'How not to do M&A': A look back at Exxon's deal for XTO 10 years later
In 2009, Exxon Mobil Corp. struck an agreement to acquire XTO Energy Inc. in a $41 billion deal known as the shale industry's biggest merger and one of Exxon's most expensive missteps. A decade later, even Rex Tillerson — then the chairman and CEO of Exxon — admitted that "we probably paid too much."
WPX Energy's $2.5B acquisition of Felix Energy draws rare positive response
Shares of WPX Energy Inc. jumped Dec. 16 after the company announced an agreement to acquire Permian Basin operator Felix Energy LLC for $2.5 billion. Possibly wary of the same investor backlash that has followed many recent merger announcements, WPX officials spent a good portion of a Dec. 16 conference call detailing how the move would benefit shareholders.
Countries at COP25 fail to reach deal on carbon market rules
After more than two weeks of negotiations, delegates from more than 190 countries went home on Dec. 15 without reaching an agreement on how to account for carbon reductions and markets under the Paris Agreement on climate change.
Other energy headlines
* Towering 260 meters into the ocean skies and boasting generating capacity of a record 12 MW each, General Electric Co.'s Haliade-X wind turbines are set to enter commercial use in 2021. But the deployment of the world's largest machines — and those that will follow — could be hampered by a global shortage of shipping vessels capable of installing the next era of megaturbines out at sea.
* As its proposed acquisition of El Paso Electric Co. goes before state and federal regulators, the ownership structure and holdings of Infrastructure Investments Fund, a J.P. Morgan Chase & Co.-advised investment vehicle, is coming under heavy scrutiny. A review by S&P Global Market Intelligence of IIF's holdings based on public filings and investor presentations reveals a sprawling infrastructure asset owner.
* Kinder Morgan Inc.'s Elba liquefaction terminal in Georgia shipped its first export cargo on Dec. 13, five months after production began at the smallest of the six major U.S. LNG facilities.
* EQM Midstream Partners LP increased its adjusted EBITDA guidance for 2020 to be in the range of $1.36 billion to $1.41 billion, from the $1.3 billion it forecast for 2019. In addition, the partnership lowered its guidance for 2020 growth capital expenditures and contributions to Mountain Valley Pipeline LLC to a range of $1.2 billion to $1.3 billion, a drop from the previous year's budgeted $2.0 billion.
As of Oct. 31, California's roughly 1 million behind-the-meter solar arrays totaled 8,730 MW of installed photovoltaic capacity, according to state statistics.
Research and data
* RRA Financial Focus: $13B in stalled pipes could advance mid-2020 if Supreme Court decision favorable
Top pick of the day
Governor pans PG&E bankruptcy exit plan, wants 'radically restructured' utility
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