Business News
Oil States Sells Houston Ship Channel Facility for $24.8 Million
Oil States International Inc. has finalized the sale of its idled Houston Ship Channel facility, generating $24.8 million in net proceeds. The sale is part of the company’s broader strategy to optimize its operations and improve financial flexibility.
Matador Closes $600 Million Pronto Midstream Deal, Strengthens Balance Sheet
Matador Resources Company has finalized the contribution of its wholly-owned subsidiary, Pronto Midstream, LLC, to its midstream joint venture, San Mateo Midstream, LLC. The deal values Pronto at approximately $600 million and brings San Mateo's total estimated asset value to over $1.5 billion, net to Matador.
ADNOC Gas Names Fatema Al Nuaimi as CEO, Succeeding Ahmed Alebri
Abu Dhabi's ADNOC Gas said on Tuesday that it has appointed Fatema Al Nuaimi as its new CEO, effective Jan. 1, following Ahmed Alebri's decision to step down after nearly two years at the helm.
DT Midstream Closes $650 Million Offering in Move Toward ONEOK Acquisition Completion
DT Midstream has closed the previously announced offering of $650 million of 5.800% Senior Secured Notes due 2034. The sale is part of DT Midstream’s strategy to fund its previously announced pending acquisition of ONEOK pipeline systems.
Nut Tree and Caspian Urge Martin Midstream Unitholders to Reject Merger with MRMC
Nut Tree and Caspian Capital argue that MMLP’s merger proposal relies on a "deeply flawed" valuation and disproportionately benefits Ruben Martin III, MRMC's controlling figure, at the expense of unitholders.
ADNOC Weighs Stake Sale in Gas Unit, Potential Multi-Billion Dollar Deal: Report
ADNOC is reportedly considering selling a 3-5% stake in its gas unit, potentially worth billions, amid strategic reviews. The deal could be announced soon, pending market conditions.
Progressive Pipeline Management Acquired by Platform Partners
PPM, known for its trenchless pipeline rehabilitation services, specializes in restoring aging natural gas distribution pipelines using cured-in-place-lining (CIPL) technology, which minimizes surface disruption.
Pennybacker Acquires Miami LNG, Appoints New Leader for Growth Push
Pennybacker Capital Management has completed its acquisition of a small-scale liquefied natural gas (LNG) business in Miami from New Fortress Energy.
WGLC 2024 Opens with Strong Call for Women’s Leadership in Energy
The 20th annual Women’s Global Leadership Conference in Energy (WGLC) kicked off with a powerful opening session led by Alexandra “Alie” Pruner, Senior Advisor at Perella Weinberg Partners/TPH&Co.
Venture Global LNG Reports $4.85 Billion in 2023 Profits Amid IPO Buzz
Venture Global LNG reported $4.85 billion in operating income for 2023, marking its second year of operations. As the company prepares for a stock market listing, financial documents reveal ambitious plans for expanding its LNG export facilities and significant revenue growth.
Chevron CEO Wirth Under Fire as Hess Deal Delay Drags Down Stock Performance
Chevron CEO Michael Wirth faces mounting pressure as the company's stock slides amid delays in the $53 billion acquisition of Hess. The stalled deal, crucial for growth, coincides with declining earnings and rising operational costs, raising concerns among investors about Chevron's future direction.
Enterprise Products Acquires Piñon Midstream
Enterprise Products’s previously announced $950 million cash acquisition of Piñon Midstream, LLC has concluded.
Martin Midstream Backs Buyout in Face of Hedge Funds Opposition
Martin Midstream Partners said it stood behind its planned takeover by its largest shareholder, after two hedge funds which made a competing bid said they planned to try and rally shareholders to vote against the deal.
2024 Midstream Winners Honored at Gulf Energy Information Excellence Awards Gala in Houston
The 2024 Gulf Energy Information Excellence Awards was held on Wednesday evening at the Post Oak Hotel in Houston, Texas (U.S.). The black-tie gala recognized the energy industry’s leading innovations and thought leaders.
