Articles filed under M&A

Continuing it’s transformation into a pure-play oil and natural gas exploration and production company, Hess Corp. has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC) for the formation of Hess Retail Corp., a subsidiary containing convenience stores and gasoline refueling stations that the New York-based energy company said it will then seek to sell.

The Oneok Inc. board of directors on Wednesday unanimously approved the separation of the company's natural gas distribution business into a stand-alone, publicly traded company to be called ONE Gas Inc.

Fieldwood Energy LLC said Tuesday it will add to its leadership position in the shallow waters of the Gulf of Mexico (GOM) by acquiring the offshore portfolio of SandRidge Energy Inc. in a transaction worth close to $1.2 billion.

Upstream operators were less enthusiastic about making big deals in 2013, and not nearly as glammed by unconventional natural gas and oil prospects as in years' past, IHS Inc. researchers said.

EPL Oil & Gas Inc. continues its buying spree in the Gulf of Mexico (GOM), agreeing Thursday to acquire five natural gas and oil leases off the coast of Louisiana, a purchase timed to an ongoing push to expand its portfolio of shallow water prospects.

Regency Energy Partners LP is picking up the midstream business of Eagle Rock Energy Partners LP in a $1.3 billion deal. Combined with Regency's planned acquisition of PVR Resources, the Eagle Rock assets will diversify its exposure in East and South Texas as well as the Texas Panhandle. A smaller deal, also announced Monday, aims to grow Regency's presence in the Delaware Basin in West Texas.

A pair of activist shareholders has taken a significant stake in Williams Cos. Inc., driving up the company's share price, as the partners pursue a plan to improve the midstream company's performance and potentially put it in play in the current environment of ongoing midstream consolidation.

Freeport LNG Expansion LP has snagged a $1.3 billion equity investment from IFM Investors for its proposed liquefied natural gas (LNG) liquefaction and export facility on Quintana Island near Freeport, TX. Funds will support development of the facility's second train.

Unitholders and shareholders of LINN Energy LLC, LinnCo LLC and Berry Petroleum Co. have approved the companies' merger and related transactions on Monday, setting the deal on course for closure as it passed its final hurdle at the U.S. Securities and Exchange Commission last month (see Daily GPI, Feb. 22). The deal is said to be the first-ever acquisition of a C-corporation by an upstream limited liability company or master limited partnership. Linn Energy last month raised its offer for Berry by $600 million, reinvigorating the mega-deal (see Daily GPI, Nov. 4).

Upstream merger and acquisition (M&A) activity isn't as slow as some believe, but now it's about asset transactions, rather than mega corporate takeovers, a Raymond James & Co. Inc. analyst said in a note Monday.