Purchase

Global buyout firm TPG Capital said Wednesday it has launched Petro Harvester Oil & Gas LLC (Harvester) to purchase North American oil and natural gas properties.

Calgary-based Husky Energy on Wednesday agreed to purchase a package of natural gas properties in west central Alberta that would nearly double the company’s land base in the region and extend the use of its Ram River Gas Plant.

It was mostly a question of “when,” not “if,” ExxonMobil Corp. would make a mega purchase of some hot oil or natural gas property worldwide. But the news last Monday that it would buy onshore natural gas producer XTO Energy Inc. was a big surprise to a lot of energy analysts. Now some are wondering where the next big transaction in the gas patch will be.

It was mostly a question of “when,” not “if,” ExxonMobil Corp. would make a mega purchase of some hot oil or natural gas property worldwide. But the news Monday that it would buy onshore natural gas producer XTO Energy Inc. was a big surprise to a lot of energy analysts and now some are wondering where the next big transaction will be.

A subsidiary of Enterprise Products Partners LP has purchased a 70% stake in the Rio Grande Pipeline, a natural gas liquids (NGL) pipe, from HEP Navajo Southern LP. The purchase price was not disclosed.

November natural gas futures traders on Monday continued to knock on the $5 resistance door to no avail as the contract reached a high of $4.972 in afternoon trade before closing out the regular session at $4.880, up 11 cents from Friday’s finish.

Los Angeles-based independent Occidental Petroleum Corp. (Oxy) has signed an agreement to purchase Phibro LLC, Citigroup Inc.’s commodities trading unit, for approximately $250 million, Oxy said Friday.

Los Angeles-based independent Occidental Petroleum Corp. (Oxy) has signed an agreement to purchase Phibro LLC, Citigroup Inc.’s commodities trading unit, for approximately $250 million, Oxy said Friday.

A subsidiary of Plains All American Pipeline LP (PAA) will pay $220 million for Vulcan Capital’s 50% interest in PAA Natural Gas Storage, the companies said. The purchase price includes $90 million cash, 1.9 million PAA common units valued at $90 million and deferred contingent cash consideration up to $40 million. The transaction is expected to close Thursday. The transaction will give PAA 100% of the natural gas storage business and related operating entities, which will be accounted for on a consolidated basis. At closing PAA will repay the joint venture’s outstanding project finance debt using joint venture cash and borrowings under its revolving credit facility. As of June 30 the joint venture had approximately $450 million of debt and approximately $52 million of cash. PAA management intends to recommend to its board of directors an increase in the partnership’s quarterly distribution level to 92 cents/unit effective with the November distribution.