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…

ExxonMobil on Thursday said goodbye to the Barnett Shale in North Texas after securing $750 million from Denver-based BKV Corp. for the natural gas-rich portfolio in North Texas. The transaction, set to be completed by the end of June, would require additional payments to ExxonMobil contingent on future natural gas prices. The deal includes 160,000…

The U.S. Department of Energy (DOE) plans to sell up to 20 million bbl of oil from the Strategic Petroleum Reserve (SPR) – double the level sold at an auction earlier this year – as the Biden administration complies with 2015 legislation and tries to raise funds to pay for a massive new infrastructure bill.…

Occidental Petroleum Corp. is selling off 25,000 net acres in its West Texas holdings in the Permian Basin, along with the production, to private equity (PE) sponsored Colgate Energy Partners III LLC. The $508 million deal by Oxy, as it is better known, includes 25,000 net acres in Reeves and Ward counties within the Delaware…

A fund controlled by ArcLight Capital Partners LLC has taken a minority stake in the largest natural gas pipeline serving the high-demand Chicago-area market, as well as liquefied natural gas (LNG) export terminals along the Gulf Coast. Kinder Morgan Inc. (KMI) and Brookfield Infrastructure Partners LP on Tuesday said they agreed to sell a 25%…

Equinor ASA, an enthusiastic buyer in the early days of the Lower 48 unconventional oil and gas revolution, has put the portfolio in reverse, with the Bakken Shale the latest to change hands. The Norwegian major said Wednesday it agreed to sell its North Dakota and Montana assets to EnCap Investments-backed Grayson Mill Energy for…

Equinor ASA continued to advance its worldwide energy portfolio during 2020, with a long-term strategy set on becoming a net-zero emissions leader relying less on fossil fuels. The management team held court with analysts and investors on Wednesday to share results for 2020 and the outlook going forward. Mirroring comments made by Big Energy CEOs…

An affiliate of Warren Buffett’s Berkshire Hathaway Inc. on Monday became the operator of the Cove Point liquefied natural gas (LNG) export terminal in Lusby, MD, as part of a $9.7 billion acquisition from Dominion Energy Inc. The sale of the majority of the assets in the transaction announced in July were completed Monday, Richmond,…

Blackstone Group Inc. has closed the sale of its 42% stake in Cheniere Energy Inc.’s master limited partnership (MLP) in a transaction valued at $7 billion. The private equity firm sold the units it held in Cheniere Energy Partners LP (CQP) to affiliate Blackstone Infrastructure Partners and Brookfield Infrastructure. The firm first invested $1.5 billion…