M&A

Energy Companies | Industrywide Issues | M&A | Montage Resources | Southwestern Energy

Montage Resources Releases Last Quarterly Update – Merging Next Wk
November 6, 2020November 6, 2020

After a shareholder vote scheduled for next Thursday, Nov. 12, Montage Resources will be no more. The company is selling itself to Southwestern Energy in an all-stock deal worth $857 million (see Stop Press! Southwestern Energy Buying Montage Resources for $857M). Yesterday Montage issued what will be its very last quarterly update. What does the update show?
Read More “Montage Resources Releases Last Quarterly Update – Merging Next Wk”
Energy Companies | Industrywide Issues | M&A | Montage Resources | Southwestern Energy

Southwestern Expects to Close on Montage Purchase Nov. 12
November 3, 2020November 3, 2020

Southwestern Energy Company released its third-quarter 2020 update last Friday. The company previously announced it is buying out and merging in Marcellus/Utica driller Montage Resources. During the 3Q conference call, CEO Bill Way said the company expects to close on the deal immediately after Montage Resources shareholders vote on the deal November 12. Also from the 3Q update: Southwestern managed to reduce the cost of drilling for one of their PA Marcellus wells down to $491 per lateral foot!
Read More “Southwestern Expects to Close on Montage Purchase Nov. 12”
Chevron | Energy Companies | EQT Corp | Industrywide Issues | M&A

After Floating $350M in New Stock, EQT Floats $350M in New Bonds
November 2, 2020November 2, 2020

Last week EQT Corporation announced a deal to buy Chevron’s considerable Marcellus/Utica assets (land and wells) for the lowball price of $735 million (see EQT Buys Chevron M-U Assets for $735M, Floats $350M in New Stock). EQT also announced, on the same day, they are floating up to 23 million new shares of company stock to help pay the purchase price, hoping to raise ~$350 million. On Friday EQT announced it will float new bonds (debt) to raise another $350 million, also meant to help pay for the Chevron purchase.
Read More “After Floating $350M in New Stock, EQT Floats $350M in New Bonds”
Chevron | Energy Companies | EQT Corp | Industrywide Issues | M&A

EQT Buys Chevron M-U Assets for $735M, Floats $350M in New Stock
October 28, 2020October 28, 2020

Looks like the rumors were true, at least one of them. Yesterday EQT announced it has cut a deal to buy Chevron’s considerable Appalachian assets for $735 million. The Reuters rumor from September said EQT had offered $750 million (see Sources: EQT Offering $750M for Chevron’s Marcellus/Utica Assets). Also yesterday, EQT floated up to 23 million new shares of stock, on offer for $15.50 per share, attempting to raise ~$350 million to use toward the Chevron purchase.
Read More “EQT Buys Chevron M-U Assets for $735M, Floats $350M in New Stock”
CNX Resources | Energy Companies | EQT Corp | Industrywide Issues | M&A

CNX CEO Nick DeIuliis Responds to EQT Takeover Rumor
October 26, 2020October 26, 2020

CNX CEO Nick DeIuliis

On Friday we brought you the bombshell news that EQT has floated a takeover offer for CNX Resources (see Stop Press: Sources Say EQT Trying to Take Over CNX Resources). CNX CEO Nick DeIuliis spoke to Pittsburgh Business Times ace reporter Paul Gough about the rumor…
Read More “CNX CEO Nick DeIuliis Responds to EQT Takeover Rumor”
CNX Resources | Energy Companies | EQT Corp | Industrywide Issues | M&A

Stop Press: Sources Say EQT Trying to Take Over CNX Resources
October 23, 2020October 23, 2020

Bloomberg is reporting insider sources say EQT, already the biggest natural gas producer in the country (and pureplay driller in the Marcellus/Utica), has sent a takeover proposal to CNX Resources, another major Marcellus/Utica driller. Friendly? Hostile? Who knows. In September inside sources told Reuters that EQT had made a bid on Chevron’s extensive M-U acreage (see Sources: EQT Offering $750M for Chevron’s Marcellus/Utica Assets). Would/could EQT actually end up buying both? Seems like a stretch.
Read More “Stop Press: Sources Say EQT Trying to Take Over CNX Resources”
American Energy Partners Inc. | Energy Companies | Industrywide Issues | M&A | Pennsylvania | Statewide PA

American Energy Partners Buys 230+ SWPA Conventional Gas Wells
October 22, 2020October 22, 2020

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 subsidies in drilling, remediation, water, valuation services, and education. AEPT announced a new deal yesterday to buy a producer with 230+ conventional natural gas wells in western Pennsylvania.
Read More “American Energy Partners Buys 230+ SWPA Conventional Gas Wells”
Chevron | Energy Companies | EQT Corp | Industrywide Issues | M&A

What EQT Purchase of Chevron’s M-U Assets Means, IF it Happens
October 12, 2020October 12, 2020

Nearly a month ago sources talking to Reuters let it slip that EQT has offered $750 million for Chevron’s $6.5 billion worth of Marcellus/Utica assets (see Sources: EQT Offering $750M for Chevron’s Marcellus/Utica Assets). Since that time we’ve not heard a peep about negotiations and whether or not Chevron is seriously considering the offer. Let’s do a little speculating. What if Chevron does accept that offer? What does it mean for investors and others with a stake in the outcome?
Read More “What EQT Purchase of Chevron’s M-U Assets Means, IF it Happens”
Industrywide Issues | M&A

Caterpillar Purchasing Weir Oil & Gas for $405 Million
October 8, 2020October 8, 2020

