On Sept. 8, pipeline company Enterprise Products Partners withdrew its takeover bid for rival Williams Cos. Inc., saying that Williams' lack of engagement left it with "no actionable path forward."
Reuters reported in August that Enterprise had approached Williams earlier in the summer about a possible deal to combine the two U.S. oil and gas pipeline companies, but Williams made no official response to the approach.
"While we are disappointed, we will maintain our financial discipline as we pursue future growth opportunities for the partnership," Enterprise's CEO, Jim Teague, said in a statement.
Enterprise Product Partners' approach came after Energy Transfer Equity LP terminated its merger agreement with Williams in June after a prolonged legal battle. After that deal fell apart, nearly half of Williams' board resigned following a failed attempt to oust Williams' CEO, Alan Armstrong.
Recommended Reading
Will the Ends Justify the Means for W&T Offshore?
2024-03-11 - After several acquisitions toward the end of 2023, W&T Offshore executives say the offshore E&P is poised for a bounce-back year in 2024.
SLB’s ChampionX Acquisition Key to Production Recovery Market
2024-04-21 - During a quarterly earnings call, SLB CEO Olivier Le Peuch highlighted the production recovery market as a key part of the company’s growth strategy.
W&T Offshore Adds John D. Buchanan to Board
2024-04-12 - W&T Offshore’s appointment of John D. Buchanan brings the number of company directors to six.
Flame Acquisition Holders Approve Merger with Sable Offshore
2024-02-14 - The business combination among Flame Acquisition Corp., Sable Offshore Holdings and Sable Offshore Corp. will be renamed Sable Offshore Corp.
TotalEnergies Eyes Suriname FID by Year-end 2024
2024-04-29 - France’s TotalEnergies and U.S. partner APA Corp. look to place their long lead orders ahead of a final investment decision related to their joint development offshore Suriname in Block 58.