With the aim of better serving West Coast natural gas markets, midstreamer Tallgrass said Friday it has agreed to purchase Houston-based Ruby Pipeline LLC, which filed for Chapter 11 bankruptcy in March. Tallgrass said the acquisition of the 1.5 Bcf/d line checks two boxes in the company’s current strategy. In addition to enhancing natural gas…
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Par Pacific Expanding Rockies Refining Capacity in $310M Deal with ExxonMobil
Houston-based Par Pacific Holdings Inc. is snapping up ExxonMobil’s 63,000 b/d Billings, MT, oil refinery and associated assets to expand and diversify its portfolio. The transaction also is to include hydrocarbons and inventory, which would be valued at closing. Par’s total throughput capacity would increase to 218,000 b/d. More than $30 million in commercial and…
Talos Expanding Deepwater GOM Reach with EnVen
Talos Energy Inc. plans to acquire privately held deepwater Gulf of Mexico (GOM) operator EnVen Energy Corp. in a $1.1 billion deal, the Houston-based independent said. The acquisition, slated to close by the end of the year would expand the company’s production by 40% and gross acreage by 35%. The buy would give Talos another…
Williams Bulks Up Texas Natural Gas Storage, Transmission with $423M NorTex Purchase
Williams, building its natural gas portfolio to move more supply to the Gulf Coast and beyond, has snapped up NorTex Midstream Partners LP in a $423 million deal that expands Texas opportunities. The NorTex purchase, from an affiliate of private equity firm Tailwater Capital, includes 80 miles of gas transportation pipelines, 36 Bcf of storage…
ConocoPhillips Selling Anadarko Basin Producing Wells to Diversified
Diversified Energy Co. plc said Thursday it is acquiring about 1,500 producing Midcontinent wells from ConocoPhillips. The $240 million Anadarko Basin bolt-on, funded with existing cash and debt, would expand Diversified’s Oklahoma and Texas footprint in the company’s Central Region. The former Appalachian Basin pure play also holds assets in the gassy Barnett and Haynesville…
Pickering Energy Eyeing $300M Capital Deployment for Permian Oil, Natural Gas Interests
Pickering Energy Partners (PEP) said Wednesday it is looking to acquire and develop Permian Basin oil and gas interests alongside public and private operators. The new entity, PEP Development, was formed in alliance with “a large institutional investor” to focus on deploying at least $300 million of equity capital, said the Houston-based financial services and…
Earthstone’s Permian Conquest Marches On with $627M Titus Acquisition
Earthstone Energy Inc. is continuing its Permian Basin acquisition spree with plans to purchase the assets of privately held Titus Oil & Gas Production LLC in the New Mexico portion of the Permian Basin in a $627 million cash-and-stock deal. Located in the northern portion of the Delaware sub-basin, the assets produced 31,800 boe/d (65%…
Targa Strikes $3.5B Deal to Buy Lucid, Expand Permian Delaware Footprint
Houston-based Targa Resources Corp. has clinched an agreement to buy Lucid Energy Group’s Permian Basin Delaware natural gas processing business, which would add 1,050 miles of pipeline and 1.4 Bcf/d of capacity.The all-cash deal for Lucid Energy Delaware LLC, valued at $3.55 billion, was reached with sponsors Riverstone Holdings LLC and Goldman Sachs Asset Management.…
Colorado’s PDC Raising Capex, Production Forecasts Following Great Western Acquisition
Denver-based independent PDC Energy Inc. has updated its 2022 production and spending guidance to the high side, citing year-to-date performance and the timing of closing its acquisition of Great Western Petroleum LLC. PDC snapped up Great Western, a privately held operator focused on Colorado’s Wattenberg field, in a $1.3 billion cash-and-stock deal announced in February.…
Targa Consolidating Permian Natural Gas Gathering Footprint with Southcross Acquisition
Targa Resources Corp. said Thursday it has signed agreements to acquire Southcross Energy Operating LLC and its subsidiaries in South Texas for $200 million in a deal that will consolidate Targa’s natural gas gathering and processing footprint. The Southcross assets include a currently idle 200 MMcf/d natural gas processing plant, Houston-based Targa said. Through the…