Breaking into the natural gas service segment through acquisitions, The Empire District Gas Co. said Thursday that it has completed the purchase of the Missouri natural gas distribution operations of Aquila Inc. The operations consist of 48,500 customers in 44 Missouri communities in northwestern, north central, and west central Missouri.
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Marathon Adds 200,000 Acres in Bakken Shale Play
Looking to bolster its position in the Williston Basin, Marathon Oil Corp. said Tuesday that it completed a series of land acquisitions totaling almost 200,000 leasehold acres in the Bakken Shale play in North Dakota and eastern Montana.
Analysts: Upstream M&A Booming, But North American Share Declines
Upstream merger and acquisition activity is booming, with 2005 spending on corporate acquisitions more than tripling to $120 billion as the corporate deal count rose 40% year-over-year, according to John S. Herold and Harrison Lovegrove & Co. Ltd.
Execution, Evolving Strategies Keys to E&P Success — Herold Study
Exploration and production (E&P) companies take different routes in their drive to add value, and their road maps may follow mergers and acquisitions, organic growth, diversification or a simple focus on one region. However, what sets the winners apart is how well they execute their strategies and how quickly they evolve when times change, a John S. Herold equity analyst said Thursday.
S&P: Upward Credit Rating Momentum Expected to Slow in E&P Sector
While the pace of exploration and production (E&P) company mergers and acquisitions (M&A) is expected to remain brisk in 2006, the recent upward credit rating momentum in the sector has been dampened by uses of excess cash flow to buy back stock and pay premium prices for assets and by liberal use of debt leverage to fund M&A, Standard and Poor’s Ratings Service (S&P) said in a new “Industry Report Card: U.S. Oil and Gas.”
Pace of E&P Acquisitions, Upstream Investment Expected to Pick Up — Herold Study
With so much money on the table and no other logical outcome, the pace of mergers and acquisitions among oil and natural gas companies will pick up again this year, and capital investment in the upstream sector will grow by at least 25%, according to a new report by energy research firm John S. Herold Inc.
Noble CEO Sees ‘Tactical Portfolio Additions’ in North America
With the purchase of Patina Oil & Gas Corp. now complete, Noble Energy Inc. CEO Chuck Davidson said Thursday that the company’s North American acquisitions and development will be focused on “tactical portfolio additions.”
Noble CEO Expects ‘Tactical Portfolio Additions’ in North America
With the merger of Patina Oil & Gas Corp. now complete, Noble Energy Inc. CEO Chuck Davidson said Thursday that the company’s North American acquisitions and development will be focused on “tactical portfolio additions.”
Sempra Waiting for Big LNG Payoff in 2008 and Beyond, COO Says
Claiming it doesn’t have to make any acquisitions to meet the company’s growth plan over the next five years, Sempra Energy’s COO and CEO-to-be, Don Felsinger said Tuesday in New York City that a major focus now is to bring in the first of the company’s three liquefied natural gas (LNG) projects in North America on time and under budget. The Costa Azul LNG terminal along the Pacific Coast of North Baja, Mexico, alone, pencils out to $100 million in net income annually once it is operational in 2008.
Forest Oil Posts Strong 2003 Earnings on High Oil/Gas Prices
Aided by the combination of higher average oil and natural gas sales prices, higher sales volumes and lower oil and gas production expenses, Forest Oil Corp. posted 2003 net earnings from continuing operations of $90.2 million or $1.82 per basic share and net earnings of $88.4 million or $1.79 per basic share, an increase of over 300% compared to net earnings of $21.3 million or $0.45 per share in 2002.