M&A

A revised financial structure for Sempra Energy’s proposed $9.45 billion purchase of the holding company of Oncor Electric Delivery Co. LLC was expected to be filed Thursday with Texas regulators.

Targa Resources Corp. has agreed to sell a 25% stake in a proposed natural gas liquids (NGL) system designed to connect Permian Basin volumes to Mont Belvieu on the Texas Gulf Coast, a deal that coincides with its decision to join a mega-project that would transport natural gas along a similar route.

BP plc and Bridas Corp. agreed Monday to create Argentina’s largest privately owned integrated oil and gas company, designed to not only explore emerging Vaca Muerta shale targets, but also to pursue developments in Mexico, Paraguay and Uruguay.

A Delaware bankruptcy court has approved Sempra Energy’s proposed$9.45 billion acquisitionof Energy Future Holdings Corp. (EFH), the indirect owner of 80% of Texas-based Oncor Electric Delivery Co. The enterprise value of the utility deal, expected to close in 2018, is estimated at $18.8 billion, including debt. Approvals still are required by the Texas Public Utilities Commission, Federal Energy Regulatory Commission and U.S. Department of Justice.

The fuel marketing unit of Mexican state power company CFE signed a $240 million natural gas supply contract with steelmaker ArcelorMittal, the former said in release on Monday.

Sempra Energy executives on Friday made it clear they are seeking 100% ownership of bankruptcy-bound Energy Future Holdings Corp. (EFH), and they are ready for any scrutiny of the mega-transaction by Texas regulators.

In what could be the beginning of a wave of Big Oil tie-ups, Total SA agreed Monday to pay an estimated $7.45 billion, including debt, to buy the exploration arm of shipping giant A.P. Moller-Maersk.

Natural gas-focused San Diego-based Sempra Energy made a late bid that allowed it to pluck off bankruptcy-bound Energy Future Holdings Corp. (EFH), the indirect owner of 80% of Texas-based Oncor Electric Delivery Co., for $9.45 billion in cash, topping one by Warren Buffett’s Berkshire Hathaway conglomerate.

Houston-based Calpine Corp., which operates natural gas-fired generation plants around the nation, is being acquired by a consortium of investors led by Energy Capital Partners (ECP) for $5.6 billion.