M&A

DCP Midstream LLC (Midstream) and DCP Midstream Partners LP (DPM) have combined to create the largest natural gas liquids (NGL) producer and natural gas processor in the United States, the companies said Wednesday.

Tallgrass Energy Partners LP (TEP) has purchased two entities from Tallgrass Development, its privately held affiliate, in a $140 million dropdown, the company announced Tuesday.

Gas Natural Inc. shareholders have approved the company’s merger with a subsidiary of energy-focused private equity firm First Reserve, clearing the way for regulatory approval and keeping the deal on track to close in the second half of 2017.

Shareholders of Spectra Energy Corp. and Enbridge Inc. have voted to approve thecombination of Spectra with Enbridge Inc. in a stock-for-stock transaction. Of the common shares of Enbridge voted at a special shareholders meeting, 99.42% were voted in favor of the issuance of Enbridge shares as consideration for the transaction, and 99.80% of the Enbridge shares were voted in favor of proposed amendments to general bylaw No. 1 of Enbridge. More than 661 million, or about 70.5%, of outstanding Enbridge shares, were voted in person or by proxy at the meeting. About 73% of the total outstanding shares of Spectra common stock, and about 98% of the total shares voted at a special shareholders meeting, were voted in favor of the transaction. The combination will create the largest energy infrastructure company in North America and one of the largest globally, with a pro-forma enterprise value of about C$165 billion (US$127 billion), Spectra said. Completion of the transaction remains subject to other customary closing conditions. Closing is expected during the first quarter.

Top global liquefied natural gas (LNG) producer Qatar Petroleum (QP) plans to integrate its RasGas Co. Ltd. and Qatargas operating companies under a single entity, named Qatargas, it said Sunday.

BP plc on Thursday sanctioned a “leaner” $9 billion Mad Dog Phase 2 project for the Gulf of Mexico, which it said highlighted its long-term commitment to the country “despite the current low oil price environment.”

Houston-based energy banker Tudor, Pickering, Holt & Co. (TPH) is combining with Perella Weinberg Partners (PWP) to create an investment firm with $12 billion-plus in assets and more than 650 employees worldwide.

California Resources Corp. (CRC) will continue to stay patient to ride out low commodity prices, selling off assets, and continuing to reduce its billions of dollars of debt, CEO Todd Stevens said on a 3Q2016 earnings conference call Thursday.

TransCanada Corp. has delivered on a plan to sell its U.S. merchant power assets in the Northeast, announcing that it would earn $3.7 billion for the business to help pay for its acquisition of Columbia Pipeline Group Inc. (CPG). In another move aimed at driving growth, the company said it would retain its interests in a growing portfolio of Mexican natural gas pipeline assets.