Privately held Cantium LLC, formed last year, is stocking its shelves with some of Chevron Corp.’s shallow water assets in the Gulf of Mexico (GOM), including the Bay Marchand and Main Pass properties.
M&A
Articles from M&A
Baker Hughes, GE Merger Official, Kicks Off ‘New Era’ For OFS
Billing itself as “the world’s first and only fullstream oil and gas company,” Baker Hughes Inc. and GE Oil & Gas announced Monday that their mega-merger — estimated at $32 billion — is complete.
Brief — Shell Energy North America
One of North America’s leading natural gas marketers, Shell Energy North America (SENA), has agreed to buy MP2 Energy LLC for an undisclosed price. MP2 manages power plants and delivers retail power to end-use customers. Subject to regulatory approvals, the transaction should be completed in 3Q2017. SENA now manages a retail energy business targeting large commercial and industrial customers on the U.S. West Coast. With the purchase of MP2, which is headquartered in The Woodlands north of Houston, SENA plans to expand operations in Texas and through the eastern United States. SENA’s North American gas sales volumes are estimated at around 10 Bcf/d. According to NGI’s top natural gas marketers for 1Q2017, SENA was ranked No. 2.
EQT’s $8 Billion Buyout of Rice Energy Would Create Largest U.S. NatGas Producer
EQT Corp. has agreed to buy out Appalachian competitor Rice Energy Inc., an estimated $8 billion transaction that would create the largest natural gas producer in the country.
House Panel Passes 11 Energy Bills; One Sets $10M Threshold for Some M&A
The House Committee on Energy and Commerce (E&C) Committee on Wednesday passed 11 bills covering energy infrastructure and efficiency matters, including one bill that would set a $10 million minimum threshold for mergers and acquisitions (M&A) subject to FERC jurisdiction.
Mexico Natural Gas Production Declines; Pipeline Issues Could Spell Summer Shortages
As temperatures rise in what promises to be a hot summer in Mexico, the country’s production of natural gas — the fuel of choice for the nation’s power plants — has been dropping by 10% year-on-year in recent months.
Shell Buying Out Chevron’s T&T Stakes in Gassy Offshore Fields, LNG Company
Royal Dutch plc is expanding its natural gas-rich holdings in the Republic of Trinidad and Tobago (T&T) after agreeing to buy Chevron Corp.’s interests in the strategic twin-island Caribbean nation.
U.S. Energy Sector Secures Billions in Saudi Deals
U.S. oil and natural gas operators inked deals over the weekend with Saudi Arabia that are expected to create billions in revenue as President Trump completed the first leg of a nine-day marathon trip to the Middle East and Europe.
Tallgrass to Acquire Natural Gas Gathering System in PRB
Tallgrass Energy Partners LP affiliate Tallgrass Midstream LLC agreed Wednesday to purchase the Douglas natural gas gathering system in Wyoming’s Powder River Basin (PRB) from DCP Midstream in a deal valued at $128 million.
Brief — WGL Holdings
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.