in about 2,000 net acres of property in the Los Angeles Basin for $100 million, marking its exit from California. In addition to the contract price, the deal includes another $7 million contingent payment depending on the satisfaction of certain operational requirements within one year.

Spectra Energy Partners closes acquisition of additional 10% stake in PennEast

Enbridge Inc. master limited partnership Spectra Energy Partners LP completed its acquisition of a 10% position in PennEast Pipeline Co. LLC from PSEG Power LLC, making the MLP a 20% equity partner in the pipeline. PennEast's board of managers approved the final purchase and sale agreement, closing the deal.

BlackRock closes acquisition of First Reserve's energy infrastructure funds

BlackRock Inc. said it has completed the acquisition of First Reserve Energy Infrastructure Funds, the equity energy infrastructure franchise of First Reserve. Under the transaction, BlackRock acquired two closed-end equity infrastructure funds and their investment advisers in Greenwich, Conn., Houston and London.