M-U Driller Abarta Energy Files for Chapter 11 Bankruptcy
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.
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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 
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 
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.
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.”
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 
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.
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 
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 
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?
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 
An analyst writing on the Seeking Alpha investors website confirms our concerns over the potential merger between Marcellus driller Cabot Oil & Gas and Permian driller Cimarex Energy (see