The strength of U.S. shale plays was a key driver for increased merger and acquisition (M&A) activity in 2010, and will continue to fuel the industry’s movement toward upstream assets, according to a report issued by PricewaterhouseCoopers USA (PwC).
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Privately held Kinder Morgan Inc. has announced plans to rejoin the New York Stock Exchange with the launch of an initial public offering (IPO) for up to $1.5 billion. Parent company Kinder Morgan Holdco LLC said all of the stock for the IPO would be sold by existing investors including Chairman Richard Kinder and his wife, who together hold a stake of about 31% in the company. Other sellers include Goldman, Sachs & Co., Highstar Capital LP, The Carlyle Group and Riverstone Holdings LLC. The company plans to list under its former symbol “KMI.” Timing of the IPO was not disclosed. In 2007 Kinder Morgan went private in an estimated $15 billion buyout (see NGI, June 4, 2007). Kinder Morgan owns the general partner and about 11% of the limited partner interests in Kinder Morgan Energy Partners, one of the largest publicly traded U.S. pipeline master limited partnerships, which has an enterprise value of more than $30 billion.
Kinder Morgan to Go Public Once Again
Privately held Kinder Morgan Inc. on Tuesday announced plans to rejoin the New York Stock Exchange with the launch of an initial public offering (IPO) for up to $1.5 billion.
Marcellus Driller Withdraws Lease Offer in West Virginia
Appalachian-based producer AB Resources on Tuesday withdrew an offer to pay the city of Moundsville, WV, at least $206,500 for the right to drill for natural gas on city property.
Chief Oil to Voluntarily Disclose Hydrofrac Chemicals
Privately held explorer Chief Oil & Gas LLC plans to voluntarily disclose the hydraulic fracturing (hydrofracing) additives it uses in the Marcellus Shale, the producer said late Wednesday.
Concho Files Lawsuit to Ensure Marbob Acquisition
Concho Resources Inc., which last month agreed to buy privately held Permian Basin operator Marbob Energy Corp. for $1.65 billion (see Daily GPI, July 21a), on Friday said it is suing Apache Corp. and BP America Production Co. after the BP plc subsidiary elected to exercise preferential purchase rights under some of the Marbob operating agreements.
Concho Expands New Mexico Footprint
Concho Resources Inc. last week expanded its natural gas and oil holdings in the Permian Basin of New Mexico in an agreement to buy privately held Marbob Energy Corp. for $1.65 billion.
Concho Expands New Mexico Footprint with Marbob Acquisition
Concho Resources Inc. on Tuesday expanded its natural gas and oil holdings in the Permian Basin of New Mexico after agreeing to buy privately held Marbob Energy Corp. for $1.65 billion.
Gas Transportation Fuel Firm Makes $125M Acquisition
Seal Beach, CA-based Clean Energy Fuels Corp. and privately held IMW Industries Ltd. announced Wednesday they have signed a definitive agreement for Clean Energy to acquire IMW for $125 million, plus a cash earn-out arrangement. IMW makes fueling compressors and related equipment used in stations developed by Clean Energy and its clients.
Noble Signals Deepwater Drilling Still Viable
Offshore drilling giant Noble Corp. last week agreed to buy privately held FDR Holdings Ltd., also known as Frontier, in a transaction worth an estimated $2.16 billion. In turn, Frontier customer Royal Dutch Shell plc signed new deepwater drilling contracts with Noble.