EQT to Lay Off 15% of Workforce After $14 Billion Equitrans Acquisition
EQT Corp. plans to cut 15% of its workforce following its $14 billion acquisition of Equitrans Midstream. The layoffs, part of an integration process, mark the company's largest job reduction since 2019. EQT aims to boost natural gas margins amid fluctuating market conditions.
Business August 2024
Stay informed about the latest appointments, expansions, and industry insights in this concise business column. From new executive roles at leading companies to strategic manufacturing ventures, get key updates shaping the corporate landscape. Plus, stay in the loop with association initiatives and industry events.
Polyguard Becomes Master Distributor for Aquawrap and Powersleeve
Polyguard Products Inc., based in Texas, has become the master distributor for the Aquawrap and Powersleeve brands, manufactured by Field Applied Composites Systems (F.A.C.S.).
Aramco Finalizes Deal to Acquire 50% of Air Products Qudra's Blue Hydrogen Business
Saudi oil giant Aramco has signed final agreements to buy 50% of the blue hydrogen industrial gases business of Air Products Qudra, it said on Tuesday, continuing the kingdom's drive to become a major hydrogen producer.
Honeywell to Acquire Air Products' LNG Unit for $1.81 Billion
The deal would complement Honeywell's LNG pretreatment business by adding technologies such as heat exchangers and cryogenic equipment to its portfolio amid growing demand for the fuel in key end-markets including power and data centers.
BP Shares Drop 4% After Warning of Weak Refining Impact on Q2 Profit
Weak refining margins and lower oil trading results will dent BP's second-quarter profit by up to $700 million, the company said on Tuesday, sending its shares down by over 4%.
Business
Stay informed about the latest appointments, expansions, and industry insights in this concise business column. From new executive roles at leading companies to strategic manufacturing ventures, get key updates shaping the corporate landscape. Plus, stay in the loop with association initiatives and industry events.
Kimmeridge Acquires 90% Stake in Commonwealth LNG
Private equity firm Kimmeridge, through its subsidiary Kimmeridge Texas Gas, has acquired a 90% stake in proposed U.S. liquefied natural gas export project Commonwealth LNG, it said on Tuesday.
Equitrans and EQT Announce Preferred Stock Election Deadline Ahead of Merger
Equitrans Midstream Corp. and EQT Corp. have announced the deadline for record holders of Equitrans Series A Perpetual Convertible Preferred Shares to elect their form of consideration in connection with the upcoming merger.
Mega-Deals Reshaping How Midstream Business Is Done
Explore how mega-deals are reshaping the midstream oil and gas industry, providing growth and stability amid regulatory challenges and limited organic expansion opportunities.
Berkshire Hathaway Increases Stake in Occidental Petroleum to Nearly 29%
Billionaire Warren Buffett's Berkshire Hathaway Inc. acquired another 2.95 million shares in Occidental Petroleum, a regulatory filing showed, bringing his stake in the U.S. oil producer's common stock to nearly 29%.
Temasek Nears Completion of Pavilion Energy LNG Sale to Shell, Sources Say
Singapore's Temasek Holdings is finalizing the sale of some assets from LNG trading firm Pavilion Energy to Shell with a deal set to be completed in the coming days, two sources with knowledge of the matter said.
Berkshire Buys Additional 2.57 Million Shares in Occidental Petroleum, Filing Shows
Warren Buffett's Berkshire Hathaway bought around 2.57 million shares of common stock in Occidental Petroleum over June 5-7, according to a U.S. securities filing.
Analysis: How Devon Energy Missed the Boat on U.S. Oil and Gas Mega-Deals
U.S. oil and gas producer Devon Energy has lost bids to acquire at least three of its peers in the last 12 months because its shares were spurned as acquisition currency, according to people familiar with the negotiations.
Texas Startup Endeavors Again to Build First Major U.S. Oil Refinery Since 1977
Element Fuels Holdings, a Dallas-area startup proposing to build the first all-new U.S. oil refinery in nearly 50 years, on Thursday said it was relaunching efforts to build a large plant in South Texas.
Exxon and Chevron Pursue Big-Ticket Deals to Expand Oil Reserves
Cash-rich ExxonMobil and Chevron are bolstering their oil and gas drilling inventory with multibillion-dollar takeovers as they bet on resilient demand for years to come.
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
