M&A

Canadian Natural Resources Ltd.'s $2.8 billion purchase of Devon Energy Corp.'s conventional natural gas and oil assets in Canada in the first quarter was the largest exploration and production (E&P) acquisition in North America and the second largest worldwide, according to Evaluate Energy.

Houston's Apache Corp. is casting off more assets, the latest a $374 million deal for a package of primarily dry natural gas properties in the Deep Basin of Canada.

Following through on a promise it made last year, JPMorgan Chase & Co. said Wednesday it will sell its physical commodities business to Mercuria Energy Group Ltd. in a $3.5 billion all-cash transaction. The deal is expected to close in the third quarter, subject to regulatory approvals.

Gulf of Mexico (GOM) player Energy XXI, which has made a name for itself through production expertise and horizontal drilling finesse, is taking over EPL Oil & Gas Inc. in a friendly merger that would create the largest public independent on the Outer Continental Shelf (OCS). Proforma production would be close to 65,000 boe/d.

The North American energy sector — from exploration and production (E&P), oilfield services and midstream — still has a big target on its back again this year among activists that want to force changes, according to Moody’s Investors Service.

Chesapeake Energy Corp. won’t be satisfied until it reclaims a top-tier exploration and production (E&P) position, which is going to require $1 billion more in asset sales this year and a more transparent balance sheet, CEO Doug Lawler said Wednesday.

Gavilon LLC and Tenaska Marketing Ventures, jointly are seeking waivers from FERC to allow completion of a deal selling Gavilon’s wholesale gas marketing business, including transportation and storage contracts, to Tenaska.

Devon Energy Corp. has reached an agreement to sell most of its Canadian conventional portfolio, with proved reserves of about 170 million boe, to Canadian Natural Resources Ltd. for US$2.8 billion. Excluded are unconventional projects in the gassy Horn River Shale, Lloydminster and thermal heavy oil assets.

Anadarko Petroleum Corp.agreed to sell its Chinese subsidiary to a unit of Brightoil Petroleum (Holdings) Ltd. for $1.075 billion worth of stock. The subsidiary being sold owns The Woodlands, TX-based producer’s interests in the Bohai Bay field. In 2013 Anadarko’s net sales volumes from Bohai Bay averaged 11,000 b/d of oil. CEO Al Walker said the sale demonstrated a commitment to “active portfolio management.” The sale should close by the end of 2014.