Paulson & Co. relented that it no longer opposes the merger of Houston-based independents Callon Petroleum and Carrizo Oil & Gas, though the hedge fund also cut its investment in Callon.
Callon Petroleum agreed to a lower premium in its acquisition of Carrizo Oil & Gas as part of amended deal terms.
Despite a severe discount, Pengrowth CEO Pete Sametz said the transaction is the best available alternative for the Calgary, Alberta-based oil and gas producer.
The CEO of Houston energy-focused investment bank Tudor, Pickering, Holt & Co. says it’s not time to panic as investors flee the oil and gas space, but structural change is inevitable to adapt to the new marketplace.
The acquisition of Jagged Peak will more than double Parsley Energy’s position in the Delaware Basin, where the companies expect to generate G&A savings of about $25 million within the first year.
The merger of Roan Resources with Citizen Energy may portend future take-private offers for public companies that have largely been scorned by the public market.