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Anadarko, Occidental close $57B merger; Williams, GIP eyeing buy of Noble's MLP


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Insight Weekly: Path to net-zero; US manufacturing momentum; China's lithium M&A frenzy

Anadarko, Occidental close $57B merger; Williams, GIP eyeing buy of Noble's MLP

Natural gas/Oil M&A

MLP ownership structure may preclude wave of leveraged buyouts by private equity

Stagnant stock prices and decreasing leverage make some pipeline master limited partnerships mathematically viable targets for leveraged buyouts, but not all midstream industry analysts are convinced that those conditions line up with what the companies' senior executives — who often have insider ownership — want to do.

Anadarko shareholders approve Occidental merger, closing $57B deal

Anadarko Petroleum Corp. ceased to exist Aug. 8, as the company's shareholders voted to approve its $57 billion acquisition by Occidental Petroleum Corp. Separately, Occidental sold $13 billion of debt to help fund its pending $38 billion merger with fellow oil and gas producer Anadarko.

Saudi Aramco in $15B play to buy 20% stake in Reliance's oil refining division

State-owned oil giant Saudi Arabian Oil Co. signed a nonbinding letter of intent to acquire a 20% interest in the oil-to-chemicals division of India's Reliance Industries Ltd.

Report: Colo. drillers PDC Energy, SRC Energy discussing potential merger

Colorado-focused oil and gas producers PDC Energy Inc. and SRC Energy Inc. are discussing a potential merger, Bloomberg reported, citing unnamed sources.

Report: Williams, GIP teaming up to bid for Noble Energy's MLP

Williams Cos. Inc. and Global Infrastructure Partners are collaborating to potentially buy Noble Midstream Partners LP and take the master limited partnership private, Bloomberg reported Aug. 5.

Delek US, Rattler join Permian crude oil pipeline project

Delek US Holdings Inc. is buying a 15% stake in the Wink-to-Webster pipeline that is designed to transport crude oil from the Permian Basin to the Gulf Coast beginning in the first half of 2021.

Report: Exxon taps Jefferies for Norwegian asset sales

Exxon Mobil Corp. tapped investment bank Jefferies LLC to sell its stakes in Norwegian oil and gas fields, which are estimated to bring in more than $4 billion, according to an Aug. 8 report from Reuters, citing banking sources.

Petrobras unit to sell stake in biofuel JV to partner

Petróleo Brasileiro SA said its subsidiary Petrobras Biocombustíveis SA signed a contract to sell its 50% stake in biofuel and vegetable oil production company Belem Bioenergia Brasil SA.

Petrobras pushes back deadline for binding proposals for LPG unit

Petróleo Brasileiro SA moved the deadline for the submission of binding proposals for its liquefied petroleum gas distribution unit Liquigás Distribuidora SA to the week of Aug. 11, according to an Aug. 8 report from Reuters.

Report: Iraq nears deal with BP, Eni for export pipeline project

Iraq is close to finalizing a deal with BP PLC and Eni SpA for an export pipeline project initially planned in a $53 billion transaction with Exxon Mobil Corp., Reuters reported Aug. 8, citing unnamed sources.

Permian-focused Oryx Midstream gets $550M investment from Qatar wealth fund

Oryx Midstream Services LLC received a roughly $550 million investment from Qatar Investment Authority, which acquired a "significant stake" in the Permian Basin-focused crude midstream operator from Stonepeak Partners LP.

Petrobras starts binding phase to sell assets in Brazil's Espirito Santo Basin

Petróleo Brasileiro SA started the binding phase to sell all of its stakes in the Peroá and Cangoá fields and the BM-ES-21 concession in Brazil's Espírito Santo Basin, according to an Aug. 5 securities filing.

NGL Energy Partners to divest refined products assets for $300M

NGL Energy Partners LP agreed to divest TransMontaigne Product Services LLC, which holds refined products midstream assets in the Southeast, to an unnamed buyer for about $300 million.

Caliber Midstream snaps up American Midstream's ND assets

Caliber Midstream Holdings LP bought American Midstream Partners LP's assets in North Dakota, including a crude oil gathering and pipeline transportation system, for an undisclosed sum.

Amplify Energy, Midstates Petroleum close all-stock merger of equals

Independent oil and gas producers Amplify Energy Corp. and Midstates Petroleum Co. Inc. completed their all-stock merger of equals.

Inter Pipeline confirms takeover bid but is not in deal talks

Inter Pipeline Ltd. confirmed that it received an unsolicited, nonbinding takeover bid from an unnamed company but said it is not in talks over the matter.

Codelco divests 37% stake in Chilean natural gas plant for US$193.5M

Codelco agreed to divest its 37% stake in the GNL Mejillones natural gas plant in Chile for US$193.5 million to the Ameris Capital AGF fund, Reuters reported Aug. 7.

ADNOC to acquire 10% stake in oil storage terminal operator

The Abu Dhabi National Oil Co., or ADNOC, will acquire a 10% stake in storage terminal owner and operator Vitol Tank Terminals International BV.

Coal M&A

Ex-Peabody executives in up to A$442M indicative bid for Stanmore Coal

Winfield Group Investments Pty. Ltd. lodged a nonbinding, off-market takeover offer to fully acquire Stanmore Coal Ltd. at between A$1.50 per share and A$1.70 per share, sending the target's shares up almost 16.5% by Australian trading close Aug. 7.