M&A

Energy Services | Energy Transfer Partners | Industrywide Issues | M&A | Regency Energy Partners

ETP Buyout of Regency Energy Has a Date: April 28
March 11, 2015March 11, 2015

In January MDN brought you the big news that Energy Transfer Partners (ETP) is buying/merging with Regency Energy Partners (see Energy Transfer Partners Buys Regency Energy for $25B). Both companies have meaningful operations in the Marcellus/Utica region. These mergers & acquisitions, as you know, take time. Both companies have been busy and Regency reported earlier this week they have a date to make it all final: April 28. On that date, Regency will hold a special meeting at their company headquarters in Dallas, TX to vote on the deal…
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Economic Impact | Industrywide Issues | M&A

World’s Best Investment Bank in the Oil & Gas Sector for 2015
March 10, 2015March 10, 2015

It takes a lot of money to fund an oil & gas company–whether they are drillers, pipeline companies or the myriad of associated supply chain companies. It takes millions–billions! Who has that kind of money? Investors, typically investment banks. And who is the best investment bank in the whole wide world? Obviously it’s the one that will give you money! However, Global Finance magazine conducts an annual survey and based on various criteria, they have just awarded CIBC (Canadian Imperial Bank of Commerce), Canada’s fifth largest bank, with the honor of World’s Best Investment Bank in the Oil & Gas Sector for 2015…
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Energy Companies | Industrywide Issues | M&A | Talisman Energy

Talisman Energy Sale to Repsol Takes 2 Giant Steps Closer
February 23, 2015February 23, 2015

Not that there was really any doubt, but last week the deal for Spanish oil giant Repsol to buy out Canadian shale driller Talisman Energy took a couple of big leaps forward (see Spanish Respol Buys Marcellus E&P Talisman Energy for $8/Share). Talisman has major drilling operations in the Pennsylvania Marcellus Shale. The company was having problems for some time and that invited the vultures, er, corporate raiders to show up (see Carl Icahn’s Claws Go Deeper into Talisman – 2 New Board Members). No doubt under pressure by Ichan’s lieutenants, Talisman had to either sell off key assets, or sell the whole company. They opted to do the later last December. Last week both the shareholders and the Canadian government gave it’s blessing to the sale. Now all that’s left is for the proverbial fat lady to sing…
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Industrywide Issues | M&A | Research | Supply Chain

New Report on Shale Energy Deals from Top Energy Law Firm
February 17, 2015February 17, 2015

In July 2013 one of the country’s top energy law firms, Steptoe & Johnson, published a report detailing the biggest legal challenges faced by drillers that operate in shale plays (see New Report Details Top Legal Issues for Shale Drillers). Steptoe & Johnson have just published a follow-up report. Titled “Below the Surface 2: Digging Deep on Deals” (full copy embedded below), this new report takes a look at energy transactions and deals to find where natural gas producers are exploring for energy, their level of involvement, lessons they’ve learned, and what roadblocks they must overcome to succeed…
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Access Midstream Partners | Energy Services | Industrywide Issues | M&A | Williams

It’s Official: Williams and Access Midstream Tie the Knot
February 3, 2015February 3, 2015

Several weeks ago MDN told you that yesterday, Feb. 2, would be the big wedding day for the merger (actually takeover) of Access Midstream by Williams (see Wedding Day: Williams & Access Midstream Get Hitched on Feb 2). The wedding took place as planned and the marriage is now happily consummated. The groom was Williams (grooms are always men…pushy and domineering ya know). The bride was sweet Access Midstream, previously known as Chesapeake Midstream. Bride Access took the Williams name as of yesterday, creating a midstream behemoth whose market capitalization will come close to rivaling the country’s largest midstream company, Kinder Morgan…
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Energy Services | Energy Transfer Partners | Industrywide Issues | M&A | Regency Energy Partners

Energy Transfer Partners Buys Regency Energy for $25B
January 26, 2015January 26, 2015

