More than one-third of 169 senior oil and natural gas executives worldwide expect to go after acquisitions in the next year, according to EY’s ninth biannual Oil and Gas Capital confidence barometer.
Articles from M&A
A significant drop-off in midstream merger and acquisition (M&A) activity, coupled with lackluster number of mega deals, resulted in a decline in deal values for the third quarter from a year ago, PwC US said Thursday.
Recent deals in the midstream master limited partnership (MLP) arena have moved activist shareholder Sandell Asset Management to press harder for a new strategy for DCP Midstream LLC (DCP) that he recently proposed.
Freeport-McMoRan Copper & Gold Inc., which scooped up two significant U.S.-based oil and natural gas operators earlier this year, now is looking at a range of options to reduce some of the debt that came with the buys, including asset sales, joint ventures or even a master limited partnership (MLP), CEO Richard C. Adkerson said Tuesday.
As part of a strategic review aimed at forming a smaller, more profitable company, Los Angeles-based Occidental Petroleum Corp.’s (Oxy) board of directors on Friday authorized pursuit of selected asset sales, including potentially some overseas and Midcontinent assets, along with a portion of a general partner interest in Plains All American Pipeline (PAAP).
With natural gas-fired and renewable generation assets as an attraction, Princeton, NJ-based NRG Energy Inc. said Friday it has entered a $2.5 billion “planned sponsor agreement” with Edison Mission Energy (EME) and some of its subsidiaries to eventually acquire the Chapter 11-mired independent power generation company. NRG said it hopes to close the acquisition in the first quarter next year.
North America’s $15.9 billion in oil and natural gas merger and acquisition activity led the global markets during the third quarter with a 38% share, but overall U.S. activity and deal values declined year/year, according to PLS Inc. and Derrick Petroleum Services.
Regency Energy Partners LP plans to buy PVR Partners LP in a $5.6 billion deal (including $1.8 billion of debt) to create a natural gas gathering and processing giant with a presence in Appalachia, West Texas, South Texas, the Midcontinent and North Louisiana.