Natural gas/Oil M&A
Jefferies sees investors rewarding US midstream energy for value, simplification
The stage is set for investors to flock to the U.S. midstream energy sector in 2018 amid a trend of structural simplification, low equity prices and improving fundamentals such as commodity prices.
Marathon's $10B exchange plan for MPLX draws fire from former MarkWest chief
Marathon Petroleum Corp.'s plan to exchange its general partner economic interests in MPLX LP for approximately $10.1 billion in stock has drawn the ire of the former CEO of MarkWest Energy Partners LP, which merged into MPLX in 2015.
McDermott, CB&I to merge in $6B all-stock transaction
McDermott International Inc. and Chicago Bridge & Iron Co. NV announced that they agreed to an all-stock merger to create a joint company in a transaction valued at $6 billion.
Hess closes $2B Norway oil, gas asset divestiture
Hess Corp. completed its divestiture of its subsidiary Hess Norge AS to the Norwegian producer Aker BP ASA for $2 billion. Hess Norge has stakes in the Valhall and Hod fields in Norway.
Cabot Oil & Gas to sell Eagle Ford acreage for $765M
Appalachian shale driller Cabot Oil & Gas Corp. is selling its Eagle Ford crude oil position to Venado Oil & Gas, LLC for $765 million and will keep its focus on its Marcellus Shale dry gas position.
Fir Tree joins Icahn in proxy fight to block 'nonsensical' SandRidge acquisition
One business day after activist investor Carl Icahn kicked off his proxy fight to try to block SandRidge Energy Inc.'s pending $746 million purchase of Bonanza Creek Energy Inc., SandRidge's third-largest shareholder urged investors to join it and Icahn in voting against the deal.
NGL Energy Partners, SemGroup close $600M sale of Glass Mountain crude pipe JV
NGL Energy Partners LP and SemGroup Corp. completed the divestiture of Glass Mountain Pipeline LLC, a 50/50 joint venture that owns a 215-mile crude oil pipeline system delivering supplies to Cushing, Okla.
Arc Logistics unit holders approve merger with Zenith Energy
Arc Logistics Partners LP unit holders voted overwhelmingly to push forward the purchase agreement and plan of merger with Warburg Pincus LLC portfolio company Zenith Energy U.S. LP, wherein Zenith will acquire all its outstanding units and its general partner, Arc Logistics GP LLC.
CNX Resources to rebrand CONE Midstream Partners after deal closing
CNX Resources Corporation plans to change the name of CONE Gathering LLC and its subsidiaries, including CONE Midstream Partners LP, following the closing of its acquisition of a 50% interest in the company from Noble Energy Inc.
TransMontaigne Partners closes purchase of Calif. oil terminals from Plains
TransMontaigne Partners LP closed its $275 million acquisition of terminal facilities on the California coast from a Plains All American Pipeline LP affiliate.
WPX completes $169M divestiture of noncore San Juan Basin gas assets
WPX Energy Inc. said that it completed the sale of its legacy natural gas position in the San Juan Basin for $169 million.
AltaGas starts up North Pine NGL plant, unveils gas-focused 2018 capital program
AltaGas Ltd. and WGL Holdings Inc. reached a settlement agreement with the Maryland Energy Administration, Montgomery County, Prince George's County, and the Laborers' International Union of North America on certain merger terms.
NW Natural to enter water utility business with 2 Ore., Idaho acquisitions
Northwest Natural Gas Co., which does business as NW Natural, agreed to acquire two privately owned water utilities in Oregon and Idaho, the gas utility's first foray into the regulated water utility sector.
Linn Energy to sell Okla., Texas acreage for $122M
LINN Energy Inc. will divest its Oklahoma Waterflood and Texas Panhandle properties to an undisclosed buyer for $122 million in a deal set to significantly cut its future abandonment liabilities and operating expenses.
Ultra Petroleum divests Marcellus assets for $115 million
Ultra Petroleum Corp. closed the divestment of its nonoperated assets in the Marcellus Shale to Alta Marcellus Development LLC for $115 million.