Big news in the midstream (pipelines and processing plants) world. Today, Energy Transfer Partners (ETP) announced they are merging with and buying Regency Energy Partners in a deal with a total value of $24.8 billion–$18 billion in stock and cash, and $6.8 billion in assumed Regency debts. You may recognize both names, as both companies are active in the Marcellus and Utica Shale…
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Chesapeake Energy | Energy Companies | Industrywide Issues | M&A

Rumor Mill: Indian Oil Co Wants to Buy Chesapeake Energy
January 21, 2015January 21, 2015

Carl Ichan, corporate raider and puppet master at Chesapeake Energy, must be rubbing his hands together in glee. The rumor mill is buzzing that Oil & Natural Gas Corporation Limited (ONGC), the state-run national oil company of India, is “aggressively” pursuing Chesapeake–to buy it. It appears ONGC wants to buy the whole company, although we don’t know that for sure. The ONGC/Chessy buzz has Chessy’s stock trading higher, which delights Mr. Ichan. Here’s what we’re able to find about this latest rumor…
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Access Midstream Partners | Energy Services | Industrywide Issues | M&A | Williams

Wedding Day: Williams & Access Midstream Get Hitched on Feb 2
January 13, 2015January 13, 2015

It looks like February 2, 2015 will be the day of the wedding for Williams and Access Midstream. In June 2014, Williams announced a friendly takeover/merger with Access Midstream (see Big News: Williams Partners Buying Access Midstream for $6B). Access was once Chesapeake Midstream, spun off into its own company. Both Williams and Access have major operations in the Marcellus/Utica region. The takeover is going just fine and Access stocks will be distributed/swapped/split/converted/traded/whatever (makes our eyes glaze over just to read it) on Friday, January 30. By the time it’s all hashed out over the weekend, when trading begins on Monday, February 2, Access will be part of Williams…
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Industrywide Issues | M&A

Will Some Marcellus/Utica Drillers be Takover Targets in 2015?
January 6, 2015January 6, 2015

Even though oil prices set one foot over the price cliff starting last year (both feet are now over the cliff), top flight research firm IHS reports that mergers and acquisitions (M&A) in the energy sector, particularly in the “upstream” (drilling) area, were brisk in 2014. Upstream M&A rose 23%, to $173 billion, according to IHS. Year over year, M&A activity in the Marcellus/Utica region doubled, going up by 16%. Not surprisingly if you’re an oil & gas company with debt up to the neck and low or no hedging on the prices you receive for your oil & gas, you’ll be in the cross-hairs for a takeover in 2015, according to IHS…
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Energy Companies | Industrywide Issues | M&A | Talisman Energy

Spanish Respol Buys Marcellus E&P Talisman Energy for $8/Share
December 16, 2014December 16, 2014

It’s no longer rumor and innuendo. Looks like corporate raider Carl Icahn has chased Talisman Energy into the arms of Spanish oil giant Repsol. Talisman released a statement this morning to say Repsol is buying the company lock, stock and barrel for $8 per share (U.S., $9.33 per share Canadian). The board of directors for both companies have unanimously approved the deal. Now the PR campaign begins to convince regulators in Canada (and Spain) that it’s a good deal and should be approved. Here’s the official announcement from Talisman…
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Energy Services | Industrywide Issues | M&A | Pennsylvania | Statewide PA | UIL Holdings

UIL CEO “Disappointed” by Phila. Gas Works Deal Abortion
December 15, 2014December 15, 2014

We’re left with one, very strong recommendation, after the abortion of the deal to sell Philadelphia Gas Works (PGW) to UIL Holding, a Connecticut utility company: Philadelphia City Council members need to be investigated to see whose pockets have gotten fatter since the deal was aborted. The head of UIL has spoken on the record about the deal for the first time. In an interview last Friday, UIL CEO James Torgerson said he had met privately “multiple times” with all but two (of 17) Philly City Council members and by his count 9 of them would have voted “yes” on a deal to sell PGW to UIL. The only conclusion we can reach is that money has changed hands to stop the deal from going forward. What other conclusion can a sane, rational, thinking person reach? It’s time for an investigation–in particular of Councilwoman Marian Tasco, who refused to meet and talk with UIL even once. Tasco chairs the Philadelphia Gas Commission. Too bad Pennsylvania’s Attorney General, Kathleen Kane, refuses to investigate people from her own party. We say it’s time for a special prosecutor to be appointed…
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Energy Companies | Industrywide Issues | M&A | Talisman Energy

