Oil and Gas
Lackluster M&A market could upend private equity's upstream model
The lack of M&A activity in upstream oil and gas may have permanently altered the way private equity does business in the sector, Haynes and Boone LLP partner Buddy Clark said Jan. 15.
Exxon eyes Equatorial Guinea assets as part of $25B divestment plan
Exxon Mobil Corp. is in early discussions to sell oil assets in Equatorial Guinea in Africa, as the supermajor ramps up its efforts to divest $15 billion by 2021 and $25 billion by the middle of the decade.
PDC Energy completes $1.7B all-stock merger with SRC Energy
Colorado-based oil and gas driller PDC Energy Inc. has completed its previously announced $1.7 billion all-stock merger with SRC Energy Inc., according to a Jan. 14 release.
Aqua America gets regulatory nod to proceed with pending Peoples Gas deal
Aqua America Inc. and its subsidiaries on Jan. 16 got Pennsylvania Public Utility Commission approval on a settlement related to the company's previously announced acquisition of gas distribution company PNG Companies LLC.
Petrobras says sale of interest in fuel distribution subsidiary is not imminent
Brazilian state-controlled oil company Petróleo Brasileiro SA, or Petrobras, denied reports Jan. 16 that it will complete a sale of an interest in fuel distribution subsidiary Petrobras Distribuidora SA in February as part of its wider divestment plan.
Parkland Fuel to acquire Kellerstrass Oil
Parkland Fuel Corp.'s U.S.-based subsidiaries, collectively known as Parkland USA, agreed to acquire the entities and assets that make up Kellerstrass Oil Co. for an undisclosed amount, according to a Jan. 16 news release.
Petrobras completes sale of 50% stake in African JV to Africa Oil unit
Petrobras has completed the sale of its 50% stake in Petrobras Oil & Gas BV to an Africa Oil Corp. unit for $1.53 billion, resulting in Petrobras fully ceasing operations in Africa.
Riviera Resources to sell Oklahoma City building for $21.4M
Independent oil and gas producer Riviera Resources Inc. entered into an agreement to sell its Oklahoma City office building to an undisclosed buyer for $21.4 million.
Petrobras to sell stakes in 2 concessions in Brazil's Espirito Santo Basin
Petrobras plans to sell its stakes in the Golfinho and Camarupim clusters in the Espírito Santo Basin offshore Brazil, according to a Jan. 15 securities filing.
American Resources agrees to sell Blackhawk affiliate Perry County coal assets
An affiliate of Blackhawk Mining LLC agreed to purchase at least one Perry County Coal mine and other assets from American Resources Corp. in a deal worth roughly $1 million.