M&A

Chesapeake Energy | Chief Oil & Gas | Energy Companies | Industrywide Issues | M&A | Pennsylvania | Statewide PA

Stop Press! Chesapeake Energy in “Advanced Talks” to Buy Chief O&G
January 20, 2022January 20, 2022

According to super-secret sources talking to Reuters, Chesapeake Energy is in advanced talks to purchase Chief Oil & Gas for $2.4 billion. MDN brought you the news last October that Chief, a private company owned by Texas wildcatter Trevor Rees-Jones, was shopping itself for $3 billion (see Big News: Marcellus Driller Chief Oil & Gas Shopping Itself for $3B). It appears Chief may have found a buyer…
Read More “Stop Press! Chesapeake Energy in “Advanced Talks” to Buy Chief O&G”
Bradford County | Energy Companies | Industrywide Issues | Lycoming County | M&A | Pennsylvania | Repsol | Rockdale | Tioga County (PA)

Sale of Rockdale PA Assets to Repsol Closes – $220M Cash, $2M Debt
January 20, 2022January 20, 2022

In September MDN broke the news that Rockdale Marcellus had filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Western District of Pennsylvania (see NEPA Driller Rockdale Marcellus Files for Chapter 11 Bankruptcy). Earlier this month we told you that Repsol had won an auction to buy the assets for $220 million in cash, plus the assumption of $2 million in debt owed to trade creditors (see Repsol Buys Rockdale PA Assets Out of Bankruptcy for $222M). The deal was sealed yesterday. Repsol now owns Rockdale’s 66 producing wells on 42,897 net acres in three northeast PA counties producing ~110 Mmcf/d (million cubic feet per day).
Read More “Sale of Rockdale PA Assets to Repsol Closes – $220M Cash, $2M Debt”
Butler County | Energy Services | Industrywide Issues | M&A | Pennsylvania | Pipelines | Stonehenge Energy | UGI Energy Services

UGI Buys Stonehenge’s Marcellus Midstream Assets for $190M
January 5, 2022January 5, 2022

Last September UGI Corporation, one of Pennsylvania’s largest natural gas utility companies, completed a deal to buy Mountaineer Gas Company, one of West Virginia’s largest natural gas utility companies, for $540 million (see PA’s UGI Finally Completes Purchase of WV’s Mountaineer Gas Co.). UGI is on the hunt again. This time UGI is buying the Stonehenge Appalachia Midstream natural gas gathering system in Butler County, PA, for $190 million.
Read More “UGI Buys Stonehenge’s Marcellus Midstream Assets for $190M”
Energy Companies | EQT Corp | Industrywide Issues | Litigation | M&A | Rice Energy

EQT Sued for Securities Fraud in Rice Merger Some 3+ Yrs Later
January 5, 2022January 5, 2022

Two subsidiaries of Connecticut hedge fund Kensico Capital Management filed a lawsuit against EQT on December 28 alleging EQT committed securities fraud during its $6.7 billion acquisition and merger with Rice Energy in 2017. The suit was filed by Saxena White PA on behalf of Kensico Associates and Kensico Offshore Fund Master Ltd. Kensico is not the first large investor to sue EQT over the 2017 merger (see Judge Allows Class Action Against EQT/Rice 2017 Merger to Proceed). What does the Kensico lawsuit allege?
Read More “EQT Sued for Securities Fraud in Rice Merger Some 3+ Yrs Later”
American Energy Partners Inc. | Apex Energy | Energy Companies | Industrywide Issues | M&A | Pennsylvania | Statewide PA

American Energy Partners Buys Apex Energy – Doubles Size & Revenue
January 4, 2022January 4, 2022

In September MDN told you about an announcement by American Energy Partners, Inc. (AEPT), based in Allentown, PA, to buy an unnamed “privately held energy services company” located in the Marcellus/Utica region (see American Energy Buys Second M-U Energy Services Co.). We now know who that mysterious unnamed company is: Apex Energy Service, LLC, headquartered in Canonsburg, PA.
Read More “American Energy Partners Buys Apex Energy – Doubles Size & Revenue”
Bradford County | Energy Companies | Industrywide Issues | Lycoming County | M&A | Pennsylvania | Repsol | Rockdale | Tioga County (PA)

Repsol Buys Rockdale PA Assets Out of Bankruptcy for $222M
January 3, 2022January 3, 2022

