Mergers and Acquisitions

Enbridge Inc. agreed late Tuesday to spend $9.4 billion to become the top North American natural gas utility operator in North America with the purchase of three Dominion Inc. systems, which, once completed, would deliver 9.3 Bcf/d to seven million U.S. and Canadian customers. The Dominion systems to be sold, East Ohio Gas Co., Public…

Viper Energy Partners LP has entered a deal to substantially expand its Lower 48 mineral and royalty interest footprint through an acquisition from two private equity firms. The Diamondback Energy Inc. subsidiary agreed to acquire about 7,300 net royalty acres from Warwick Capital Partners and GRP Energy Capital for roughly 9.02 million Viper common units…

Merger and acquisition (M&A) activity in the Lower 48 upstream segment doubled year/year during the second quarter in terms of transacted value, with 20 deals totaling $24 billion, according to the latest tally by Enverus Intelligence Research (EIR). The figure was up from a comparatively sluggish $12 billion transacted during 2Q2022. Dealmaking in 2Q2023 was…

Only weeks after slapping down $5.4 billion to take over NexTier Oilfield Solutions, Patterson-UTI Inc. on Wednesday agreed to buy global drillbit specialist Ulterra Drilling Technologies LP. In the definitive agreement with sponsor Blackstone Energy Partners, Patterson-UTI agreed to pay $370 million cash and trade 34.9 million common shares. Patterson-UTI was trading for around $12.20/share…

Toronto-based Superior Plus Corp. has completed its merger with fuels distributor Certarus Ltd., handing it natural gas and hydrogen distribution assets across North America.  The propane and distillates distributor and marketer has expanded into compressed natural gas (CNG), renewable natural gas (RNG) and hydrogen delivery with Certarus’ network of bulk compression stations and mobile storage…

PureWest Energy LLC, which develops natural gas reserves in Wyoming’s Green River Basin, has struck a $1.84 billion deal to merge with a group of financial buyers. The all-cash transaction is by PW Consortium, a group that includes A.G. Hill Partners LLC, Cain Capital LLC, Eaglebine Capital Partners LP, Fortress Investment Group LLC, HF Capital…

Williston Basin pure-play Chord Energy Corp. has agreed to acquire a package of assets from ExxonMobil subsidiary XTO Energy Inc. in a cash transaction valued at $375 million. The assets span about 62,000 net acres and include “123 estimated net 10,000 foot equivalent locations,” said management of Houston-based Chord. The XTO assets currently are producing…

Elliott Investment Management LP is calling on Houston-based utility giant NRG Energy Inc. to upend its strategy because of “operational and strategic mishaps.” The activist investor, which said it has spent $1 billion to secure a 13% stake, sent a letter on Monday to NRG’s board specifically criticizing a $2.8 billion deal to buy home…

Vital Energy Inc. and Northern Oil and Gas Inc. (NOG) are teaming up to acquire the assets of Forge Energy II Delaware LLC, an EnCap Investments LP portfolio company based in the Permian Basin, in a $540 million all-cash transaction. The Forge assets in the Delaware sub-basin span nearly 42,000 gross acres across Pecos, Reeves…