Apache Corp. has completed its $2.7 billion merger with Mariner Energy Inc. after 79% of Mariner shareholders approved the deal. In completing the transaction, Apache issued around 17.5 million shares of its common stock and paid $800 million in cash to Mariner stockholders (see Daily GPI, April 16). Apache also assumed Mariner’s debt with current fair value of about $1.6 billion. Former Mariner stockholders now own about 5% of Apache’s outstanding shares of common stock. The Mariner transaction, combined with its $1.05 billion purchase of Devon Energy Corp.’s Gulf of Mexico assets (see Daily GPI, April 13), as well as its subsequent $7 billion acquisition of BP plc upstream assets (see Daily GPI, July 21), “will provide Apache with a rich inventory of growth and value-enhancement opportunities for years to come,” said CEO G. Steven Farris. “The Mariner merger also adds a new dimension to our portfolio — deepwater oil exploration.”
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Completion Delays, Low Gas Prices Have Comstock Eyeing Eagle Ford Shift
Due to the limited availability of high-pressure pumping services, Comstock Resources Inc. said it continues to experience significant delays in completing its Haynesville or Bossier shale wells in North Louisiana. As a result, along with the relatively low price of dry natural gas, Comstock said it might put more focus on its liquids-rich Eagle Ford drilling program next year.
Industry Briefs
Williams Partners LP plans to assume the role of operator of the Overland Pass Pipeline after completing a bigger buy-in with joint venture (JV) partner ONEOK Partners LP. ONEOK Partners received about $424 million in the transaction, which was announced in July (see NGI, July 26). The Overland Pass Pipeline JV was established by the partners in May 2006, with Williams Partners then owning 1% interest. As long as Williams Partners owns at least 50% of the natural gas liquids pipe, it has the option to become the operator with 30 days notice.
Williams Partners Completes Buy-in on Overland Pass NGL Pipe
Williams Partners LP on Thursday said it now owns a half-stake in the Overland Pass Pipeline Co. LLC and plans to assume the role of operator after completing the bigger buy-in with joint venture (JV) partner ONEOK Partners LP.
Futures Rebound to Finish Week Above $4
Completing a week of wild roller-coaster ups and downs before basically returning to where it had begun the week, the May natural gas futures contract on Friday streaked higher to close the day at $4.070, up 16.1 cents from Thursday’s close but 1.6 cents less than the previous week’s finish.
Futures Rebound to Finish Week Above $4
Completing a week of wild roller-coaster ups and downs before basically returning to where it had begun the week, the May natural gas futures contract on Friday streaked higher to close the day at $4.070, up 16.1 cents from Thursday’s close but 1.6 cents less than the previous week’s finish.
Industry Briefs
ExxonMobil is drawing closer to completing its $41 billion acquisition of U.S. independent XTO Energy Inc. The company said in a regulatory filing that the deal cleared regulatory hurdles in the United States. and The Netherlands. “The applicable waiting period provided under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended…expired on March 15, 2010 without the issuance of a second request,” ExxonMobil said. “The Dutch Competition Authority provided a regulatory clearance of the pending merger on March 9, 2010. Closing of the transaction remains subject to approval by the shareholders of XTO Energy and the satisfaction (or, to the extent permitted by applicable law, waiver) of the other conditions provided in the merger agreement among the parties.” The combination of the companies would add about 45 Tcfe to ExxonMobil’s resource base and lift its gas weighting to 45% (see NGI, Dec. 21, 2009).
ExxonMobil-XTO Energy Deal Clears U.S., Dutch Hurdles
ExxonMobil is drawing closer to completing its $41 billion acquisition of U.S. independent XTO Energy Inc. The company said in a regulatory filing Tuesday that the deal cleared regulatory hurdles in the U.S. and The Netherlands.
ExxonMobil-XTO Energy Deal Clears U.S., Dutch Hurdles
ExxonMobil is drawing closer to completing its $41 billion acquisition of U.S. independent XTO Energy Inc. The company said in a regulatory filing Tuesday that the deal cleared regulatory hurdles in the U.S. and The Netherlands.
BP Said to Agree on Eagle Ford Shale JV
A unit of BP plc is said to be close to completing a joint venture (JV) agreement with privately held Lewis Energy Group that would expand the London-based producer’s U.S. natural gas operations.
