An uptick in U.S. midstream dealmaking lifted acquisition activity between April and June, while upstream transactions fell by half from a year ago, a new report by PwC US said.
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TPC Group Inc. plans to produce on-purpose isobutylene with the refurbishment and restart of dehydrogenation assets at its Houston operations. The isobutylene feedstock will be used for the company’s performance products and fuels business, including methyl tertiary-butyl ether, polyisobutylene, high-purity isobutylene and diisobutylene. Start-up is planned for the second half of 2014. The facilities will produce up to 650 million pounds per year of isobutylene from isobutane, a natural gas liquids feedstock whose production volumes continue to increase as a result of U.S. shale gas development, TPC said. Total capital expenditure for the project is estimated at $265 million. TPC recently agreed to be taken private by First Reserve Corp. and SK Capital Partners in a cash-and-debt transaction valued at $850 million (see Shale Daily, Aug. 30).
Continental Resources Inc.’s shareholders have approved the company’s purchase of Wheatland Oil Inc.’s core assets in the Bakken Shale, a stock deal valued at about $276 million.
Houston-based National Oilwell Varco Inc. (NOV) said Thursday it is paying cash to buy oilfield service provider Robbins & Myers (R&M) in a transaction valued at $2.5 billion.
The village council of Carrollton, OH, has voted in favor of a nondevelopmental oil and natural gas lease agreement with Rex Energy Corp. that was valued at $938,000 on Monday.
Offering two alternatives for consideration, a Southwest Gas Corp. rate case settlement valued at $52.6-54.9 million began the Arizona regulatory process earlier this month and hearings continued Wednesday. Each alternative attempts to decouple monthly gas utility charges from revenues among other things to avoid penalizing the utility for successful energy saving efforts.
Carrizo Oil & Gas Inc. has agreed to purchase more than 13,000 net acres in the Eagle Ford Shale in a deal valued at about $71.5 million, and it has temporarily moved one of its rigs from the Barnett Shale to the Eagle Ford in order to speed up production.