SilverBow Resources Inc.’s board plans to “carefully review and consider” a proposal from activist investor Kimmeridge Energy Management LLC to merge its natural gas production subsidiary in a tie-up that could become the largest South Texas exploration and production company. In a letter to shareholders, Kimmeridge proposed to merge Kimmeridge Texas Gas LLC (KTG) into…
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Amid Oil and Natural Gas Consolidation Frenzy, Chevron’s Guyana Mega-Deal Facing Hurdles
ExxonMobil is trying to put a stop to Chevron Corp. and its bid to enter the lucrative Guyanese offshore oil and natural gas patch. The company has filed for arbitration, claiming Chevron’s bid to snap up Hess Corp.’s Guyana assets goes against a contract clause that grants ExxonMobil a right of first refusal. Last October,…
EQT’s Rice Touts Natural Gas ‘Competitive Advantage’ in $5B-Plus Recombination Deal with Equitrans
EQT Corp., the largest natural gas producer in the United States, agreed Monday to buy former entity Equitrans Midstream Corp., bringing back together Appalachian-based giants in what executives said was a game-changing opportunity. The all-stock transaction, estimated Monday at around $5.5 billion, would hold 27.6 Tcfe of proved reserves across nearly two million net acres.…
TC Offloading New England Natural Gas System to Advance Strategy
TC Energy Corp. has inked a $1.14 billion agreement to sell the Portland Natural Gas Transmission System (PNGTS) to BlackRock Inc. and Morgan Stanley Infrastructure Partners as it pares debt and streamlines its North American pipeline business. The Calgary-based pipeline giant holds 61.7% ownership of PNGTS, a 295-mile, 290 million Dth/d line. Énergir LP subsidiary…
Atlas Energy, Hi-Crush Combination Set to Deliver ‘More Sand, More Barrels’ for Permian E&Ps
Austin, TX-based Atlas Energy Solutions Inc. has clinched an agreement valued at $450 million to acquire Hi-Crush Inc., merging two proppant sand operators to create the largest operator in the Permian Basin. In the agreement, scheduled for completion by the end of March, Atlas would pay $150 million cash, trade $175 million in common shares…
Jera Inks Equity, Offtake Agreements for Woodside’s Scarborough LNG Project
Jera Co. Inc., one of the world’s largest LNG buyers, has secured a 15.1% stake in Woodside Energy Group Ltd.’s Scarborough project as it continues to look for stable long-term supply for Japanese power production. Under the transaction, valued at $1.4 billion, Jera would obtain a non-operating interest in the Scarborough partnership and offtake an…
Chord, Enerplus Building $11B Bakken Oil, Natural Gas Heavyweight with Merger
Chord Energy Corp. has agreed to acquire fellow Williston Basin producer Enerplus Corp. in a stock and cash transaction that would create a company with a combined enterprise value of about $11 billion. The purchase price equates to almost $4 billion, based on closing share prices Wednesday when the deal was announced, noted Enverus Intelligence…
BP, Adnoc East Mediterranean Partnership to Advance Egyptian Natural Gas
Abu Dhabi National Oil Co. (Adnoc) and BP plc are creating a joint venture (JV) focused on Egyptian natural gas production as conflict in Israel and Palestine continues to pressure Eastern Mediterranean energy exports. The new JV, majority-owned by BP (51%), would include the London-based major’s interest in three offshore development concessions, as well as…
Nebula Energy Buys Majority Stake in AG&P LNG to Fast-Track Asian Natural Gas Projects
U.S.-based Nebula Energy LLC has invested $300 million for a majority stake in AG&P Terminals & Logistics Pte Ltd., aka AG&P LNG. The investment firm is expanding its business in the liquefied natural gas and carbon capture and storage sectors with its investment in AG&P, with plans to fast-track infrastructure development across emerging markets in…
Permian Heavyweights Diamondback, Endeavor Joining Forces in $26B Merger
Diamondback Energy Inc. is merging with privately held Endeavor Energy Resources LP to create a Permian Basin juggernaut in a $26 billion cash and stock transaction, the companies said Monday. Upon joining forces, the two Midland, TX-based independents would boast about 830,000 net acres and 816,000 boe/d of combined net production. The merger, expected to…