NET Power LLC, whose technology is designed to reduce carbon emissions from natural gas, on Wednesday agreed to combine with Rice Acquisition Corp. II to advance solutions in a transaction worth an estimated $1.46 billion. Rice Acquisition, a special purpose acquisition company (SPAC), is focused on supply-side carbon dioxide (CO2) reductions. Once the transaction is…
Mergers and Acquisitions
Articles from Mergers and Acquisitions
Coterra Ready to ‘Accelerate or Decelerate’ Oil, Natural Gas Development Heading into 2023
Flexibility is key to all that Coterra Energy Inc. is planning for the Lower 48 in 2023, as inflationary headwinds drive up the price for things across the board, executives said. Coterra, formed last year with the merger of Cabot Oil & Gas Corp. and Cimarex Energy Co., focuses on producing natural gas and oil…
DT Midstream Doubling Millennium Natural Gas Pipeline Stake for $552M
DT Midstream Inc. (DTM) has inked a deal to acquire an additional 26.25% stake in the Millennium Pipeline Co. LLC., a natural gas system, for about $552 million. The 263-mile conduit, which entered service in 2008, delivers natural gas from the Marcellus and Utica shales to utility and power plant markets across New York and…
Dominion Closes Sale of West Virginia LDC, Landing State a New Resident Firm
After closing the acquisition of one of West Virginia’s largest local natural gas distribution companies (LDC) from Dominion Energy Inc., Hearthstone Holdings Inc. is headed to the Mountain State. Hearthstone and Dominion disclosed Thursday the companies had closed the sale of Hope Gas Inc., which does business as Dominion Energy West Virginia, to Hearthstone for…
Shell, ExxonMobil to Reduce California Presence with Aera Energy Sale
International asset management group IKAV has agreed to acquire Bakersfield, CA-based independent Aera Energy LLC from joint owners Shell plc and ExxonMobil, the energy companies reported Thursday. Accounting for nearly one-quarter of California’s oil and gas output from about 13,000 wells, Aera is 51.8% owned by Shell and 48.2% by ExxonMobil. Shell said it expects…
Colorado’s Civitas, PDC Energy Expect to Maintain Strong Natural Gas, Oil Production Levels
Despite inflationary pressures, Denver-based Civitas Resources Inc. and PDC Energy Inc. expect continued strong oil and natural gas production levels through 2022 as each capitalizes on acquisitions and strong demand. Civitas Resources Inc., the largest producer in the Denver-Julesburg (DJ) Basin, on average produced 175,223 boe/d — 46% oil, 30% natural gas and 24% natural…
Uptick on the Horizon in Upstream Natural Gas and Oil Dealmaking? – Listen Now to NGI’s Hub & Flow
Click here to listen to the latest episode of NGI’s Hub & Flow for a preview of what’s on the dealmaking horizon among public and private U.S. exploration and production companies. In the podcast, Seenu Akunuri, principal for PwC’s U.S. Energy, Resources, and Utilities Deals, highlights upstream trends he’s seeing. He highlights investors’ growing appetite…
BlackRock Purchases RNG Producer for $700M
Vanguard Renewables, a renewable natural gas (RNG) producer with projects across New England, said it has been acquired by BlackRock Real Assets. A source familiar with the deal told NGI that BlackRock purchased the RNG producer from Vision Ridge Partners for $700 million. The investment could help Vanguard Renewables develop its plans to bring more…
Devon Energy Grows Williston Basin Position with $865M Deal
Devon Energy Corp. said Thursday that it has closed on its $865 million acquisition of RimRock Oil and Gas LP’s leasehold interest and related assets in the Williston Basin. The bolt-on deal, announced last month, adds 38,000 contiguous net acres (88% working interest) to Devon’s existing Williston footprint. Oklahoma City-based Devon said it expects the…
Whiting, Oasis to Join Forces in Bakken Through ‘Merger of Equals’
Bakken Shale independents Whiting Petroleum Corp. and Oasis Petroleum Inc. have agreed to join forces in a “merger of equals” transaction, the companies said Monday. “The combined company will have a premier Williston Basin position with top tier assets across approximately 972,000 net acres, combined production of 167,800 boe/d, significant scale and enhanced free cash…