MEG Energy board rejects Husky’s $4.95bn takeover bid
The board of Canadian oil sands producer MEG Energy turned down Husky Energy’s C$6.4bn ($4.95bn) hostile acquisition bid, claiming that the offer undervalued the company.
In October, Husky made an offer to purchase all the outstanding shares of MEG Energy for either C$11 ($8.52) in cash or 0.485 of a share per MEG share. The deal includes the assumption of around C$3.1bn ($2.4bn) of net debt.
Husky at the time said that the transaction will enable the combined company to have aggregate upstream production of more than 410,000 barrels of oil equivalent per day (boe/d) and downstream refining and upgrading capacity of around 400,000bpd.
Carlyle Group to buy UK’s EnerMech for $591.2m
The Carlyle Group agreed to buy British mechanical and electrical services provider EnerMech Group from Lime Rock Partners in a £450m ($591.2m) deal.
EnerMech provides services to clients in the oil and gas, LNG, renewables, defence, power, infrastructure and petrochemicals sectors.
Established ten years ago, the company employs 3,500 people across 40 locations in the UK, Norway, Middle East, Caspian Sea, Asia, Africa, Australia, and the Americas.
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By GlobalDataInpex ships first LNG cargo from $40bn Ichthys project in Australia
Japanese firm Inpex shipped the first cargo of liquefied natural gas (LNG) from its $40bn Ichthys LNG project in Australia to the Naoetsu LNG terminal in Niigata Prefecture, Japan.
The shipment left the project’s onshore gas liquefaction plant in Darwin, Australia.
The development comes after a shipment of condensate earlier this month. The project’s production start-up took place in July.
Chesapeake to purchase WildHorse Resource Development for $3.97bn
US petroleum and natural gas explorer Chesapeake Energy signed a $3.97bn agreement to acquire WildHorse Resource Development in order to gain a significant position in the Eagle Ford Shale and Austin Chalk formations in south-east Texas.
The transaction includes the assumption of WildHorse’s net debt of $930m and will expand Chesapeake’s oil growth platform, as well as increase cash flow.
According to the agreement, WildHorse common shareholders will receive either 5.989 shares of Chesapeake common stock or a combination of 5.336 shares of common stock and $3 in cash, for each share held by them.
Petrobras to pay $853.2m fine to settle Car Wash corruption scandal
Brazilian state-owned oil company Petrobras has agreed to pay $853.2m in penalties to the US and Brazilian authorities to settle longstanding investigations into the alleged Car Wash corruption row.
The fines will be used to settle violations of the US Foreign Corrupt Practices Act (FCPA).
Listed on the New York Stock Exchange, the company was accused of bribing politicians and political parties in Brazil and then trying to conceal these payments from investors and regulatory agencies. The bribes were paid to secure contracts for contractors at inflated prices.
Glencore’s BEE partner OTS acquires Chevron South Africa for $973m
Global commodity trader and miner Glencore’s Black Economic Empowerment (BEE) partner Off The Shelf Investments (OTS) completed the $973m acquisition of Chevron’s downstream assets in South Africa.
The transaction is being funded by Glencore and comes after South Africa’s Competition Tribunal gave a conditional approval earlier this month.
Already owning a 23% stake in Chevron South Africa (CSA), OTS will now hold a 98% interest, with the remaining 2% to be held by employees.
Marathon Petroleum concludes $23.3bn Andeavor acquisition
Marathon Petroleum (MPC) completed the $23.3bn acquisition of all outstanding shares of integrated marketing, logistics and refining company Andeavor to create the largest independent US refiner by capacity.
As a result of the transaction, which was agreed in April and represents a total enterprise value of $35.6bn, Andeavor will no longer trade on the New York Stock Exchange.
The acquisition has resulted in the formation of an integrated energy company with an initial enterprise value of more than $90bn. MPC shareholders own 66% of the combined company, while Andeavor shareholders hold the remaining 34% stake.
Endeavor Energy Resources considers potential sale
US-based exploration and production company Endeavor Energy Resources is reportedly exploring a possible sale.
The potential deal was first reported by the Wall Street Journal, citing unnamed sources. According to the report, the sale could result in proceeds between $10bn and $15bn to Endeavor Energy.
The company has appointed JP Morgan Chase & Co and Goldman Sachs Group to pursue the sale.
NNPC signs contract for virtual gas pipeline system
The Nigerian National Petroleum Corporation (NNPC) executed a contract with an undisclosed private firm to launch a virtual gas pipeline system.
Set to be facilitated through the installation of Mini-LNG plants, the project has been designed to initially supply around 84 million standard cubic feet of gas per day (Mscf/d).
Customised cryogenic tankers will be used to transport gas from production fields to areas that cannot be easily accessible through pipelines.
