Oct. 20, 2014, 7:39 AM
- Tesoro Logistics (TLLP, TSO) agrees to acquire the natural gas pipeline and processing business owned by QEP Resources (NYSE:QEP) in a $2.5B deal.
- TLLP says the deal will expand its scope to include natural gas in addition to oil, as QEP owns gas processing plants and oil and gas pipelines in Wyoming, Colorado, Utah and North Dakota.
- To help pay for the deal, plans a public offering of 19.35M common units.
- QEP says selling the midstream business would improve its financial position and help it pay down debt, as well as improve its competitive position through increased capital investment in its E&P assets.
- Williams Cos. (NYSE:WMB) and Questar (NYSE:STR) reportedly had submitted bids for the assets.
Jul. 14, 2014, 2:21 PM
- Whiting Petroleum's (WLL +7.4%) $6B buyout of Kodiak Oil & Gas (KOG +5.1%) is renewing investor attention on independent energy firms with operations in the Bakken Shale, especially those significantly owned by hedge funds; Paulson & Co. is the single biggest owner of KOG stock, with just under 10% of shares outstanding as of the last filing date.
- While many of the largest Bakken producers are huge companies or parts of huge companies - Hess (NYSE:HES), EOG, Statoil (NYSE:STO), Marathon Oil (NYSE:MRO), XTO Energy (NYSE:XOM) - a few small and mid-cap independent players show hedge fund interest, CNBC's Brian Sullivan writes.
- The single biggest holder of Oasis Petroleum (OAS +0.5%) also is John Paulson's hedge fund, which owns 9.9M shares (~9.8% of shares outstanding), Jana Partners owns 16M-plus shares in QEP Resources (QEP +1.4%), and WPX Energy (WPX +1.1%) has substantial hedge fund ownership.
Aug. 24, 2012, 8:48 AM
QEP Resources (QEP) is paying a rich valuation in its $1.4B purchase of North Dakota properties, which bodes well for other players in the region, an Imperial Capital analyst says. "This acquisition is a positive read-through to the pure play Bakken players, which we believe are takeout candidates," the firm says, listing OAS and TPLM as the most attractive candidates for a buyout deal.| Aug. 24, 2012, 8:48 AM | 2 Comments