Two oilfield service (OFS) companies, C&J Energy Services and Keane Group, have announced a “merger of equals” in which the two will combine into one with using an all-stock merger. Both C&J and Keane have operations in the Marcellus/Utica region. Both companies previously merged with or bought out other companies. This certainly seems to be
Read More...Brazilian multinational corporation Petrobras Monday launched the sale of two sets of onshore concessions, Kallanish Energy learns. The concessions are located in the northeastern state of Bahia, where Petrobras is operator and fully owns all but two concessions. The deadline for applications is Jun. 24. The Recôncavo Cluster is comprised of 14 onshore fields, which last year
Read More...Billionaire activist investor Carl Icahn last week filed a lawsuit against Occidental Petroleum, looking for board seats and eventually a sale of the company, Kallanish Energy learns. Icahn said in the lawsuit filed in Delaware Chancery Court he’s built a $1.6 billion stake in Houston-based Occidental, and is upset by its decision to acquire Anadarko
Read More...U.S. oil and gas independent Devon Energy said this morning it’s selling its Canadian assets to Canadian Natural Resources Ltd. for C$3.8 billion ($2.81 billion) in cash, Kallanish Energy reports. Devon is one of several oil producers to invest in the Anadarko Bain’s Scoop and Stack plays in Oklahoma, which is seen by some industry players
Read More...Toby Z. Rice and Derek A. Rice, EQT shareholders trying to wrest control from the executives and board of the U.S.’s largest natural gas producer, said last week they’re reducing the size of their slate of nominees for the EQT board to seven from nine, Kallanish Energy reports. The change was motivated by EQT’s announcement
Read More...EQT Corp. is not a Mom-and-Pop natural gas producer – and can’t be run like one – the board’s independent members said, in effect, to dissident shareholders looking to insert their board nominees into the operations of the U.S.’s largest gas producer. “The Board should not be a friends-and-family club, and it is not in
Read More...Occidental Petroleum, continues to tinker with its offer to buy Anadarko Petroleum, late Sunday putting a revised bid in front of the independent producer, offering mostly cash as it looks to wrest its prey from Chevron, Kallanish Energy reports. Oxy is still offering to buy Anadarko for $76 a share, but would now pay 78% in
Read More...A battle between Chevron and Occidental Petroleum, which now includes billionaire investor extraordinaire Warren Buffett, to take control of U.S. independent producer Anadarko Petroleum, is fueling speculation about more deals to come. But oil supermajor BP Plc CEO Bob Dudley Tuesday said his employer will not get involved. BP acquired BHP Billiton’s U.S. shale assets for
Read More...Energy infrastructure company Sempra Energy has completed the sale of its U.S. renewables business and non-utility natural gas storage assets for roughly $2.5 billion in cash, Kallanish Energy reports. The announcement comes with Monday’s completion of the sale of its remaining ownership interests in operating and development-stage wind assets to American Electric Power for $584 million in cash.
Read More...Murphy Oil Corp. announced its Murphy Exploration & Production Company – USA unit is acquiring deepwater Gulf of Mexico assets from LLOG Exploration Offshore and LLOG Bluewater Holdings for $1.38 billion in cash, Kallanish Energy reports. Additional contingent consideration payments are based on the following: up to $200 million in the event revenue from certain
Read More...Welcome to this week’s edition of The Buzz, a weekly feature where Kallanish Energy editors select the quartet of stories this past week we feel were the most important – have the chance to make the biggest impact on the oil and gas industry — and energy as a whole. This week’s selections include: Venezuela bypasses U.S. sanctions
Read More...Waste and energy development company Brightmark Energy Thursday announced the closing of a $260 million financing package for construction of the nation’s first commercial-scale plastics-to-fuel plant, to be built in Ashley, Indiana. Financing for the project includes $185 million in Indiana green bonds, which were underwritten by Goldman Sachs, Kallanish Energy reports. As part of the
Read More...Minnesota-based energy company Allete said Wednesday it’s closed the $270 million sale of U.S. Water Services to Kurita Water Industries Ltd., a Japan-based water-management company. U.S. Water is an integrated water-solutions company which serves roughly 5,000 customers by optimizing system performance, reducing water and energy use, and improving efficiency. It was acquired by Allete in 2015, Kallanish Energy
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