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Transocean, Ocean Rig to merge; Kinder Morgan may sell remaining Canadian assets

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


Transocean, Ocean Rig to merge; Kinder Morgan may sell remaining Canadian assets

Coal M&A

GMR Infrastructure divests stake in 4 Indonesian coal mining units

GMR Infrastructure Ltd. divested its entire stake in four Indonesian coal mining entities through its step down subsidiaries GMR Infrastructure (Overseas) Ltd. and GMR Energy (Netherlands) BV, Live Mint reported Sept. 3.

JSW considering takeover of Australia's Prairie Mining

Polish coal miner Jastrzebska Spólka Weglowa SA, or JSW, is considering a takeover of Prairie Mining Ltd., which has been developing the Jan Karski and Debiensko coking coal mines in Poland.

Natural gas/midstream M&A

Southwestern's Fayetteville Shale exit goes over poorly in the stock market

Southwestern Energy Co.'s $1.87 billion sale of its Fayetteville Shale operations did not go down well with investors, who want to see more debt reduction from oil and gas drillers instead of outspending cash flow for production growth.

Transocean, Ocean Rig to merge in transaction valued at $2.7B

Drilling rig contractor Transocean Ltd. said Sept. 4 that it will acquire Ocean Rig UDW Inc. in a cash and stock transaction valued at approximately $2.7 billion, inclusive of Ocean Rig's net debt.

Kinder Morgan to use $2B in proceeds from Trans Mountain sale to repay debt

The board of Kinder Morgan Canada Ltd voted to give back its net proceeds from the sale of the Trans Mountain oil pipeline system and expansion project to shareholders, with the return of capital to holders of restricted shares estimated at about C$1.2 billion.

Kinder Morgan considering sale of remaining Canadian assets

Kinder Morgan Inc. may sell the remaining assets of its Canadian unit to complete its exit from the country after unloading the Trans Mountain pipeline system to the federal government, CEO Steve Kean said.

EagleClaw taking out rival Permian midstream operator Caprock for $950M

EagleClaw Midstream Ventures LLC agreed to acquire Permian Basin competitor Caprock Midstream LLC from Energy Spectrum Capital LP and Caprock Midstream management for $950 million in cash.

NuVista closes Pipestone gas, liquids asset buy from Cenovus

NuVista Energy Ltd. closed its acquisition of Cenovus Energy Inc.'s Pipestone natural gas and liquids assets in northwest Alberta.

Cimarex closes $545M Delaware Basin asset sale to Callon Petroleum

Cimarex Energy Co. closed its sale of oil and gas production assets in the southern Delaware Basin of West Texas to Callon Petroleum Co.'s subsidiary Callon Petroleum Operating Co. for $544.5 million.

Surge Energy to acquire Mount Bastion Oil and Gas for $320M

Surge Energy Inc. agreed to acquire Mount Bastion Oil & Gas Corp. for $320 million in cash and stock.

Enagas, Fluxys to sell Swedegas for €192M

Spanish and Belgian natural gas infrastructure companies, Enagás SA and Fluxys NV, have agreed to sell their stakes at Swedegas AB to FS Gas Transport AB, a subsidiary of First State Investments managed European Diversified Infrastructure Fund II, for €192 million.

EnQuest to buy 75% remaining stake in Magnus field from BP

Independent oil and gas producer and developer EnQuest PLC said Sept. 7 that it will exercise its options to purchase the remaining 75% stake in the Magnus field in the North Sea from BP PLC. The cash consideration for Magnus will be funded through a US$138 million rights issue.

Glencore, Qatar complete deal to dissolve consortium holding Rosneft stake

Glencore PLC officially dissolved its Rosneft-stake consortium with Qatar Investment Authority after transferring its 14.16% stake in the Russian state-owned company to a wholly owned subsidiary of Qatar Investment, as agreed upon earlier.

Ares Management acquires Paradigm Energy Partners to expand Bakken operations

Funds managed by Ares Management LP's power and infrastructure strategy arm Ares EIF Management LLC acquired "substantially all" the assets of Paradigm Energy Partners LLC from an affiliate of Stonepeak Infrastructure Partners, expanding Ares' midstream footprint in the Bakken Shale.

BP extends completion timetable for sale of UK fields to Serica Energy

BP PLC agreed to extend until early November the pending sale of its interests in a number of North Sea fields to allow buyer Serica Energy plc additional time to obtain all of the required regulatory approvals.

Norway's OKEA may launch IPO to help fund asset purchase from Shell

Norway's OKEA AS may launch an initial public offering in Oslo, as it works to complete its purchase of assets and oilfields from Royal Dutch Shell PLC.

Mubadala, Russian wealth fund buy 49% stake in Gazpromneft-Vostok

Mubadala Petroleum LLC and the Russian Direct Investment Fund completed a deal to buy a 49% stake in oil venture Gazpromneft-Vostok LLC from PJSC Gazprom Neft.

Ophir Energy completes acquisition of certain Southeast Asian assets from Santos

U.K.-based oil and gas exploration and production company Ophir Energy PLC completed the acquisition of producing assets in Southeast Asia from Australia's Santos Ltd.

Pinnacle Asset Management acquires wholesale gas trading business from Sierentz

New York-based asset management firm Pinnacle Asset Management LP announced the acquisition of Sierentz Global Merchants LLC's North American natural gas wholesale trading business.

Neste Oyj closes on acquisition of 51% stake in biofuel feedstock trader

Neste Oyj closed on its acquisition of a 51% stake in IH Demeter BV for an undisclosed amount.

Israeli energy group selling another 4.9% of insurer Phoenix Holdings

Israeli oil and gas conglomerate Delek Group Ltd. has agreed to sell another 4.9% of Phoenix Holdings Ltd. for 263 million shekels to an unknown buyer, Reuters reported.