Mon, Oct. 31, 5:15 PM
- Occidental Petroleum (NYSE:OXY) agrees to acquire ~35K acres of Permian Basin holdings from unnamed private sellers, as well as several Permian Basin enhanced oil recovery and CO2 properties, plus related infrastructure, for a combined ~$2B.
- OXY already is the largest Texas producer of enhanced oil recovery projects, which use carbon dioxide and other means to boost oil recovery.
- The acreage are in Reeves and Pecos counties, areas where OXY currently operates or has working interests, and has an aggregate production of 7K boe/day from 68 wells.
- OXY believes the land, which has ~41M boe of proved reserves, has the potential for as many as 700 new wells.
Thu, Oct. 13, 4:47 PM
- RSP Permian (NYSE:RSPP) -5.8% AH after agreeing to acquire Silver Hill Energy Partners and Silver Hill E&P II for $1.25B in cash and 31M common shares of its common stock, implying a total purchase price of ~$2.4B.
- RSPP says the deal is a unique acquisition of a highly contiguous acreage position in the core of the Delaware Basin with 41K net surface acres, which creates substantial scale with combined current production of ~50K boe/day, 100K-plus net surface acres, 500K-plus net effective horizontal acres, and 3,600 net drilling locations with substantial additional upside.
- To help fund the deal, RSPP launches a 20M-share public offering, with an underwriters option to purchase up to an additional 3M common shares.
- Silver Hill reportedly had attracted interest from the likes of Diamondback Energy (NASDAQ:FANG), Noble Energy (NYSE:NBL), Marathon Oil (NYSE:MRO) and Occidental Petroleum (NYSE:OXY).
Fri, Sep. 30, 6:22 PM
- Diamondback Energy (NASDAQ:FANG) is close to a deal to buy privately held Silver Hill Energy Partners in a deal that could fetch ~$2.5B, WSJ reports.
- FANG would be the winner of an auction that reportedly attracted interest from Noble Energy (NYSE:NBL), Marathon Oil (NYSE:MRO) and Occidental Petroleum (NYSE:OXY), in the latest rush to grab drilling land in west Texas' Permian Basin.
- A deal could be announced as soon as next week, according to the WSJ report.
Thu, Sep. 15, 5:40 PM
- Noble Energy (NYSE:NBL), Marathon Oil (NYSE:MRO) and Occidental Petroleum (NYSE:OXY) are considering making offers for Permian Basin explorer Silver Hill Energy Partners, in a sale that could fetch more than $2B, Bloomberg reports.
- Silver Hill, which was started in 2011, controls drilling rights on more than 42K net acres in the Delaware Basin on the western shelf of the Permian.
Wed, May 18, 10:11 AM
- Apache (APA +3.2%) pulls back from earlier highs after the company tells Bloomberg that its town hall meeting today will discuss layoffs and not takeover rumors.
- A premarket report from an oil and gas industry job site claimed APA is hosting a town hall today to tell staffers about a takeover by Occidental Petroleum (OXY -1.3%).
- Otherwise, APA says it does not comment about M&A market rumors.
Wed, May 18, 9:14 AM
- Apache (NYSE:APA) +9.8% premarket following a report from OilAndGasPeople.com that the company may be acquired by Occidental Petroleum (NYSE:OXY) in a deal thought to be worth at least $25B.
- APA has called a town hall meeting today where it may announce the takeover to staff, according to the report.
- APA is a "perfect fit" for OXY, the report says, as the companies have a similar production profile in terms of liquids production.
- Now read Occidental Petroleum looks stronger after latest results
Apr. 8, 2015, 7:30 PM
- Analysts say Shell's (RDS.A, RDS.B) move to buy BG Group is telling potential acquirers that one of the biggest players is now confident enough to make a big play, and that the worst may be over in the big slide in oil and gas prices.
- The deal also may be the starting gun for a wave of M&A activity that oil industry observers have been predicting since crude prices started to slump in June.
- For starters, BG's U.S. shale assets likely will become candidates for divestiture after the Shell deal closes; in buying BG, Shell has made the choice to double-down on global liquefied natural gas and de-emphasize U.S. shale.
- Among the biggest players, Exxon (NYSE:XOM) and BP could contemplate deals - perhaps even with each other, as has been speculated, since BP ranks among the cheapest major producers relative to estimated profit.
- BG itself could whet the appetite of XOM's Rex Tillerson, who recently said there was "no limitation" to what he might buy - but he will be especially selective after getting burned by 2010's XTO purchase.
- Companies with prime acreage in oil-rich shale fields in Texas, North Dakota and Colorado have become a lot cheaper in recent months; Anadarko (NYSE:APC), Cabot Oil & Gas (NYSE:COG), Pioneer Natural Resources (NYSE:PXD), Occidental (NYSE:OXY), Continental Resources (NYSE:CLR), Concho Resources (NYSE:CXO) and Tullow Oil (OTCPK:TUWLF) are among those at topping analysts’ lists.
