M&A

Merger and acquisition (M&A) activity in the Lower 48 upstream segment doubled year/year during the second quarter in terms of transacted value, with 20 deals totaling $24 billion, according to the latest tally by Enverus Intelligence Research (EIR). The figure was up from a comparatively sluggish $12 billion transacted during 2Q2022. Dealmaking in 2Q2023 was…

To advance North American natural gas pipeline expansions, TC Energy Corp. on Monday agreed to monetize a 40% stake in the Columbia systems via a joint venture (JV) with Global Infrastructure Partners (GIP).  The Calgary midstream giant is selling off stakes to GIP in Columbia Gas Transmission LLC and Columbia Gulf Transmission LLC. TC would…

Ring Energy Inc. is expanding its Central Basin Platform (CBP) leasehold in the Permian Basin of West Texas through a $75 million deal with privately held Founders Oil & Gas IV LLC.  The independent exploration and production (E&P) company, headquartered in The Woodlands north of Houston, is snatching up 3,600 net acres in Ector County,…

U.S. natural gas prices may be bottoming out, with more positive signs to the end of the year, according to several energy analyst teams previewing quarterly profits. The top oilfield services (OFS) companies are set to roll out their second quarter 2023 results beginning this week, along with some midstream operators. In the next few…

An affiliate of Warren Buffett’s Berkshire Hathaway Inc. has agreed to boost its ownership stake in the Cove Point LNG export terminal in Lusby, MD, to 75% in a deal valued at $3.3 billion. Berkshire Hathaway Energy (BHE) said it would purchase Dominion Energy Inc.’s 50% stake, leaving Brookfield Infrastructure Partners with 25% interest in…

TC Energy Corp., formerly TransCanada Corp., is planning to appeal a ruling by a Delaware court in which it was held liable for aiding and abetting breaches of fiduciary duty by two previous top executives of Columbia Pipeline Group Inc., which it acquired in 2016.  The 196-page post-trial opinion was filed last Friday (June 30)…

Only weeks after slapping down $5.4 billion to take over NexTier Oilfield Solutions, Patterson-UTI Inc. on Wednesday agreed to buy global drillbit specialist Ulterra Drilling Technologies LP. In the definitive agreement with sponsor Blackstone Energy Partners, Patterson-UTI agreed to pay $370 million cash and trade 34.9 million common shares. Patterson-UTI was trading for around $12.20/share…

NiSource Inc. has inked a $2.15 billion deal to sell equity in its Indiana natural gas and electric utility to Blackstone Infrastructure Partners, which would defray some of the costs to modernize the natural gas system. Blackstone’s stake in Northern Indiana Public Service Co. (Nipsco) would position Nipsco to retire its 2,249 MW of coal-fired…

Denver-based Civitas Resources Inc. is expanding into the Permian Basin through a pair of debt, stock and cash-funded acquisitions valued at roughly $4.7 billion combined, management said Tuesday. Civitas, heretofore the largest Denver-Julesburg (DJ) Basin pure-play natural gas and oil producer, signed the deals with private equity-backed Hibernia Energy III LLC and Tap Rock Resources…