In a move that combines two leading California oil operators and achieves significant operational synergies, costs savings and cash flow benefits, Plains Exploration & Production Co. (PXP) announced that it is buying Nuevo Energy Co. in a stock-for-stock transaction valued at $945 million, including debt assumption, or about $28.05 per Nuevo share ($4.54/boe).
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Plains Buying Nuevo in $945M Stock-for-Stock Deal
In move that combines two leading California oil operators and achieves significant operational synergies, costs savings and cash flow benefits, Plains Exploration & Production Co. (PXP) announced that it is buying Nuevo Energy Co. in a stock-for-stock transaction valued at $945 million, including debt assumption, or about $28.05 per Nuevo share and $4.54/boe.
New Mexico’s PNM Achieves Gas Rate Increase
The New Mexico Public Regulation Commission on Tuesday unanimously approved a $22 million revenue increase for PNM Resources gas utility, with the business rate increase to take effect immediately. The utility serves about 450,000 residential and business natural gas customers in the state.
Deepwater Na Kika Achieves First Production
Na Kika, the deepwater Gulf of Mexico (GOM) project jointly owned by BP and Royal Dutch/Shell Group, achieved first production, the companies announced on Monday. At its peak, the project is expected to produce about 425 MMcf/d and 110,000 bbl, and ultimate production is expected to be nearly 300 MMboe.