Super majors feel the pinch in 2012
The annual 2012 results of the major players in the global oil and gas industry are out and a distinct picture on how the year has progressed can now be formed. At the top of the food chain, the super majors – consisting of Exxon Mobil, Shell, Total, BP and Chevron – turned out a .. read more
Deals of the Week: Pengrowth Makes $1.9 billion Move for NAL Energy Corp
In what was the biggest E&P deal of the week, fellow Canadian intermediate producers Pengrowth Energy and NAL Energy, combined to form a company which will reportedly be worth $6.6 billion. The deal will see Pengrowth acquire NAL in an all-stock deal, that values NAL at an enterprise level of $1.9 billion including approximately $600 .. read more
Deals of the Week: INPEX to Partner With Shell on World’s First Floating LNG Project
The major deal for this week was INPEX’s purchase of a 17.5% interest in the Prelude FLNG project offshore Australia from Royal Dutch Shell. The terms of the deal were not disclosed by either party but the bulk of the benefit to Shell will be to have another partner to share the future development costs .. read more
Deals of the Week: Linn Energy Makes the Largest Move in Quiet Week in E&P Market
In a subdued week for E&P deals, Linn Energy were the main protagonist for the second week in a row with the largest, albeit at $175 million, a small fraction of the $1.2 billion it had to pay to BP last week to take a position in the Hugoton Basin. In this week’s deal, Linn .. read more
Deals of the Week: Linn Energy Deal Strengthens US Portfolio at the Expense of its Escalating Debt Level
Linn Energy conducted the largest deal in the oil patch this week by acquiring BP’s Hugoton basin assets in Kansas for $1.2 billion. The acquisition follows on from Linn Energy’s linear acquisition strategy, which has seen it aggressively acquiring onshore US assets over the past 5 years. Financed exclusively with debt, this strategy has led to Linn Energy operating .. read more
Deals of the Week: EP Energy Corporation and Cove Energy Find their Suitors
In a week where confidence has been returning to the oil market in tandem with the increasing oil price, two companies that have been in the shop window over the past few months have found willing acquirers. El Paso’s E&P division attracted the larger of the two bids of $7.15 billion from Apollo Global Management and .. read more
Deals of the Week: Mitsubishi Enters Major Montney JV in Canada with Encana
In Mitsubishi, Encana has found a partner to fill the void left last year by PetroChina in its Cutbank Ridge asset, after the previous deal stumbled over a failure to agree on certain terms in the transaction. Rather than being a like for like copy of Petrochina’s $5.4 billion deal to acquire a 50% interest .. read more
Deals of the week: Sinochem Increases China’s Ties with South America
Sinochem made the largest deal of the week by acquiring TEPMA BV from Total in a transaction that may have been worth $440 million. Total omitted to reveal the value of the deal but disclosed that their three divestitures in Colombia over the past year, comprised of two deals to sell interests in the Ocensa .. read more
Deals of the Week – SandRidge Makes a Swoop for Dynamic Offshore Resources
SandRidge Energy made a move for private Gulf of Mexico company, Dynamic Offshore Resources this week in a cash and stock deal worth $1.26 billion. The move comes 5 months after Dynamic issued a prospectus for an IPO to raise up to $400 million and just 1 day after the company postponed the IPO citing .. read more
Deals of the Week: Apache and Crescent Point Energy Play it Safe with Bolt-On Acquisitions
This week’s upstream M&A was dominated by two large bolt-on acquisitions by Apache and Crescent Point Energy, within North America. Although the deals lacked the sensationalism that comes from a company making a bold move into a new area, they both involved oil weighted producing assets with additional upside in areas that the companies have .. read more