Canada’s Encana acquires Newfield Exploration Company for $5.81bn
Canadian firm Encana closed the previously announced acquisition of US-based exploration and production company Newfield Exploration Company in an all-stock transaction worth C$7.7bn ($5.81bn).
The agreement for the transaction was signed by the parties last November.
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Including the assumption of C$2.2bn ($1.66bn) of Newfield net debt, the deal aims to create a multi-basin company with premium positions in three major North American plays, the Permian, STACK/SCOOP and Montney.
Adnoc signs $4bn pipeline infrastructure deal with KKR and BlackRock
Abu Dhabi National Oil Company (Adnoc) signed a $4bn midstream pipeline infrastructure partnership with US-based institutional investors KKR and BlackRock.
Under the agreement, a newly formed entity known as Adnoc Oil Pipelines will lease ADNOC’s interest in 18 pipelines for a 23-year period.
Spanning a total length exceeding 750km and having an aggregate capacity of around 13,000 million barrels a day, the pipelines transport stabilised crude oil and condensate across Adnoc’s offshore and onshore upstream concessions.
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By GlobalDataChesapeake Energy concludes $3.97bn acquisition of WildHorse
US-based petroleum and natural gas company Chesapeake Energy completed the previously announced $3.97bn acquisition of the WildHorse Resource Development, following shareholder approval.
Under the terms of the agreement signed last October, WildHorse common stockholders were offered to choose either 5.989 shares or a combination of 5.336 shares of Chesapeake common stock and $3 in cash, in exchange for tendering each share of WildHorse common stock.
The transaction comprised WildHorse’s net debt of $930m and 420,000 net acres in the Eagle Ford Shale and Austin Chalk formations.
Blackstone signs $3.3bn deal to buy controlling stake in Tallgrass
Affiliates of Blackstone Infrastructure Partners (BIP) signed an agreement to purchase a majority interest in midstream energy company Tallgrass Energy (TGE) in a $3.3bn all-cash deal.
The agreement was reached with affiliates of Kelso, The Energy & Minerals Group (EMG), and Tallgrass KC, an entity owned by certain members of TGE’s management.
The deal will give Blackstone full ownership of the membership interests in TGE’s general partner and a 44% economic interest in Tallgrass.
QEP Resources terminates $1.725bn Williston Basin assets sale
QEP Resources announced that it had reached an agreement to annul the deal to sell its Williston Basin assets to Vantage Energy Acquisition.
The company cited reduced commodity prices and uncertainty over the fulfilment of agreed conditions as the reason for calling off the transaction.
QEP stated that it would continue to hold, operate and develop the assets in North Dakota and Montana, including South Antelope and Fort Berthold leaseholds in the Williston Basin.
ExxonMobil partners with Microsoft to improve Permian efficiencies
ExxonMobil partnered with Microsoft to deploy Cloud technology to enhance operational efficiencies and generate increased profits from the Permian Basin.
Through the digital partnership, ExxonMobil hopes to generate billions in net cash flow over the next decade.
The company stated that the collaboration will make its Permian Basin operations the largest-ever oil and gas acreage to use Cloud technology.
Targa Resources signs $1.6bn deal to sell 45% stake in Bakken assets
Targa Resources signed agreements to sell a 45% interest in certain assets in North Dakota’s Bakken shale play to funds managed by GSO Capital Partners and Blackstone Tactical Opportunities in a $1.6bn all-cash transaction.
The company will implement the transaction through the sale of a 45% stake in Targa Badlands, which holds all of Targa’s assets in the Bakken and Three Forks Shale plays of the Williston Basin in North Dakota, US.
The transaction will offer a stake in assets that include around 480 miles of crude oil gathering pipelines, 125,000 barrels of operational crude oil storage, and 260 miles of natural gas gathering pipelines to Blackstone.
US court blocks Keystone XL pipeline pre-construction work
A US federal court refused TransCanada’s request to undertake pre-construction work on the $8bn Keystone XL pipeline, which is designed to transport crude from Alberta to the US Gulf Coast.
The latest setback for the Keystone XL project is likely to hinder TransCanada’s plans to commence construction on the 1,905km pipeline this year.
US District Court Judge Brian Morris ruled that the company cannot build worker camps for the pipeline in preparation for the construction of the pipeline.
US university to develop oil and gas operations emission calculator
A team led by the University of Texas at Austin in the US received a research project to develop a tool to model emissions inventories from oil and gas production.
The project was awarded by an industry-led collaborative research consortium Collaboratory for Advancing Methane Science (CAMS) and requires the university to study spatial and temporal methane emissions profiles across various oil and gas basins.
The university will work in partnership with Colorado State University and SLR Consulting to develop libraries of emissions datasets and activity factors.
UK rejects permission for Cuadrilla’s fracking plans at second site
The UK Government refused to award planning permission to Cuadrilla to undertake fracking at a second site in Lancashire.
The decision made by UK Ministry of Housing, Communities and Local Government Secretary James Brokenshire has affected the company’s plans to explore for shale gas at the Roseacre Wood site.
The ruling is in response to Cuadrilla’s appeal to overturn the local council’s decision in 2015 to reject fracking plans.
