Regency Energy Partners LP is picking up the midstream business of Eagle Rock Energy Partners LP in a $1.3 billion deal. Combined with Regency’s planned acquisition of PVR Resources, the Eagle Rock assets will diversify its exposure in East and South Texas as well as the Texas Panhandle. A smaller deal, also announced Monday, aims to grow Regency’s presence in the Delaware Basin in West Texas.
M&A
Articles from M&A
Activists Target Williams; Shares Jump
A pair of activist shareholders has taken a significant stake in Williams Cos. Inc., driving up the company’s share price, as the partners pursue a plan to improve the midstream company’s performance and potentially put it in play in the current environment of ongoing midstream consolidation.
Equity Investor Putting $1.3B Into Freeport LNG
Freeport LNG Expansion LP has snagged a $1.3 billion equity investment from IFM Investors for its proposed liquefied natural gas (LNG) liquefaction and export facility on Quintana Island near Freeport, TX. Funds will support development of the facility’s second train.
Industry Brief
Unitholders and shareholders of LINN Energy LLC, LinnCo LLC and Berry Petroleum Co. have approved the companies’ merger and related transactions on Monday, setting the deal on course for closure as it passed its final hurdle at the U.S. Securities and Exchange Commission last month (see Daily GPI, Feb. 22). The deal is said to be the first-ever acquisition of a C-corporation by an upstream limited liability company or master limited partnership. Linn Energy last month raised its offer for Berry by $600 million, reinvigorating the mega-deal (see Daily GPI, Nov. 4).
E&Ps Now Look for Assets, Not Takeovers, Says Raymond James
Upstream merger and acquisition (M&A) activity isn’t as slow as some believe, but now it’s about asset transactions, rather than mega corporate takeovers, a Raymond James & Co. Inc. analyst said in a note Monday.
Innovation, Persistence Brewing North America Energy Feast
Innovation and infrastructure investments, peppered with good old fashioned persistence, have cooked up an energy feast in North America, but it’s going to need astute chefs to manage it into the future, experts at Deloitte LLP said Tuesday.
Devon Dumping Natural Gas-Heavy Assets in Turn to Oil
The once and former king of unconventional natural gas production in the United States, Devon Energy Corp., is selling close to one-third of its gas reserves to give it more leverage in a bid to become a top North American oil producer, CEO John Richels said Wednesday.
Pennsylvania PUC Approves Equitable-Peoples Merger
The Pennsylvania Public Utility Commission (PUC) has approved a settlement to allow Peoples Natural Gas Co. to purchase Equitable Gas Co. for $720 million, a deal which will also create the largest local distribution company (LDC) in the state.
‘Clear Rebound’ in Confidence of Senior Oil, Natural Gas Executives
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.
Carlyle Targets $7B for Energy Investments
Carlyle Group plans to raise $7 billion for energy funds over the next two years, with more than half — $4 billion — targeting North America, executives said during an investor presentation in New York City.