WGL Holdings Inc. shareholders have approved the company’s plan to merge operations with Calgary-based AltaGas Ltd. During a special shareholder meeting at WGL’s corporate offices Wednesday, a proposal to approve the transaction was approved by 96.22% of the shares voted, which represented 71.88% of all outstanding WGL shares of common stock entitled to vote, the company said. The boards of directors of WGL and AltaGas have already unanimously approved the transaction, which is expected to close in the second quarter of 2018. The C$8.4 billion (US$6.4 billion) purchase was announced by the utilities in January. Under terms of the friendly takeover, the utility for which WGL is named — Washington Gas Light Co. — would not change its brand and would retain all current staff including executives. It will keep regulated public energy services in Maryland, Virginia and the District of Columbia, the merger partners said.
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Shareholders of Spectra Energy Corp. and Enbridge Inc. have voted to approve thecombination of Spectra with Enbridge Inc. in a stock-for-stock transaction. Of the common shares of Enbridge voted at a special shareholders meeting, 99.42% were voted in favor of the issuance of Enbridge shares as consideration for the transaction, and 99.80% of the Enbridge shares were voted in favor of proposed amendments to general bylaw No. 1 of Enbridge. More than 661 million, or about 70.5%, of outstanding Enbridge shares, were voted in person or by proxy at the meeting. About 73% of the total outstanding shares of Spectra common stock, and about 98% of the total shares voted at a special shareholders meeting, were voted in favor of the transaction. The combination will create the largest energy infrastructure company in North America and one of the largest globally, with a pro-forma enterprise value of about C$165 billion (US$127 billion), Spectra said. Completion of the transaction remains subject to other customary closing conditions. Closing is expected during the first quarter.
Canonsburg, PA-based Rice Energy Inc. has completed its initial public offering (IPO) of 50 million shares of common stock, netting $594.5 million and capping its first week of trading on the New York Stock Exchange with its share price finishing nearly 12% higher than when it launched.
Bolstered by record production, especially in the southwest Pennsylvania portion of the Marcellus Shale, and revisions to its estimated ultimate recovery (EUR) curves, Range Resources Corp. reported net earnings of nearly $144 million for the second quarter of 2013.
Oilfield services giant Nabors Industries Ltd. on Tuesday warned that operating results for the second quarter will fall below consensus estimates because of a “pronounced” shortfall in the pressure pumping and top drive completion service lines.
Rex Energy Corp. said it is “pleased” with the results so far from a well targeting Ohio’s Utica Shale, but it is disappointed with a third-party well completion technique at a second well and blamed bad weather for delays in putting other wells into sales.
Spectra Energy Corp.’s (SE) announcement last week that it would accelerate dropdowns to Spectra Energy Partners (SEP) lifted the company’s shares but did not placate activist investor Sandell Asset Management, which Monday called again for further action and threatened to seek changes to the company’s board.
Shares of EOG Resources Inc. rose sharply on Tuesday after the company reported a nearly 53% increase in net income for the first quarter of 2013, gains due in large part to hefty growth in crude oil production from the Eagle Ford Shale.