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Navajo firm eyeing Kayenta mine; QEP Resources gets $2B takeover bid

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

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


Navajo firm eyeing Kayenta mine; QEP Resources gets $2B takeover bid

Coal M&A

Navajo company seeks to buy Peabody's Kayenta mine to support Ariz. power plant

A coal producer owned by the Navajo Nation is negotiating to purchase the Navajo Generating Station in Arizona along with a coal mine operated by Peabody Energy Corp. that supplies the power plant.

Natural gas/midstream M&A

Elliott Management's buyout offer sends shares of Permian driller QEP up 40%

Shares of QEP Resources Inc. skyrocketed Jan. 7, nearly meeting the hefty premium investment firm Elliott Management Corp. offered in a $2 billion takeover proposal for the Permian Basin-focused oil driller.

Investor calls on American Midstream directors to reject ArcLight's buyout bid

A shareholder of American Midstream Partners LP urged the three independent directors to turn down private equity heavyweight ArcLight Capital Partners LLC's unsolicited offer to buy out the debt-ridden energy infrastructure partnership.

Parkland Fuel closes acquisition of 75% stake in Sol Investments

Canadian fuel marketer and distributor Parkland Fuel Corp. closed the previously announced acquisition of 75% of the shares of SOL Investments Ltd. for C$1.57 billion.

Valero completes roll-up of Valero Energy Partners

The San Antonio-based petroleum refining giant Valero Energy Corp. completed the $950 million roll-up of its master limited partnership, Valero Energy Partners LP.

QEP Resources closes $735M sale of northwest La. assets

QEP Resources Inc. closed the previously announced sale of its oil and natural gas upstream and midstream assets in the Haynesville/Cotton Valley area of northwest Louisiana for $735 million to Aethon Energy Management LLC affiliate Aethon III BR LLC.

Equinor completes acquisition of Chevron's 40% stake in Rosebank field

Norway-based Equinor completed the acquisition of Chevron Corp.'s 40% stake in the Rosebank field in the U.K. No financial details were provided.

SemGroup, KKR create Canadian venture to buy midstream company for C$600M

SemGroup Corp. and KKR & Co. established a Canadian midstream joint venture, SemCAMS Midstream ULC, which would acquire the Riverstone Holdings LLC-backed midstream company Meritage Midstream ULC and all its assets for C$600 million.

Equitrans Midstream acquires full ownership of EQGP

Equitrans Midstream Corp. acquired full ownership of EQGP Holdings LP after exercising a limited call right to purchase all EQGP common units it previously did not own for $20 per unit.

Shell unit completes acquisition of 26% stake in Hazira LNG & Port in India

Oil major Royal Dutch Shell PLC subsidiary Shell Gas BV completed the acquisition of a 26% stake in the Hazira LNG and Port venture in India, bringing its total interest in the project to 100%.

Report: BP looking to sell interest in Shearwater assets near North Sea

London-based BP PLC is considering the sale of its 28% stake in the Shearwater assets near the North Sea to focus on other projects in the region and expand its presence in U.S. shale.

BP Energy Partners buys controlling stake in small-scale LNG company

Private equity firm BP Energy Partners LLC acquired a controlling interest in and made an additional capital commitment to Cryopeak LNG Solutions Corp. in an effort to support the regional LNG provider's growth plans.

Husky Energy mulls sale of noncore Canadian downstream assets

Husky Energy Inc. is exploring the sale of its noncore Canadian downstream assets as the Calgary, Alberta-based company turns its attention towards its core assets in its integrated corridor along with its offshore business in Atlantic Canada and the Asia-Pacific region.

Warren Equity buys majority stake in Magneto & Diesel Injector Service

Warren Equity Partners LLC paid an undisclosed sum to acquire a majority stake in Humble, Texas-based Magneto & Diesel Injector Service Inc. from that company's founding family.

Ensign Energy Services moves to acquire remaining shares of Trinidad Drilling

Calgary, Alberta-based Trinidad Drilling Ltd. could merge with Ensign Holdings Inc., a wholly owned subsidiary of fellow Calgary-based Ensign Energy Services Inc., which took a majority stake in Trinidad in November 2018.

WPX Energy acquires acreage in Permian Basin for $100M

WPX Energy Inc. subsidiary WPX Energy Permian LLC closed an acquisition of acreage in the Permian Basin of Texas from land and resource management firm Texas Pacific Land Trust for $100 million.

Canyon Capital Advisors tells Rowan board it will vote against Ensco merger

Los Angeles-based Canyon Capital Advisors LLC, which acts as adviser to funds and accounts that hold over 8 million shares, or approximately 6.3% of the outstanding shares of Rowan Cos. plc, advised Rowan's board of directors that it intends to vote against the proposed merger with Ensco PLC due to a number of concerns.

ArcLight affiliate to acquire Colo. gas storage assets

An affiliate of private equity company ArcLight Capital Partners LLC is set to acquire a 12-Bcf natural gas storage facility in Logan County, Colo., according to a news release.

Faroe accepts new offer that would give DNO majority stake

U.K.-based producer Faroe Petroleum PLC's board of directors received a revised unsolicited offer of 160 pence per share from Norway-based oil producer DNO ASA, despite the former's release of a higher independent valuation report.