M&A

After multiple setbacks, liquefied natural gas (LNG) demand ramped up in a big way during the Oct. 15-21 period, tightening up supply/demand balances and boosting natural gas forward prices across the country, according to NGI’s Forward Look. November prices jumped an average 26.0 cents for the period, with double-digit gains extending through the winter months…

Dallas-based Permian Basin pure-play Pioneer Natural Resources Co. agreed late Tuesday to join forces with competitor Parsley Energy Inc. in an all-stock deal valued at $7.6 billion including debt. The combined company would hold substantial sway in the Permian, with an estimated 930,000 net acres with no federal leases. At the end of June, the…

ConocoPhillips on Monday announced it is taking over Concho Resources Inc. for $9.7 billion in stock, forming a giant in the Permian Basin that would rival the output of the biggest players in the nation’s most productive oilfield. Concho, a Permian pure-play, is the fifth-largest producer by volume in the massive field. The combination marks…

Australian energy conglomerate BHP is increasing its upstream hold in the deepwater Gulf of Mexico after buying out Hess Corp.’s 28% stake in the Shenzi development for $505 million.  The transaction raises BHP’s interest in Shenzi, which it already operates with a 44% stake, by an estimated 11,000 boe/d. Repsol SA has the remaining 28%…

Caterpillar Inc., one of the world’s largest construction and mining operators, has agreed to pay $405 million to buy the Texas-based oil and gas division of Weir Group plc. Cat, as it is known, manufactures equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The takeover of Fort Worth-based Weir Oil &…

Shareholders of Houston-based Noble Energy Inc. on Friday approved a pending merger with Chevron Corp. in a special meeting, all but guaranteeing the tie up will be completed by year’s end. Chevron in July clinched a definitive agreement in an all-stock transaction worth $5 billion that carried a total enterprise value, including debt, of $13…

Houston-based Black Bear Transmission LLC said Thursday it has completed the sale of natural gas gathering assets in Oklahoma and Arkansas acquired earlier this year from Enbridge Inc.   The assets, owned by Ozark Gas Gathering LLC (OGG), were sold to an undisclosed buyer and terms were not released. OGG was acquired from Enbridge as part…

TC Energy Corp. agreed Tuesday to negotiate native ownership shares in its pipelines with five Canadian tribes, starting with the contested Keystone XL oil project to export 830,000 b/d to the United States. The company announced a memorandum of understanding (MOU) with Maskwacis Nations, Ermineskin Cree Nation, Montana First Nation, as well as the Louis…

Global oil and natural gas operators could be pushed to sell or trade $100 billion-plus in assets because of the energy transition to alternative fuels, but it’s likely the U.S. portfolios would be off the table, according to a new analysis. Rystad Energy did a deep dive on the geographical spread of some of the…