M&A

Devon Energy Corp. has completed its all-stock merger of Lower 48 rival WPX Energy Inc., giving the independent an even bigger toehold in the Permian Basin’s Delaware formation. The combined company, operating under the Devon moniker, would continue to be headquartered in Oklahoma City. The takeover of WPX was announced in September.  The transaction gives…

Atlanta-based natural gas marketer Gas South said it has completed its takeover of Infinite Energy, creating the largest retail natural gas provider in the Southeast.  With the acquisition, Gas South expects to double its annual revenue to $1 billion, providing natural gas to around 425,000 customers in Florida, Georgia, North Carolina and South Carolina. Gas…

UGI Corp. said Monday it would acquire Mountaineer Energy Holdings LLC, which owns the largest natural gas local distribution company (LDC) in West Virginia, for an enterprise value of $540 million, including about $140 million of debt. The acquisition would hand UGI control of Mountaineer Gas Co., a single-state LDC adjacent to UGI’s existing utility…

West Virginia’s leading oil and natural gas trade groups have merged in a sign of how the Appalachian Basin has changed in recent years. The merger between the Independent Oil and Gas Association of West Virginia (IOGA) and the West Virginia Oil and Natural Gas Association is set to take effect Jan. 1, when the…

In a move that transitions Blueknight Energy Partners LP into a pure-play, downstream terminalling business, the Tulsa, OK-based company via three separate transactions has agreed to sell its crude oil terminalling, pipeline and trucking business segments for about $162 million in cash, including estimated crude oil linefill and inventory. “This announcement represents a significant milestone…

Permian Basin operator Earthstone Energy Inc. is increasing its scale with an agreement to acquire privately held Independence Resources Management LLC (IRM) for about $185.9 million in a cash and stock deal. The transaction, announced on Friday and expected to close in the first quarter of 2021, consists of an estimated $135.2 million in cash…

Royal Dutch Shell plc is simplifying its portfolio with an agreement to sell a minority interest in the Queensland Curtis liquefied natural gas (QCLNG) common facilities to Global Infrastructure Partners Australia for $2.5 billion. Shell subsidiary QGC Common Facilities Company Pty Ltd. is selling a 26.25% stake in the QCLNG facility, which includes LNG storage…

TC Energy Corp. is seeking to streamline the business with an agreement to acquire its pipeline partnership in an all-stock deal valued at $1.68 billion. The Calgary-based midstream company said Tuesday it has a definitive merger agreement to exchange common shares of all of the outstanding common units of TC PipeLines LP (TCP), its publicly…

Colorado’s Denver-Julesburg (DJ) Basin is expected to take the bulk of midstream activity in 2021 by a new affiliate created between Noble Midstream Partners LP and Chevron Corp. Houston-based Noble Midstream said Tuesday it had successfully integrated into a new Chevron affiliate. The integration followed Chevron’s completed merger in October with Noble Energy Inc.  “Noble…