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M&A

Kinder Turns 3Q Profit, Notes Positive Momentum for Natural Gas

Kinder Turns 3Q Profit, Notes Positive Momentum for Natural Gas

Kinder Morgan Inc. moved back to the positive side of the ledger during the third quarter, but management for the midstream giant remains keenly aware of the lingering uncertainties facing the oil and gas industry. “We’re not on the other side of the downturn of the U.S. energy industry,” CEO Steven Keen said Wednesday during…

October 22, 2020
TC Paying $1.5B to Buy Out Shares in Pipeline MLP

TC Paying $1.5B to Buy Out Shares in Pipeline MLP

TC Energy Corp. on Monday announced a share swap offer, valued at $1.48 billion, to take over all 76% of the stock of affiliate TC PipeLines LP that is widely held on public financial markets. The deal would transfer to TC all the master limited partnership (MLP) interests, ranging from 46-100%, in eight pipeline systems…

October 5, 2020
M&A Among U.S. Natural Gas Operators Looks Poised to Climb on Optimism for Pricing, Says Enverus

M&A Among U.S. Natural Gas Operators Looks Poised to Climb on Optimism for Pricing, Says Enverus

Chevron Corp.’s $13 billion takeover of Noble Energy Inc., completed on Monday, was the largest US. upstream deal during a sluggish third quarter, according to Enverus. The oil and gas analytics company in its summary of 3Q2020 merger and acquisition (M&A) activity outlined the highs and lows for what was another volatile three-month period. “While…

October 5, 2020
Caterpillar Transforming Pressure Pumping Business with Takeover of Weir Oil, Gas Division

Caterpillar Transforming Pressure Pumping Business with Takeover of Weir Oil, Gas Division

Caterpillar Inc., one of the world’s largest construction and mining operators, has agreed to pay $405 million to buy the Texas-based oil and gas division of Weir Group plc. Cat, as it is known, manufactures equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The takeover of Fort Worth-based Weir Oil &…

October 5, 2020
Sumitomo Exits Marcellus in Sale of Pennsylvania Assets

Sumitomo Exits Marcellus in Sale of Pennsylvania Assets

Japanese trading house Sumitomo Corp. has exited the Marcellus Shale, announcing Monday that it had closed the sale of its interests in properties in western Pennsylvania to an undisclosed buyer.  Sumitomo, which entered the play in September 2010, did not disclose how much it earned for its 30% working interest in assets operated by PennEnergy…

September 8, 2020
Andros Eyeing Domestic Upstream, Downstream Opportunities with $250M Fund

Andros Eyeing Domestic Upstream, Downstream Opportunities with $250M Fund

Houston-based Andros Capital Partners said Tuesday it has completed an inaugural $250 million fund to target investments across the energy sector. The private equity firm, founded earlier this year by managing partner Phillip A. Gayle Jr., is considering “private equity investments, credit opportunities and direct asset-level investments” for the Andros Energy Capital LP fund. Middle-market…

August 18, 2020
Covenant, Stuart Combine Lower 48 Well Flowback, Pressure Control Businesses

Covenant, Stuart Combine Lower 48 Well Flowback, Pressure Control Businesses

Houston-based Covenant Testing Technologies LLC said Tuesday it is combining with Stuart Pressure Control to provide well flow and pressure control for operators across the Lower 48. The tie-up is designed to expand services for exploration and production companies in the Permian and Denver-Julesburg basins, as well as the Eagle Ford and Haynesville shales. “In…

August 18, 2020
Oxy Looks to Build Cash Flow, with Low Growth Following $8.4B Loss

Oxy Looks to Build Cash Flow, with Low Growth Following $8.4B Loss

Houston-based Occidental Petroleum Corp. is throttling back from growth to ensure it can build cash flow to pay down some big debt maturities due in 2021, CEO Vicki Hollub said Tuesday. The company, better known as Oxy, has set spending priorities on maintenance, debt reduction and eventually a sustainable dividend before expanding, Hollub said during…

August 11, 2020
Montney Producer Painted Pony Cites Lower Natural Gas Prices in $346M Friendly Takeover by Canadian Natural

Montney Producer Painted Pony Cites Lower Natural Gas Prices in $346M Friendly Takeover by Canadian Natural

Canadian Natural Resources Ltd. (CNRL), the nation’s top fossil fuel producer, scooped up 434 square miles of the liquids-rich Montney Shale gas formation in northern British Columbia (BC) with a friendly takeover of Painted Pony Energy Ltd. Painted Pony management recommended stockholder acceptance of CNRL’s cash offer of C$0.69/share ($0.52), or C$111 million ($83.3 million)…

August 10, 2020
Range Exiting North Louisiana in $335M Deal After Assets Fail to Perform

Range Exiting North Louisiana in $335M Deal After Assets Fail to Perform

Range Resources Corp. has announced a deal to divest its Cotton Valley Sands Terryville Complex assets in North Louisiana, reaching an agreement with Castleton Resources LLC for up to $335 million.  The deal comes at a low point in the commodity cycle, considering that Range took on the assets in 2016 with the $4.4 billion…

August 4, 2020