Southwestern Energy Company released its third-quarter 2020 update last Friday. The company previously announced it is buying out and merging in Marcellus/Utica driller Montage Resources. During the 3Q conference call, CEO Bill Way said the company expects to close on the deal immediately after Montage Resources shareholders vote on the deal November 12. Also from
Read More...ConocoPhillips has reported a third quarter 2020 net loss of $450 million or 42 cents per share, Kallanish Energy reports. That compares to 3Q 2019 net earnings of $3.1 billion or $2.74 per share. Third quarter 2020 adjusted earnings were a loss of $300 million or 31 cents a share, compared with 3Q 2019 adjusted
Read More...Looks like the rumors were true, at least one of them. Yesterday EQT announced it has cut a deal to buy Chevron’s considerable Appalachian assets for $735 million. The Reuters rumor from September said EQT had offered $750 million (see Sources: EQT Offering $750M for Chevron’s Marcellus/Utica Assets). Also yesterday, EQT floated up to 23
Read More...Chevron Corp. on Monday announced the closing of its acquisition of Noble Energy, Kallanish Energy reports. The closure came after Noble Energy shareholders had approved the $13 billion deal in a Friday vote. “We are pleased to welcome Noble Energy employees and shareholders to Chevron. Noble’s high-quality assets complement Chevron’s advantaged upstream portfolio and the
Read More...Devon Energy has completed on its $830 million sale of its Barnett Shale assets in North Texas to a subsidiary of Banpu Kalnin Ventures, Kallanish Energy reports. The deal marks Devon Energy’s exit from the Barnett Shale. The deal was signed with BKV Barnett LLC. The transaction had been announced last December and was revised last
Read More...Palladium Energy LLC and Inverdale Energy Partners have formed a joint venture to develop 500 megawatts of utility-scale solar and solar storage across the United States, Kallanish Energy reports. That is the initial development portfolio. The JV is known as Palladium Energy Development LLC. The companies did not detail plans for the initial solar development. “This
Read More...CMS Energy has announced that it has purchased a majority stake in a 525-megawatt wind project in West Texas, Kallanish Energy reports. Aviator Wind in Coke County near Abilene will be operated by CMS Enterprises, a subsidiary of Michigan-based CMS Energy. It purchased the majority stake from funds managed by Ares Management Corp.’s Infrastructure and
Read More...Yesterday MDN brought you the news that CNX Resources is buying out the balance of what they don’t own in their pipeline subsidiary CNX Midstream (see CNX’s Competitive Advantage: Owning Its Own Pipelines). Our take on the news is that by owning their own pipeline network CNX has a distinct competitive advantage. We heard in
Read More...British giants BP and Ineos announced on Monday a $5 billion global petrochemical deal, covering 14 manufacturing plants across Europe, Asia, and the U.S., Kallanish Energy reports. BP’s departing chief financial officer Brian Gilvary stroke the sale of BP’s petrochemical unit to Ineos – an achievement that concludes BP’s $15 billion divestment target a year
Read More...Summit Midstream Partners, formed in 2009 and headquartered in The Woodlands, Texas, operates natural gas, crude oil and produced water gathering (pipeline) systems in six unconventional resource basins, including the Marcellus and Utica. The company concentrates its time and money on four “core focus areas” including the Utica, the Williston (i.e. Bakken), the DJ Basin,
Read More...Occidental Petroleum Corp is soliciting bids for oil and gas properties in Wyoming and Colorado acquired when it purchased Anadarko Petroleum, hoping the assets will bring up to $700 million, people familiar with the matter told Reuters. Occidental offered roughly 200,000 acres in the Denver-Julesburg Basin of Wyoming and Colorado that produce $66 million a
Read More...Tennessee-based biofuel company Eco-Energy has acquired the Stone Mountain gathering pipeline system, Stone Mountain processing facility and the Stone Mountain rail terminal from Continuum Energy Services for an undisclosed price. The Stone Mountain gathering system is made of up over 600 miles of gathering pipelines that span Kentucky, Tennessee, and Virginia, Kallanish Energy learns. The
Read More...In June MDN told you that the Cambridge (Massachusetts) Retirement System is not happy with their investment in EQT shares of stock, so they’re suing the company (see Mass. Retirement Fund Sues EQT for Plummeting Stock Price). They hope to turn the lawsuit into a class action on behalf of other shareholders. Now a group
Read More...Wood Plc has agreed to sell its nuclear business for 250 million pounds ($302 million), as it cuts debt associated with the 2017 acquisition of Amec Foster Wheeler and a prolonged oil-price slump, Kallanish Energy reports. The Scottish engineering and services business will sell the unit to a subsidiary of Jacobs Engineering Group. The deal
Read More...This one slipped under the radar for a bit. At the end of June, Pittsburgh-area Falcon Drilling, a Marcellus and Utica shale drilling contractor, announced it is buying out and merging in another Pittsburgh-area drilling company, Complete Drilling Solutions. Terms of the deal were not disclosed. This post appeared first on Marcellus Drilling News.
Read More...