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Enbridge to monetize C$10B in assets; Shell to drop down $825M of assets to MLP

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Essential Energy Insights - February 2021

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Message in a (Word)Cloud

Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021


Enbridge to monetize C$10B in assets; Shell to drop down $825M of assets to MLP

Coal M&A

Bowen Coking Coal to acquire Isaac River coking coal project

Bowen Coking Coal Ltd. agreed to purchase the 14-square-kilometer Isaac River coking coal project in Queensland, Australia. The company will pay A$200,000 to Aquila Coal Pty. Ltd. and Eagle Downs Pty. Ltd. for the acquisition.

Natural gas/Oil M&A

Enbridge to monetize C$10B in assets, hike dividend, eliminate Spectra IDRs

Enbridge Inc. unveiled its post-Spectra Energy merger strategic plan, which calls for C$22 billion in capital spending, a goal to monetize C$10 billion in noncore assets, a 10% boost to its dividend and an idea to lower Spectra Energy Partners' cost of capital by eliminating its incentive distribution rights.

CenterPoint pulls plug on sale of Enable stake

CenterPoint Energy Inc. on Dec. 1 terminated its plan to exit its ownership stake in Enable Midstream Partners LP through a sale, citing a failure to reach a "mutually acceptable" agreement. CenterPoint and Enable were in late-stage discussions for the sale.

Shell to drop down $825M in terminal, pipeline assets to midstream MLP

Royal Dutch Shell plc subsidiaries agreed to drop down terminal and pipeline assets worth $825 million to Shell Midstream Partners LP. The deal price is 7.9 times the assets' anticipated 2018 EBITDA, and Shell Midstream expects the transaction to close on or around Dec. 1.

Icahn demands look at SandRidge's books as he fights merger

Activist investor Carl Icahn demanded an inspection of SandRidge Energy Inc.'s books, aiming to investigate management compensation, its pending merger with Bonanza Creek Energy Inc. and the "poison pill" shareholder-rights measure it recently adopted.

Hess completes $650M divestiture of Equatorial Guinea assets

Hess Corp. on Nov. 28 completed the divestiture of its assets in offshore Equatorial Guinea for $650 million to Kosmos Energy Ltd. and Trident Energy Ltd., effective Jan. 1. The move is part of the oil and gas producer's efforts to streamline its portfolio.

Noble Energy, Carrizo Oil & Gas sales show they see best assets close to home

Noble Energy Inc.'s agreement to sell approximately 1.1 million gross acres in Texas, Oklahoma and North Dakota to Black Stone Minerals Co. LP for a reported $340 million made it the second Houston-based company in as many days to drop out-of-state assets in favor of profitable ones closer to home.

ArcLight gets 'world-class' Marcellus assets in deal for Energy Corp. of America

An affiliate of private equity firm ArcLight Capital Partners LLC acquired the gas and midstream assets of Energy Corp. of America. The price was not disclosed.

Oil, gas driller Carrizo gets thumbs up for going 'all Texas, all the time'

Carrizo Oil & Gas Inc.'s decision to sell its assets in Colorado's DJ Basin for $140 million centers the Houston-based exploration and production company's focus entirely in its home state, something analysts said is not necessarily a bad thing.