Companies
ROSEN Founder Sells Majority Stake to Partners Group
(P&GJ) — Hermann Rosen, founder of ROSEN Group, has sold a majority stake in ROSEN to the global private markets firm Partners Group, as part of his succession planning.
Origin Energy's Top Shareholder Opposes Brookfield's $9.8 Billion Takeover Offer
Origin Energy's largest shareholder said on Tuesday it plans to vote against a Brookfield-led consortium's $9.78 billion takeover offer for the company, casting doubt on the bid's future weeks ahead of a shareholder vote on the deal.
A Tale of Setbacks as Venezuela's Citgo Heads to U.S. Auction
For the past four years, the United States protected oil refiner Citgo Petroleum from creditors seeking to seize Venezuela's foreign crown jewel for billions of dollars in claims. But on Monday, a U.S. judge will kick off an auction expected to place the Houston-based company in the hands of rivals or investors.
Opinion: Chevron’s $53 Billion Deal Is a Risky Imitation of Exxon's Strategy
Chevron has decided, like Exxon Mobil, that it’s better to discover oil on the New York Stock Exchange than drilling in the ground. The $318 billion oil giant said Monday it would buy New York-based Hess for $53 billion in an all-stock deal.
Chevron to Buy Hess for $53 Billion in All-Stock Deal
Chevron agreed to buy U.S. rival Hess Corp. for $53 billion in stock in a deal that reflects top U.S. energy companies' drive for oil and gas assets in a world seeking lower-risk future fossil supplies and higher shareholder returns.
Business News October 2023
Association news, personnel changes and mergers and acquisitions in October 2023!
Kinder Morgan's Q3 Earnings Fall Short Due to Commodity Prices and Pipeline Expenses
Pipeline and terminal operator Kinder Morgan on Wednesday posted lower-than-expected profit for the third quarter as higher interest expenses offset strength in its natural gas and products pipeline segment.
TC Energy Names Ex-CEO as Chair of Oil Pipeline Business
Canadian pipeline operator TC Energy on Thursday named industry veteran and former CEO Hal Kvisle as the chair of its oil pipeline unit.
Chevron Australia, Unions Make Progress in LNG Talks, Deal Remains Elusive
Negotiations over a stalled pay and conditions deal between Chevron and unions at its LNG facilities in Australia made progress on Friday but fell short of sealing an agreement to end months of labor disputes at the major export sites.
Midstream Winners Honored at Gulf Energy Information Excellence Awards Gala
(P&GJ) — Pipeline & Gas Journal is excited to announce the winners of the midstream categories at the inaugural Gulf Energy Information Excellence Awards. Industry experts gathered at Houston's Post Oak Hotel for a grand gala, combining the recognition programs of World Oil, Hydrocarbon Processing, Pipeline & Gas Journal, and Petroleum Economist.
Join Us for the Gulf Energy Information Excellence Awards: Where Excellence Takes Center Stage
(P&GJ) — In just two days, the prestigious Gulf Energy Information Excellence Awards will take center stage, celebrating the finest achievements in the energy industry. This event combines the recognition programs of World Oil, Hydrocarbon Processing, Pipeline & Gas Journal, and Petroleum Economist into a single grand gala, is set to be a pinnacle celebration of excellence.
Sources: Exxon in Advanced Talks for $60 Billion Acquisition of Pioneer
Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday.
Business News September 2023
Association news, personnel changes and mergers and acquisitions in September 2023!
Saudi Aramco to Acquire Stake in EIG's MidOcean Energy for LNG Expansion
Saudi Arabia's oil group Aramco said on Thursday it had agreed to acquire a strategic minority stake in LNG company MidOcean Energy for $500 million, with an option to increase the size of the shareholding.
NextEra Energy to Sell Florida City Gas to Chesapeake Utilities for $923 Million
NextEra Energy said on Tuesday it plans to sell Florida City Gas (FCG) to Chesapeake Utilities for $923 million in cash. FCG’s natural gas infrastructure encompasses approximately 3,800 miles of distribution mains and 80 miles of transmission pipelines.
