Mergers & Acquisitions
U.S. shale firms are more profitable than ever after a strong third quarter and the change is evidence shale firms have moved to "harvest mode" and turned toward deal making.
Australia's competition watchdog, ACCC, said it will not oppose oil and gas firm Santos's $2.15 billion acquisition of Quadrant Energy.
Analysts predict the massive deals week comprised of three separate transactions by Chesapeake Energy, Encana and Denbury is just the “tip of the M&A iceberg that will emerge in 2019.”
Blackbird Energy and Pipestone Oil have agreed to merge, forming Pipestone Energy which is set to have the single largest land position in the Montney shale play in Alberta, Canada.
Chesapeake Energy and Encana made headlines this week with multibillion-dollar acquisitions. Also, crude oil and natural gas production hit new records and the industry is watching initiatives on the ballot in Colorado and Washington state next week.
The acquisition of Newfield and its key position in the Stack/Scoop is expected to make Encana the second largest producer of unconventional resources in North America.
Chesapeake Energy is set to create an Eagle Ford oil producing powerhouse through its nearly $4 billion acquisition of WildHorse Resource Development.
Denbury Resources agreed to acquire Penn Virginia in a cash-and-stock transaction valued at $1.7 billion, marking the company’s entry into the Eagle Ford Shale.
Premium Oilfield Technologies said it completed the acquisition of Cutter Drilling Systems, which provides rotary control head diverter service in the heart of the Permian Basin in West Texas.
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