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In This List

Alpha sells some of its W.Va. coal, gas assets; Ensco, Atwood Oceanics to merge

Essential Energy Insights - September, 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August

Bull market leaves US utilities behind in August

Utilities, midstream reckon with energy transformation on the horizon


Alpha sells some of its W.Va. coal, gas assets; Ensco, Atwood Oceanics to merge

Coal M&A

Alpha Natural Resources divests some of its W.Va. coal, natural gas assets

Alpha Natural Resources Inc. announced it divested substantially all of the assets of two separate operations, a coal mining complex and a natural gas operation. Both assets are in central West Virginia and are expected to be restarted into production. The terms of the sales were not released.

TerraCom completes A$1 Blair Athol coal mine purchase; mining to start in June

TerraCom Resources Ltd. subsidiary Orion Mining Pty Ltd. completed the acquisition of the Blair Athol coal mine in Queensland, Australia. The company said May 31 that it will remobilize the plant and equipment on site and plans to start mining in June to produce 1.9 million tonnes of coal in the first full year.

Australian Pacific completes Dartbrook coal mine acquisition

Australian Pacific Coal Ltd. completed the acquisition of the Dartbrook coal mine in New South Wales, Australia, from Anglo American Plc and Marubeni Coal Pty. Ltd. An ongoing prefeasibility study at the project, to be completed this year, is exploring the potential for part of its coal resource to be mined by modern, low impact technologies.

Natural gas/midstream M&A

Offshore drillers Ensco, Atwood Oceanics to merge, form $6.9B company

The offshore driller Ensco plc agreed to acquire rival Atwood Oceanics Inc. in an all-stock transaction to form a combined company with an estimated enterprise value of $6.9 billion. Atwood shareholders would receive 1.6 shares of Ensco for each Atwood share they hold, a value equivalent to $10.72 per Atwood share based on Ensco's closing share price of $6.70 as of May 26.

Tesoro, Western Refining close $5.8B merger

Tesoro Corp. and Western Refining Inc. have completed their merger for a total consideration of about $5.8 billion. Tesoro will change its name to Andeavor as a result, while Tesoro Logistics LP will be renamed Andeavor Logistics on Aug. 1.

Marathon Oil completes $700M Permian acreage buy, sells Canadian unit for $2.5B

Marathon Oil Corp. has strengthened its position in the Permian basin with the closing of its $700 million acquisition of about 21,000 net surface acres in the Northern Delaware basin of New Mexico from Black Mountain Oil & Gas and other private sellers.

TransCanada completes $765M drop-down of gas pipeline stakes to TC PipeLines

TC PipeLines LP closed its acquisition of a 49.3% stake in Iroquois Gas Transmission System LP and an 11.8% stake in Portland Natural Gas Transmission System LP, or PNGTS, from TransCanada Corp. for about $765 million. The deal is expected to be immediately accretive to earnings and distributable cash flow.

LINN Energy closes $581.5M Wyo. acreage divestiture, fully repays term loan

LINN Energy Inc. closed its $581.5 million divestiture of acreage in the Jonah Field and Pinedale Anticline in Wyoming, receiving net proceeds of about $561 million. The deal is part of LINN's sale agreements, amounting to $916 million, executed to clear all remaining debt under its revolving credit agreement.

GE/Baker Hughes megamerger cleared by European Commission

The European Commission cleared the proposed merger between General Electric Co. and Baker Hughes Inc. without conditions, concluding that the deal would not adversely affect competition in relevant markets. The commission investigated markets where products from both companies compete.

Paramount Resources closes C$150M sale of Alberta oil, gas acreage

Paramount Resources Ltd. closed its sale of oil and gas properties in Alberta's Valhalla area to an undisclosed buyer for about C$150 million in cash. The assets are composed of about 94 sections of land, with estimated sales volumes of about 1,400 barrels of oil equivalent per day for the quarter ended March 31.

LINN to divest Wyo. acreage for $71.5M, stands to eliminate all debt

LINN Energy Inc. agreed to divest certain acreage in the Salt Creek Field in Wyoming to Denbury Resources Inc. for $71.5 million, earning enough proceeds to clear all remaining debt. The deal is scheduled to close in the second quarter of 2017 with an effective date of March 1.

Verengo to acquire US Gas & Electric

Verengo Inc. requested the Federal Energy Regulatory Commission to approve the acquisition of a 100% equity stake in Florida-based U.S. Gas & Electric Inc. for an undisclosed sum. Upon consummation of the transaction, U.S. Gas & Electric will become a subsidiary of Verengo.

MVC Capital, US Gas terminate merger with Equus Total Return

U.S. Gas & Electric Inc. and its controlling shareholder MVC Capital Inc. have terminated the merger plan and stock purchase agreement with Equus Total Return Inc., which had agreed to acquire the company. U.S. Gas paid Equus a termination fee of $2.5 million.