BP plc officials said Friday they intend to sell the company’s lucrative stake in TNK-BP, which is owned equally with Russia’s Alfa Access Renova (AAR), a group of Russian billionaires.
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Blackstone Invests $1.5B in Sabine Pass Project
In another move to fund its Sabine Pass LNG liquefaction project in Louisiana, Cheniere Energy Partners LP has agreed to sell $1.5 billion in newly issued CQP Class B units to investment funds managed by Blackstone Energy Partners LP and Blackstone Capital Partners VI LP, the Houston-based company said last week.
Blackstone to Invest $1.5B in Sabine Pass Liquefaction Project
In another move to fund its Sabine Pass LNG liquefaction project in Louisiana, Cheniere Energy Partners LP has agreed to sell $1.5 billion in newly issued CQP Class B units to investment funds managed by Blackstone Energy Partners LP and Blackstone Capital Partners VI LP, the Houston-based company said Tuesday.
BP Puts GOM Fields Up for Sale
BP plc, still coming to terms with the devastating Macondo well blowout two years ago, said last week it would sell one Gulf of Mexico (GOM) field and stakes in four others.
Industry Briefs
Marathon Oil Corp. has agreed to sell nearly all of its natural gas properties in the state for an undisclosed sum to Hilcorp Alaska LLC, a unit of privately held Hilcorp Energy Co. The sale includes an estimated 17 million boe net of proved reserves in 10 fields in which Marathon holds interests in the Cook Inlet. Gas operations include the McArthur River, Ninilchik, Cannery Loop and Kenai Gas units, as well as Beaver Creek, which is an oil and gas development within the Kenai National Wildlife Refuge. The sales package also includes natural gas storage and gas pipeline transmission systems. Last year Marathon’s Alaska net production averaged 93 MMcf/d of gas and 112 b/d of oil. The company also had about 12.5 Bcf in storage at the end of 2011. The transaction, with an effective date of Jan. 1, 2012, is set to be completed this fall. Not to be sold is Marathon’s onshore drilling rig, which is being marketed separately.
Marathon Selling Alaska Natgas Assets
Marathon Oil Corp., an Alaska operator for more than 55 years, late Monday agreed to sell nearly all of its natural gas properties in the state for an undisclosed sum to a unit of privately held heavyweight Hilcorp Energy Co.
California Utility Sells Last Coal-Fired Plant Interest
Southern California Edison Co. (SCE) gained state regulatory approval Thursday to sell its lone remaining interest in out-of-state coal-fired generation. This is consistent with the California Public Utilities Commission’s (CPUC) mandate that it do so by 2016.
Eureka Hunter’s $58.5M TransTex Acquisition Fortifies Midstream Business
One day after Magnum Hunter Resources Corp. agreed to sell $100 million of convertible preferred units in subsidiary Eureka Hunter Holdings LLC to an affiliate of ArcLight Capital Partners LLC, the producer announced Thursday that $58.5 million of the proceeds would be used by Eureka Hunter to acquire natural gas treating company TransTex Gas Services LP, a privately held company based in Houston.
Ahead of Major Deals, El Paso Quarterly Profits Double
El Paso Corp., which at the end of last week clinched a blockbuster deal to sell its exploration unit, on Monday said fourth quarter profits more than doubled. The natural gas pipeline franchise also reported a solid performance, lifted by rising volumes from the Marcellus Shale.
El Paso E&P Sold for $7.15B to Private Equity Group
Late Friday El Paso Corp. announced that it entered into a definitive agreement to sell its exploration and production (E&P) unit, EP Energy Corp., for close to $7.15 billion to affiliates of Apollo Global Management LLC and Riverstone Holdings LLC, as well as Access Industries Inc. and other parties.