Pioneer Natural Resources Co. said Thursday that it has closed on its previously announced acquisition of assets in two of its U.S. onshore core areas, the Permian Basin and South Texas, for a combined purchase price of $177 million (see Daily GPI, June 29).
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Articles from Acquisition
Chevron Wants Unocal Deal Closed by August; CNOOC Makes $18.5B Counterbid
Chevron Corp.’s global head of exploration and production told reporters Wednesday that the company is attempting to complete its acquisition of Unocal Corp. as soon as August. However, the China National Offshore Oil Corp. (CNOOC) said late Wednesday that it is willing to offer US$67 in cash per Unocal share, or about US$18.5 billion, which represents a premium for Unocal’s shareholders of US$1.5 billion over the value of Chevron’s offer based on Chevron’s closing price on June 21.
FTC Approves ChevronTexaco’s Acquisition of Unocal
The Federal Trade Commission (FTC) on Friday approved ChevronTexaco Corp.’s acquisition of Unocal Corp. after a long-running FTC complaint against Unocal was resolved under two consent agreements. ChevronTexaco announced in April it would buy Unocal for $16 billion in a cash and stock deal, plus assume nearly $2 billion in debt (see NGI, April 11).
ChevronTexaco Sends Bullish Signal on Prices with Unocal Purchase
In putting together the acquisition of Unocal Corp., ChevronTexaco Corp.’s top management sent a clear bullish signal that they expect sustained high oil and natural gas prices going forward, analysts noted last week.
SW Gas Completes Acquisition of Avista’s Lake Tahoe, CA, Customers
Las Vegas, NV-based Southwest Gas Corp. announced Wednesday that it completed the acquisition of Avista Utilities’ natural gas retail operations in South Lake Tahoe, CA, serving about 18,600 customers in the mountains west of Reno. The transition will be completed Friday, Southwest said.
FERC Approves Paiute Pipeline Acquisition of Peaking Facilities
FERC Wednesday approved a certificate for Paiute Pipeline to acquire and operate the H.G. Laub LNG storage peaking facilities and an associated stretch of pipeline near Lovelock, NV from Uzal LLC for $21.97 million. Paiute currently leases and operates the facilities, which were built in 1982, including the 61 miles of 20-inch pipeline loop.
Industry Briefs
GulfWest Energy Inc. has entered into a joint venture with Allen Drilling Acquisition Co. (ADAC), a subsidiary of Advanced Energy Recovery Inc., a midstream natural gas and production company located in Mission, KS. The joint venture, incorporated as Elgin Holdings LLC, was formed to activate a currently inactive gas gathering system in Hardin County, TX and to develop deep rights for natural gas on non-producing acreage in Madison County, TX. In forming the joint venture, GulfWest agreed to contribute its deep rights on the non-producing acreage and its ownership of the inactive gas gathering system, and ADAC committed to provide the initial capital funding to Elgin for the projects. GulfWest holds a 47.5% interest in Elgin and will act as the operating partner of Elgin Holdings. The pipeline in Hardin County is being prepared to be operational by the end of December.
Industry Briefs
GulfWest Energy Inc. has entered into a joint venture with Allen Drilling Acquisition Co. (ADAC), a subsidiary of Advanced Energy Recovery Inc., a midstream natural gas and production company located in Mission, KS. The joint venture, incorporated as Elgin Holdings LLC, was formed to activate a currently inactive gas gathering system in Hardin County, TX and to develop deep rights for natural gas on non-producing acreage in Madison County, TX. In forming the joint venture, GulfWest agreed to contribute its deep rights on the non-producing acreage and its ownership of the inactive gas gathering system, and ADAC committed to provide the initial capital funding to Elgin for the projects. GulfWest holds a 47.5% interest in Elgin and will act as the operating partner of Elgin Holdings. The pipeline in Hardin County is being prepared to be operational by the end of December.
Industry Brief
Petrohawk Energy Corp. closed a $425 million acquisition of Wynn-Crosby Energy Inc. and affiliated limited partnerships, which collectively hold about 200 Bcfe of proved reserves in the South Texas, East Texas, Permian, Arkoma and Midcontinent regions. The purchase brings Petrohawk’s total proved reserves to 233 Bcfe, 74% of which are natural gas. It average current production is 57 MMcfe/d. The company funded the transaction with proceeds from a $200 million private equity placement, $210 million in borrowings from its commercial bank group, and cash.
Industry Brief
Petrohawk Energy Corp. closed a $425 million acquisition of Wynn-Crosby Energy Inc. and affiliated limited partnerships, which collectively hold about 200 Bcfe of proved reserves in the South Texas, East Texas, Permian, Arkoma and Midcontinent regions. The purchase brings Petrohawk’s total proved reserves to 233 Bcfe, 74% of which are natural gas. It average current production is 57 MMcfe/d. The company funded the transaction with proceeds from a $200 million private equity placement, $210 million in borrowings from its commercial bank group, and cash.