Caterpillar is expanding in the oil and gas business. Weir Group is selling its entire oil and gas division to Caterpillar for $405 million. Weir, which manufactures equipment used in fracking, has two offices in Pennsylvania and three in West Virginia to service the Marcellus/Utica.
Read More “Caterpillar Purchasing Weir Oil & Gas for $405 Million”
Dominion Energy | Energy Services | Industrywide Issues | M&A | Pipelines

Dominion Expects to Close Most (Not All) Buffet Pipe Deal Nov. 1
October 1, 2020October 1, 2020

In July Dominion Energy announced it is throwing in the towel and canceling the 600-mile Atlantic Coast Pipeline (ACP) project that would have stretched from West Virginia to North Carolina. The company also announced it is selling its pipeline business to Warren Buffett (see Dominion Cancels Atlantic Coast Pipe, Sells Pipe Biz for $9.7B). Dominion announced yesterday it expects to close on most, but not all, of its pipeline deal with Buffet on Nov. 1.
Read More “Dominion Expects to Close Most (Not All) Buffet Pipe Deal Nov. 1”
Chevron | Energy Companies | EQT Corp | Industrywide Issues | M&A

Sources: EQT Offering $750M for Chevron’s Marcellus/Utica Assets
September 17, 2020September 17, 2020

Last December Chevron announced it was writing down over $10 billion worth of its U.S. onshore shale assets, with $6.5 billion of that number coming from its Marcellus/Utica assets. Also in December, the company posted for sale ALL of their M-U assets (see Chevron Confirms M-U Assets for Sale, Asks Vendors to Avoid Media). In February Chevron hired investment bank Barclays to help shop their M-U assets with the bids due in August (see Bids for Chevron’s 550K M-U Acres & 500 Wells Due in Mid-August). “Sources” talking to Reuters have let it leak that EQT has offered $750 million for Chevron’s $6.5 billion worth of assets.
Read More “Sources: EQT Offering $750M for Chevron’s Marcellus/Utica Assets”
Allegany County | Industrywide Issues | M&A | New York | Pipelines | Supply Chain

Marcellus Pipe Builder Otis Eastern Sells Itself to Atlanta Co.
August 28, 2020August 28, 2020

Pipeline builder Otis Eastern, headquartered in Wellsville, NY (western part of Upstate) has built a lot of pipelines throughout the northeast since its founding in 1936. In recent years the company has worked on a number of Marcellus/Utica projects, including Energy Transfer’s Mariner East 2 project and National Fuel Gas Company’s Marcellus Gas to Market project. Otis is selling itself for an undisclosed amount to a much larger company, Artera Services, LLC, based in Atlanta, Georgia.
Read More “Marcellus Pipe Builder Otis Eastern Sells Itself to Atlanta Co.”
Energy Companies | Industrywide Issues | M&A | Montage Resources | Southwestern Energy

Southwestern Hits “Grand Slam” with Purchase of Montage Resources
August 18, 2020August 18, 2020

Last week, in one of the biggest news stories (for us) so far this year, Southwestern Energy announced it is buying out and merging in Montage Resources (see Stop Press! Southwestern Energy Buying Montage Resources for $857M). The combined companies will create the third-largest (by acreage) Marcellus/Utica driller. Yet investors have pretty much yawned. The company’s stock went down after the announcement. According to one analyst, Southwestern’s purchase is a “grand slam” home run and investors should sit up and take notice.
Read More “Southwestern Hits “Grand Slam” with Purchase of Montage Resources”
Energy Companies | Industrywide Issues | M&A | Montage Resources | Southwestern Energy

Stop Press! Southwestern Energy Buying Montage Resources for $857M
August 12, 2020August 13, 2020

Holy smokes! We didn’t see this one coming. Just yesterday MDN brought you the second-quarter update from Montage Resources (see Montage Resources: 5 New OH Utica Wells, Profits Tumble in 2Q). Little did we know the company was in an advanced stage of negotiations to sell itself to Southwestern Energy. Perhaps “sell” isn’t quite the right word. The two companies are merging, with Southwestern taking over Montage, in an all-stock deal worth roughly ~~$204.3~~ $857 million (NOTE: We amended this article after Raymond James calculated the deal to be worth a much higher amount, see our update below). The combination will create the third-largest (by acres leased) Marcellus/Utica driller with a combined 786,187 net acres.
Read More “Stop Press! Southwestern Energy Buying Montage Resources for $857M”
Energy Companies | Industrywide Issues | M&A | Range Resources Corp

Range Sells Haynesville Assets to Japan for “Pennies on the Dollar”
August 4, 2020August 4, 2020

Range Resources has cut a deal to sell its Haynesville Shale assets (220,000 acres plus the wells they’ve drilled since buying those assets) to Castleton Resources, a privately owned company majority-owned by Tokyo Gas, for $245 million (plus an extra $90 million, maybe, contingent on the price of gas). Range bought those assets in 2016 for $4.4 billion (see Range Resources Buys Louisiana Driller in Deal Worth $4.4B). Yeah, Range just took a bath, selling their Haynesville assets for pennies on the dollar…
Read More “Range Sells Haynesville Assets to Japan for “Pennies on the Dollar””
CNX Resources | Energy Companies | Industrywide Issues | M&A | Pipelines

A Different View re CNX’s Move to Buy Rest of Pipeline Subsidiary
July 30, 2020July 30, 2020

Yesterday MDN brought you the news that CNX Resources is buying out the balance of what they don’t own in their pipeline subsidiary CNX Midstream (see CNX’s Competitive Advantage: Owning Its Own Pipelines). Our take on the news is that by owning their own pipeline network CNX has a distinct competitive advantage. We heard in pretty short order a different view from a couple of MDN readers…
Read More “A Different View re CNX’s Move to Buy Rest of Pipeline Subsidiary”