NOVA Gas Transmission Ltd. (NGTL), a subsidiary of TC Energy, entered the proposed purchase agreement through an exclusive letter of intent with Tidewater Midstream and TransAlta.
Carl Icahn, who held a roughly 2.5% stake in Occidental as of end-2019, has previously criticized its $38 billion deal for rival Anadarko Petroleum as a misplaced bet on oil prices rising.
Here’s a snapshot of energy deals from the past week including ConocoPhillips’ $380 million exit from the D-J Basin plus the closing of WPX’s multibillion-dollar acquisition of Felix Energy.
A wounded oil and gas industry enjoys better numbers the day after prices plummeted, but steep debt will likely bring about a wave of M&A, bankruptcies and litigation.
Basic Energy Services said the acquisition of the NexTier production operations positions the company as the leading well servicing provider in the U.S.
U.S. Energy Corp.’s acquisition of New Horizon Resources adds assets in a mature field, primarily in North Dakota’s McKenzie and Divide counties, with existing cash flow, low decline and significant upside potential.
WPX Energy expected the Felix transaction—the largest E&P deal announced in the U.S. during the fourth quarter—to significantly boost its free cash flow, allowing the company to implement a dividend.
Crestone Peak Resources is believed to be the buyer of ConocoPhillips’ Niobrara asset, which covers about 98,000 net acres in the southern D-J Basin.
Proceeds from the sale of Lummus Technology are expected to repay McDermott’s DIP financing in full, as well as fund emergence costs and provide cash to the balance sheet for long-term liquidity.
Wyoming governor says the purchase of private land from Occidental Petroleum would be the biggest since the U.S. bought Alaska.