- Galp Energia (OTC:GLPEF) may draw interest from buyers because, like BG, it offers access to oil assets in Brazil.
Dec. 22, 2014, 3:39 PM
- Occidental Petroleum (OXY -0.6%) is in talks to acquire closely held shale explorer Three Rivers Operating Co. II at a price below $20K/acre, Bloomberg reports.
- A purchase of Three Rivers' owned rights to 82K acres in the Permian Basin would cement OXY’s dominance in the area that is the most prolific U.S. crude region, and would be the company’s first significant acquisition in more than four years.
Nov. 6, 2014, 7:43 AM
- Plains All American Pipeline (NYSE:PAA) agrees to acquire Occidental Petroleum's (NYSE:OXY) 50% stake in BridgeTex Pipeline for $1.075B.
- PAA says the acquisition of the new 300K bbl/day crude oil pipeline running from the Permian Basin to the Houston Gulf coast area will strengthen its access to the Gulf coast.
- Magellan Midstream Partners (NYSE:MMP), which owns the remaining 50% interest in BridgeTex, is buying the southern leg of the pipeline system running from Houston to Texas City for $75M.
- OXY says the deals are part of its attempt to streamline its business.
Aug. 24, 2014, 10:57 AM
- Occidental Petroleum (NYSE:OXY) is in talks to sell as much as a $3B stake of the Shah natural gas field to Abu Dhabi-owned Mubadala Development.
- The company is looking to individually sell several of its Middle East assets after it failed to cut 40% of its operations in the region earlier this year.
- Separately, Occidental Petroleum is looking to sell part of its stake in Dolphin Energy, a joint venture that operates a pipeline transporting gas from Qatar to the UAE and Oman. Mubadala and Total (NYSE:TOT) are partners in the project.
Aug. 30, 2013, 3:48 PM
- Apache (APA +9.2%) may have "knocked it out of the park" with its sale of a third of its Egypt oil and gas assets to Sinopec (SNP -1.2%) for $3.1B (I, II), but the reaction toward SNP is more ambiguous.
- The deal, China's biggest investment in the Middle East to date, shows a continued global search for energy and resources to feed an economy growing at a 7%-plus annual rate and a higher tolerance for risk than its western counterparts; note that PetroChina (PTR) reportedly is in talks to acquire 25% of Exxon's (XOM) West Qurna-1 oilfield in Iraq.
- The deal also could provide a boost for other energy producers with significant operations in the region; Occidental Petroleum (OXY -0.2%) produces ~37% of its total output in the Middle East and North Africa, and is thought to be looking to sell all or part of those assets.
Jan. 30, 2013, 11:24 AM
Occidental Petroleum (OXY +1%), whose shares have slipped 20% since Stephen Chazen took over as CEO in May 2011, could be next in line for a boardroom makeover, Deutsche Bank says. Investors want pure plays, an Oscar Gruss analyst says: Problems with delays and ballooning costs at its California oilfields "underscores that managing all these different businesses gets to be problematic."| Jan. 30, 2013, 11:24 AM
Nov. 7, 2012, 4:22 PMOccidental Petroleum (OXY -2.6%) reportedly is among those vying for Yates Petroleum, one of the largest closely held oil companies in the U.S., in a deal that could fetch as much as $3B. Yates, with oil fields in New Mexico's Permian Basin and elsewhere in the U.S., is trying to sell itself before the year ends in an effort to avoid higher taxes on transactions anticipated next year. | Nov. 7, 2012, 4:22 PM | 5 Comments
Oct. 17, 2012, 5:18 PMWith Third Point successfully convincing Murphy Oil (MUR) to spin off its U.S. retail business, Deutsche Bank analyst Paul Sankey thinks Occidental Petroleum (OXY) and Hess (HES) likely will be next, since "in both cases, investors have major questions over strategy and execution, and both are trading below NAV.” ConocoPhillips (COP) is viewed as a sleeper pick. (also) | Oct. 17, 2012, 5:18 PM
Sep. 13, 2012, 3:58 PMThe surge in Whiting Petroleum (WLL +4.6%) had started well before the QE news, on rumors the company will put itself up for sale. Adding fuel to the fire is today's option action, as nearly 5,400 Sept. $52.50 calls changed hands, well above open interest of less than 1,900 contracts. Potential suitors are said to include CVX, OXY, APA, RDS.A. | Sep. 13, 2012, 3:58 PM | 1 Comment
Oct. 18, 2011, 9:58 AM
El Paso’s (EP) oil and natural gas unit, which Kinder Morgan (KMI) is trying to sell to help pay for its acquisition of the company, may have interested buyers in India’s Reliance, Norway’s Statoil (STO) and Occidental Petroleum (OXY), Bloomberg reports. The assets for sale, which include more than half-million acres of shale fields, may command a $7.3B price tag.| Oct. 18, 2011, 9:58 AM