M&A

San Diego-based Sempra Energy senior officials said Tuesday they are moving ahead on plans for expanding liquefied natural gas (LNG) exports from the Gulf Coast and building more infrastructure in Mexico. But previous plans for creating a master limited partnership (MLP) around some of the company’s profitable assets (see Daily GPI,June 17) have been put on hold due to unfavorable market conditions.

Midstream megadeals dominated U.S. oil and natural gas transactions during the third quarter, despite the slowdown in capital markets, PwC US reported Wednesday.

Duke Energy plans to buy its Charlotte, NC, neighbor and Atlantic Coast Pipeline project partner Piedmont Natural Gas in a $4.9 billion cash deal that it said would give it “a growing natural gas platform.” Including debt, the value of the deal is $6.7 billion.

Six weeks after unveiling a plan to help DCP Midstream LLC (DCP) weather low commodity prices, Spectra Energy Corp. has agreed to acquire a one-third stake in two natural gas liquids (NGL) pipelines from its master limited partnership, while Phillips 66 (PSX) has agreed to contribute $1.5 billion in cash to DCP.

North American oil and natural gas companies, particularly the producers, turned their backs on public launches of new ventures during the third quarter, likely because of low commodity prices and potential interest rate hikes, a review of third quarter activity found.

Three of the top 10 U.S. companies in the Fortune 500 listing for 2015 are directly involved in natural gas and oil production — No. 2 ExxonMobil Corp., No. 3 Chevron Corp. and No. 7 Phillips 66 — and two more are big contributors to the domestic energy sector, No. 4 Berkshire Hathaway and No. 8 General Electric.

Exelon Corp. and Pepco Holdings Inc. (PHI) have reached a settlement agreement with District of Columbia (DC) opponents to their planned merger.

Pepco Holdings Inc. (PHI) and Exelon Corp. have asked the Public Service Commission of the District of Columbia (PSC) to reconsider its denial of authorization for their planned merger.

Energy Transfer Equity LP (ETE) and The Williams Companies Inc. plan to merge in a $37.7 billion deal, including debt, to make what they say will be the third-largest energy franchise in North America and a top-five global energy company.