M&A

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”
American Energy Partners Inc. | Energy Companies | Industrywide Issues | M&A

American Energy Buys Second M-U Energy Services Co.
September 21, 2021September 21, 2021

American Energy Partners, Inc. (AEPT), based in Allentown, PA, is a small but diversified company. They have their fingers in a number of different oil and gas pies, including subsidiaries in drilling, remediation, water, valuation services, and education. Last Friday the company announced yet another acquisition as it continues to grow. AEPT is buying a second “privately held energy services company” (unnamed) that operates in the Marcellus/Utica region. The unnamed company focuses on providing facility maintenance, transportation, logistics, and environmental services to the energy and industrial sectors.
Read More “American Energy Buys Second M-U Energy Services Co.”
Coterra Energy (Cabot O&G) | Energy Companies | Industrywide Issues | M&A

Proxy Advisor ISS Gives Lukewarm Approval of Cimarex/Cabot Merger
September 17, 2021September 17, 2021

Earlier this week MDN told you that a major national proxy advisor, Glass Lewis, is recommending shareholders from both Cimarex Energy (Permian oil driller) and Cabot Oil & Gas (Marcellus gas driller) approve a proposed merger on September 29 when they vote (see Proxy Advisor Glass Lewis in Favor of Cimarex/Cabot Merger). Another (THE other) major national proxy advisor, Institutional Shareholder Services (ISS), has now weighed in with its approval on the deal too–although ISS’s approval is decidedly lukewarm and not a full-throated endorsement of the deal.
Read More “Proxy Advisor ISS Gives Lukewarm Approval of Cimarex/Cabot Merger”
Coterra Energy (Cabot O&G) | Energy Companies | Industrywide Issues | M&A | Pennsylvania | Susquehanna County

Proxy Advisor Glass Lewis in Favor of Cimarex/Cabot Merger
September 15, 2021September 15, 2021

In May MDN told you about one of the oddest combinations in recent memory–the merger of Permian driller Cimarex Energy with Marcellus 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). It looks like our hopes are dashed. A major national proxy advisor, Glass Lewis, is recommending shareholders from both companies approve the merger on September 29 when they vote.
Read More “Proxy Advisor Glass Lewis in Favor of Cimarex/Cabot Merger”
Industrywide Issues | M&A

Shale Driller M&As – Speeding Up or Slowing Down?
September 9, 2021September 9, 2021

Sometimes this happens with a story, but not often. We spotted two diametrically opposed views on the same issue–in this case on the status of mergers and acquisitions in the oil and gas sector. One article claims “the merger mania is back in North America’s oil patch.” A day later another article says “shale M&A flurries are clearing up – for now.” One says M&A is heating up, the other says it’s cooling down. Which view is right?
Read More “Shale Driller M&As – Speeding Up or Slowing Down?”
Energy Services | Industrywide Issues | M&A | Statewide WV | UGI Energy Services | West Virginia

PA’s UGI Finally Completes Purchase of WV’s Mountaineer Gas Co.
September 3, 2021September 3, 2021

In January MDN told you that UGI Corporation, one of Pennsylvania’s largest natural gas utility companies, wants to buy Mountaineer Gas Company, one of West Virginia’s largest natural gas utility companies, for $540 million (see PA’s UGI Corp. Deal to Buy WV’s Mountaineer Gas Company). UGI serves 700,000 customers across PA (and one county in Maryland). Mountaineer serves 215,000 customers across WV. Both companies are big buyers of Marcellus/Utica shale gas. Good news: The deal is now done and Mountaineer is officially a subsidiary of UGI.
Read More “PA’s UGI Finally Completes Purchase of WV’s Mountaineer Gas Co.”
Energy Companies | Industrywide Issues | M&A | Southwestern Energy

Southwestern Completes Acquisition of Indigo, Reboots 2021 Guidance
September 2, 2021September 2, 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, for $2.7 billion (see Southwestern No Longer M-U Pure-Play, Buys Haynesville Driller $2.7B). The deed is now done. Southwestern issued an updated version of its guidance for 2021 in light of adding Indigo’s extensive assets to its own.
Read More “Southwestern Completes Acquisition of Indigo, Reboots 2021 Guidance”