M&A

Houston’s Cameron International Corp., which last week agreed to a buyout by Schlumberger Ltd., is selling its offshore jack-up rig business to the U.S. subsidiary of Keppel Offshore & Marine for $100 million.

Schlumberger Ltd. and frequent partner Cameron International Corp. agreed Wednesday to merge in a deal estimated to be worth $14.8 billion, combining complementary technology portfolios that they said would be the industry’s first “complete” drilling and production systems.

It’s only a matter of months before consolidation quickens across the oil and natural gas complex, two top energy veterans told a Denver audience Tuesday at the 27th Annual Rocky Mountain Energy Summit.

Southern Company plans to buy AGL Resources in a $12 billion deal, adding natural gas infrastructure in order “to play offense in supporting America’s energy future,” Southern Company CEO Thomas Fanning said Monday.

Dominion Midstream Partners LP has agreed to acquire the 25.93% interest in Iroquois Gas Transmission System LP owned by utilities National Grid plc and New Jersey Resources Corp. in an all stock deal valued at $286.5 million.

Cleveland-based Gas Natural Inc. said Tuesday that it would sell its Kentucky natural gas utility business for $1.9 million in cash to a small private company in the eastern part of the state.

Warren Buffett’s Berkshire Hathaway Inc. has agreed to pay $37.2 billion for Precision Castparts Corp. (PCC), which makes equipment for, among other things, power plants and oil and gas companies.

An uptick in U.S. midstream dealmaking lifted acquisition activity between April and June, while upstream transactions fell by half from a year ago, a new report by PwC US said.

San Diego-based Sempra Energy’s multi-billion-dollar portfolio in Mexico got even bigger Friday with its unit south of the border buying joint venture (JV) interests of Petroleos Mexicanos (Pemex) in three natural gas pipelines, an ethane pipeline, and liquid petroleum gas (LPG) pipeline and storage facilities for $1.325 billion, plus assumption of $170 million of net debt.