Calgary-based Crescent Point Energy Corp. is jumping into the merger frenzy with a goal to transform its portfolio in Western Canada with the $1.9 billion cash-and-stock takeover of crosstown rival Hammerhead Energy Inc. “This strategic consolidation is an integral part of our overall portfolio transformation,” said Crescent Point CEO Craig Bryksa. The assets are in…
M&A
Articles from M&A
Enbridge Bets Big on U.S. Natural Gas Demand, LNG Exports
Enbridge Inc.’s chief executive touted the Canadian company’s efforts to further expand in the United States – on the Gulf Coast and elsewhere – as part of a bid to capitalize on expected long-term natural gas demand in North America and overseas. The Calgary, AB-based company, already a major force in Canadian and American energy,…
Upstream Dealmaking at Full Throttle with ExxonMobil, Chevron Deals, and More Consolidation Said Likely
Dealmaking in the U.S. oil and natural gas upstream segment was on cruise control between July and September, with an estimated $14 billion spent for 25 transactions, but two mega-mergers announced this month may signal that transactions to year’s end may go into overdrive. A summary of 3Q2023 upstream merger and acquisition (M&A) activity, compiled…
Chevron’s $53B Deal for Hess Supercharges Lower 48 Portfolio, Opens Door to Guyana’s Stabroek
Chevron Corp. agreed Monday to snap up Hess Corp. in an all-stock transaction valued at $53 billion, enlarging the supermajor’s Lower 48 and Gulf of Mexico portfolios and giving it entry into rich discoveries offshore Guyana in the Stabroek block. The total enterprise value, including debt, is $60 billion. The agreement nearly matches the estimated…
Tourmaline Eyes Deep Basin Natural Gas Growth with $1.1B Bonavista Acquisition
Canada’s largest natural gas producer, Tourmaline Oil Corp., disclosed it plans to acquire Bonavista Energy Corp. as it looks to add “decades of inventory” to its existing Deep Basin assets in Alberta, according to the firm. Calgary-based Tourmaline signed an agreement to acquire Bonavista in a deal valued at $1.1 billion (C$1.45 billion). The acquisition…
ExxonMobil Creating Permian Juggernaut with Pioneer Natural Merger Valued at $59.5B
As has been speculated for months, ExxonMobil on Wednesday agreed to buy Permian Basin pure-play Pioneer Natural Resources Co. in a mega all-stock transaction valued at $59.5 billion. The implied total enterprise value, including net debt, is estimated at $64.5 billion. “Pioneer is a clear leader in the Permian, with a unique asset base and…
Civitas Deepens Permian Basin Presence, Snaps Up Vencer Energy Assets
Denver-based Civitas Resources Inc. is taking on more upstream acreage in the Permian Basin. In a $2.1 billion transaction, Civitas signed an agreement with Vitol Inc. subsidiary Vencer Energy LLC to add some 44,000 net acres in the Midland Basin in West Texas. The assets have current production of 62,000 boe/d, with about half of…
LM Energy Pivots to Delaware Basin Natural Gas with Sale of Touchdown Crude Gathering Assets
LM Energy Holdings LLC is aiming to sell parts of its crude oil gathering business in the New Mexico portion of the Permian Basin to help fuel a focus shift to natural gas. The Dallas-based midstreamer disclosed it has entered into agreements to sell assets and subsidiaries of its Touchdown crude oil gathering system in…
Chesapeake Utilities Snaps Up NextEra’s Florida City Gas in $923M Deal
Chesapeake Utilities Corp. has agreed to pay $923 million in cash to acquire NextEra Energy Inc. subsidiary Florida City Gas (FCG), which, once complete, is expected to more than double Chesapeake’s natural gas business in the state. FCG, a subsidiary of NextEra’s Florida Power & Light Co., owns and operates about 3,800 miles of distribution…
Kingston Expanding Midstream in Clearwater with Rangeland Canada Takeover
Kingston Midstream Alberta Ltd. has stepped forward to buy the three-year-old Marten Hills Pipeline System in the Clearwater field in Canada, with the takeover of Rangeland Midstream Canada Ltd. from its Texas owners. The transaction, for an undisclosed amount, is set to be completed by the end of this month. Marten Hills, which was placed…