In September MDN broke the news that Rockdale Marcellus had filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Western District of Pennsylvania (see NEPA Driller Rockdale Marcellus Files for Chapter 11 Bankruptcy). On Dec. 16 an auction for Rockdale’s assets was held in Dallas, Texas. The highest bidder and winner was Repsol, buying substantially all of Rockdale’s assets for $220 million in cash, plus the assumption of $2 million in debt owed to trade creditors. Last Wednesday, Dec. 29, the U.S. Bankruptcy Court for the Western District of Pennsylvania approved the auction results and sale to Repsol.
Read More “Repsol Buys Rockdale PA Assets Out of Bankruptcy for $222M”
Energy Services | Energy Transfer Partners | Industrywide Issues | Litigation | M&A | Williams

Judge: Energy Transfer Must Pay Williams $410M for Aborted Merger
January 3, 2022October 11, 2023

In 2015 Kelsy Warren and his Energy Transfer Equity (now just Energy Transfer) company pursued Williams, wanting to merge Williams into its own operation. Williams initially fought ET tooth and nail, but in the end, caved and cut a deal (see Williams Accepts ETE’s “Indecent Proposal” – Price Went Down $10B). Without recounting all the sordid details, ET got cold feet and left Williams at the altar, and Williams sued to recoup a contractual breakup fee (see Merger Turns Sour: Williams Sues ETE/CEO Kelcy Warren). Plenty of lawsuits ensued and finally, after more than six years, a judge ruled on Wednesday, Dec. 29, that ET must pay Williams a $410 million breakup fee provided for in the signed deal.
Read More “Judge: Energy Transfer Must Pay Williams $410M for Aborted Merger”
Energy Services | Industrywide Issues | M&A | Nuverra Environmental | Select Energy Services | Wastewater

Nuverra Environmental Selling Itself to Select Energy for $45M
December 14, 2021December 14, 2021

Nuverra Environmental Solutions (formerly Heckmann) is one of the largest companies in the United States that handles the transportation and disposal of shale drilling wastewater and leftover rock and dirt from drilling. The company has major operations in the Marcellus/Utica region. Because of the company’s major operations in the M-U, we keep track of its performance. Quarter after quarter after quarter, for well over a year, the company has lost money (see our Nuverra stories here). The company has finally decided to call it quits–as an independent company. The board has voted to sell the entire company to competitor Select Energy Services, Inc.
Read More “Nuverra Environmental Selling Itself to Select Energy for $45M”
Diversified Energy | Energy Companies | Industrywide Issues | M&A

Diversified Energy Completes Tapstone Purchase, Boosts Credit Line
December 10, 2021December 10, 2021

Diversified Energy, which owns close to 8 million acres of leases with some 67,000 (mostly) conventional oil and gas wells (with over 400 Marcellus/Utica shale wells), made 2021 the year to expand–outside the M-U region. The company purchased major assets in the Cotton Valley/Haynesville region of Lousiana, the Barnett play in Texas, and most recently, in the Mid-Continent in Oklahoma. Diversified announced it has closed on its fourth purchase for 2021 in the Mid-Continent.
Read More “Diversified Energy Completes Tapstone Purchase, Boosts Credit Line”
Energy Companies | Industrywide Issues | M&A | Southwestern Energy

Southwestern Floats $1.1B in New IOUs to Buy Haynesville Driller
December 10, 2021December 10, 2021

Southwestern Energy announced in early November it had struck a deal to buy GEP Haynesville, a subsidiary of GeoSouthern (see Southwestern Energy Buys 2nd Haynesville Driller for $1.85B). When the deal is done, GEP will add another 700 MMcf/d (million cubic feet per day) to Southwestern’s already hefty production. The new flows will boost Southwestern production to 4.7 Bcf/d (billion cubic feet per day)–within striking range of matching or maybe even surpassing EQT as the country’s largest gas producer. How will Southwestern pay for the purchase? Initially, by borrowing money. The company is offering $1.15 billion worth of IOUs (notes) to investors.
Read More “Southwestern Floats $1.1B in New IOUs to Buy Haynesville Driller”
Allegheny County | Industrywide Issues | M&A | Pennsylvania | Statewide PA

M-U Driller Abarta Energy Files for Chapter 11 Bankruptcy
November 9, 2021November 9, 2021