Repsol Challenges Venture Global LNG Over Failure to Supply Gas
Spain's Repsol SA has asked an international tribunal to require U.S. gas exporter Venture Global LNG to fulfill its contract for LNG or compensate it, Reuters reported. It is the fourth European customer to pursue an arbitration case against the U.S. developer.
Former CFO of Russian Natural Gas Firm Novatek Sentenced to 7 Years in US Prison
A former deputy chief of Russian natural gas producer Novatek was sentenced on Thursday to seven years and two months in a U.S. prison for a scheme to hide millions of dollars of income in undisclosed Swiss bank accounts and submitting a false filing.
Magellan Midstream Approves $18.8 Billion Sale to ONEOK, Creating Major U.S. Pipeline Player
Magellan Midstream Partners' unitholders on Thursday voted in favor of its sale to larger rival ONEOK Inc. for $18.8 billion, creating one of the largest U.S. energy pipeline companies.
Venture Global CEO Says Court Battles Are Not Slowing the Company's LNG Projects
Venture Global LNG's chief executive insisted recently that the company's development of U.S. LNG plants has not been slowed by international court battles over its failure to deliver cargoes to contract holders, including BP and Shell.
Sempra Completes Port Arthur LNG Phase 1 Interest Sale to KKR
(P&GJ) — Sempra Infrastructure announced that it has completed the sale of a 42% indirect, non-controlling interest in its Port Arthur LNG Phase 1 project to KKR.
Diamondback Energy, Five Point Form Water-Focused JV Deep Blue in Midland Basin
(P&GJ) — Diamondback Energy Inc. and Five Point Energy LLC have partnered to form a new joint venture entity, Deep Blue Midland Basin LLC. The joint venture’s water infrastructure network comprises over 800 miles of pipelines for gathering, transport, disposal and reuse.
Chevron Gambles on Untested Laws to Halt Australia LNG Strike Action
Chevron Australia no longer expects to reach a deal with unions and will instead pursue an untested legal strategy to stop industrial action at its Gorgon and Wheatstone LNG facilities as unions prepare for full-scale strikes.
Williams CEO Not Interested in Acquisition of Utility Companies
U.S. energy firm Williams Companies is not interested in three utilities recently bought by Canada's pipeline operator Enbridge as the return rate would be too low, CEO Alan Armstrong said on Wednesday.
US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time
Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.
FTC Approves EQT's Deal to Buy THQ Appalachia
EQT Corp., the biggest U.S. natural gas producer, has received the U.S. Federal Trade Commission's approval to buy THQ Appalachia and associated infrastructure. The proposed deal is valued at $5.2 billion.
Energy Transfer Reports Lower Q2 Earnings, Weighed by Natural Gas Prices
Last week, U.S. midstream company Energy Transfer reported lower earnings for the second quarter despite higher transport volumes in most energy product segments versus a year ago.
Sempra Exceeds Profit Expectations as LNG Expansion Propels Growth
Sempra has strategically positioned LNG as a burgeoning sector within its portfolio and is making noteworthy strides in expanding its LNG infrastructure, with key projects in the pipeline. Among these ventures is the Costa Azul LNG export plant in Mexico, which is on track to contribute to Sempra's LNG growth strategy.
Canada Pipeline Operator Enbridge's Quarterly Profit Rises on Strong Volumes
Canadian pipeline operator Enbridge Inc. reported a rise in second-quarter profit on Friday as delivery volumes were lifted by oil and gas companies boosting production to take advantage of steady commodity prices.
Pipeline Operator Williams Companies Beats Q2 Profit Estimates on Higher Natural Gas Volumes
Williams Companies, a pipeline operator, exceeded second-quarter profit estimates driven by increased natural gas transportation volumes and benefits from certain acquisitions.
LNG Terminal Developer Crown to Go Public via $685 Million SPAC Deal
Crown LNG Holdings, which develops LNG terminals to operate in harsh weather conditions, has agreed to go public in New York by merging with a blank check firm in a deal that values the combined company at $685 million.
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- Malaysia’s Oil Exports to China Surge Amid Broader Import Decline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