Rumor: Resol Close to Official Offer to Buy Talisman Energy
December 15, 2014December 15, 2014

MDN has been following the rumors that Talisman Energy may be sold to Spanish oil giant Repsol (see Rumor Mill: Repsol Once Again Interested in Buying Talisman). The rumors continue–and Talisman’s stock price is inching up, thanks to those rumors. Talisman stock rocketed up 35% on Friday on news that a bid from Repsol is imminent. How much is Repsol offering for the Canadian Talisman, a company with an active Marcellus Shale drilling program?…
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Energy Companies | Energy Services | Industrywide Issues | M&A | New York | Pennsylvania | Pipelines | Regency Energy Partners | Statewide NY | Statewide PA | Talisman Energy

Talisman Considers Sale of Marcellus Midstream Assets to Regency
December 10, 2014December 10, 2014

Three weeks ago Talisman was rumored to be near a deal to sell its New York/Pennsylvania pipeline system to Regency Energy Partners. Talisman owns some 435 miles of gathering and transmission pipelines in NY/PA. However, the deal, which was supposedly imminent and rumored to be worth $1 billion, still hasn’t happened. Why? Could it be the revived talks by Repsol to buy Talisman (see Rumor Mill: Repsol Once Again Interested in Buying Talisman)? We don’t know. One thing we do know is that corporate raider Carl Icahn, who has his claws deeply into Talisman (as he does with Chesapeake Energy), is the puppet master pulling the strings and forcing the company to sell assets. Here’s the sitrep (situation report) as of a few weeks ago, according to sources talking to Bloomberg News…
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Energy Companies | Industrywide Issues | M&A | Talisman Energy

Rumor Mill: Repsol Once Again Interested in Buying Talisman
December 9, 2014December 9, 2014

In July MDN told you that Spanish oil company Repsol was seriously looking at buying some of, or even all of, Canadian company Talisman Energy (see Repsol Eyes Talisman Energy for “Assets” – Takeover Target?). Talisman is a major driller in the Marcellus Shale. Then, in the heat of August, came the word that those talks were off (see Talks for Repsol to Buy Some/All of Talisman Energy are “Frozen”). However, the rumor mill is buzzing again. Bloomberg is reporting the talks are back on and once again Repsol is looking at possibly a buyout of Talisman…
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Allegheny County | Industrywide Issues | M&A | Pennsylvania | Supply Chain

Marcellus Supply Chain: Pittsburgh Hydraulic Hose Supplier Sold
December 8, 2014December 8, 2014

Powertrack International, a Pittsburgh-based company that sells hydraulic hoses and fittings to the oil and gas industry, has been bought out by F.N.B. Capital Partners, a $175 million investment fund also located in Pittsburgh. This is the twelfth such SBIC (federal Small Business Investment Company program) investment this year for F.N.B. Terms of the deal were not disclosed (private transaction, private company). Edward Condon, the owner of Powertrack, is cashing in his chips. He’ll hang around for some consulting work, but essentially he’s now out the door and a “long-time” employee of the company, Andrew Kuron, will take the helm as president…
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Energy Companies | Industrywide Issues | M&A | Pennsylvania | Southwestern Energy | Susquehanna County | WPX Energy

First Shoe Drops: WPX Sells 1/2 Marcellus Assets to Southwestern
December 3, 2014December 3, 2014

As we’ve been saying for some time, WPX Energy, the spun off but totally independent exploration & production company that was once part of midstream giant Williams, has been looking to exit the Marcellus stage left (see Flip Flop: All of WPX’s Marcellus Wells on the Auction Block). The first shoe has now dropped: WPX announced yesterday they’ve sold all of their Susquehanna County, PA leases and wells to Southwestern Energy for $300 million. We have all of the facts of the deal–how many acres, how many wells–along with answers to questions that landowners still signed with WPX in other PA geographies want to know–primarily, “Are we next?” We also have Southwestern’s take on the deal and (interestingly) what they seem to most value about the deal. It may surprise you…
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