We’ve seen the name a few times over the years, but Abarta Energy (aka Abarta Oil & Gas Co.) has not appeared on our radar often. The privately-owned company is based in Pittsburgh and owns (did own) assets, including wells and pipeline systems, in Pennsylvania, West Virginia, and Kentucky. On Sunday Abarta filed for Chapter 11 bankruptcy, reporting liabilities of $25.4 million and assets of $4.2 million. Abarta says it wants to liquidate/sell all of its remaining oil and gas assets.
Read More “M-U Driller Abarta Energy Files for Chapter 11 Bankruptcy”
Energy Companies | Industrywide Issues | M&A | Southwestern Energy

Southwestern Energy Buys 2nd Haynesville Driller for $1.85B
November 5, 2021November 5, 2021

Nearly two weeks ago MDN brought you the news that Southwestern Energy was in talks to buy a second (for them) Haynesville driller, GeoSouthern, for $1.7 billion (see Southwestern in Advanced Talks to Buy 2nd Haynesville Driller for $1.7B). Yesterday Southwestern announced it has struck a deal for $1.85 billion to buy GeoSouthern (technically a subsidiary called GEP Haynesville). When the deal is done, by the end of this year, GEP will add another 700 MMcf/d (million cubic feet per day) to Southwestern’s already hefty production. The new flows will boost Southwestern production to 4.7 Bcf/d (billion cubic feet per day). They will be within striking range of EQT. Might Southwestern overtake EQT as the largest natural gas producer in the country? It’s fun to ponder!
Read More “Southwestern Energy Buys 2nd Haynesville Driller for $1.85B”
Energy Companies | Industrywide Issues | M&A | Southwestern Energy

Southwestern in Advanced Talks to Buy 2nd Haynesville Driller for $1.7B
October 25, 2021October 25, 2021

In early June Southwestern Energy Company announced it would no longer be a pureplay Marcellus/Utica driller. Southwestern said it was buying Indigo Natural Resources, which drills for natural gas in the Louisana Haynesville Shale (see Southwestern No Longer M-U Pure-Play, Buys Haynesville Driller $2.7B). The deal was consummated in September. The rumor mill is heating up again–this time that Southwestern is in advanced stages of talks to purchase a second Haynesville driller, GeoSouthern.
Read More “Southwestern in Advanced Talks to Buy 2nd Haynesville Driller for $1.7B”
American Energy Partners Inc. | Energy Companies | Industrywide Issues | M&A

American Energy Inc. Buys & Merges in Unlimited Energy Services
October 5, 2021October 5, 2021

In July, American Energy Partners, Inc., a diversified energy company, announced it had agreed to acquire a privately held energy services company operating in Ohio, Pennsylvania, and West Virginia. The company being purchased focuses on reducing customers’ environmental footprint through the decommissioning, abandonment, and reclamation services of oil and gas assets. Yesterday American Energy announced the deal is now done, so they can now name the company purchased: Unlimited Energy Services, LLC.
Read More “American Energy Inc. Buys & Merges in Unlimited Energy Services”
Coterra Energy (Cabot O&G) | Energy Companies | Industrywide Issues | M&A

Cimarex Takes Over Cabot, Merged Co. Called “Coterra Energy”
October 4, 2021October 4, 2021

Sadly, Cabot Oil & Gas is no more. On Friday the company was merged into Cimarex Energy with Cabot’s CEO Dan Dinges taking on the largely ceremonial role of “Executive Chairman” while Cimarex’s CEO Tom Jorden becomes the actual leader (CEO, President, Director) of the newly merged company, now called Coterra Energy, Inc. Coterra’s common stock will begin trading today on the New York Stock Exchange under the ticker symbol “CTRA.”
Read More “Cimarex Takes Over Cabot, Merged Co. Called “Coterra Energy””
Coterra Energy (Cabot O&G) | Energy Companies | Industrywide Issues | M&A

End of an Era – Cabot O&G Votes to Merge into Cimarex Energy Oct 1
September 30, 2021September 30, 2021

In May MDN told you about one of the oddest combinations in recent memory–the merger of Permian oil driller Cimarex Energy with Marcellus gas driller Cabot Oil & Gas (see HUGE NEWS: Permian Driller Cimarex Buying Out Cabot Oil & Gas). Given the negative reaction by stock analysts and investors, we had hoped maybe the deal would fall apart (see Markets “Baffled” by “Unexpected” Cabot Merger with Cimarex). No such luck. Yesterday the shareholders for both companies approved the merger, which is set to happen tomorrow.
Read More “End of an Era – Cabot O&G Votes to Merge into Cimarex Energy Oct 1”