Thu, Jul. 16, 2:57 PM
- Global oil majors have $150B of firepower than can be used for M&A and have the ability to defer another $325B in capex on marginal projects; with so much cash available for potential deals and up to 15M bbl/day of production potentially available for purchase, Goldman Sachs analyst Ruth Brooker sees a pickup in M&A activity in the oil and gas space coming soon.
- The firm thinks shale production has the potential to double by 2025, and Brooker argues majors likely will take the current opportunity to increase their exposure to U.S. shale at historically low prices.
- Goldman sees seven companies as most likely to draw buyout attention from the majors: EOG, PXD, CLR, COG, NBL, APC, RRC.
Mon, May 11, 11:27 AM
- Some analysts say Noble Energy’s (NBL -7.5%) acquisition of Rosetta Resources (ROSE +25.5%) is the deal that will finally open the floodgates of M&A activity in the oil patch.
- The premium for ROSE is below average for the sector over the past five years, suggesting there are more mergers to come, says Oppenheimer's Fadel Gheit, and the sale shows that M&A was “arguably” a cheaper option for growth than organic investment, according to Morgan Stanley's Martijn Rats.
- SunTrust's Neal Dingmann sees Matador Resources (MTDR -0.9%), Callon Petroleum (CPE -0.5%) and Carrizon Oil & Gas (CRZO -1.8%) as the most likely targets for acquisitive eyes.
Mon, May 11, 6:57 AM
- Noble Energy (NYSE:NBL) has agreed to acquire Rosetta Resources (NASDAQ:ROSE) for $2.1B in stock, giving the energy producer a position in two of the largest areas of shale production in the U.S. - Eagle Ford and Permian.
- Under the terms of the deal, Rosetta shareholders will receive 0.542 of a Noble share for each Rosetta share they hold. Noble will also assume Rosetta’s $1.8B in net debt.
- NBL +0.4% premarket
Jan. 1, 2014, 4:38 AM
- The group that is drilling for gas at the huge Leviathan field off the coast of Israel is in "advanced negotiations" with the government to sell two smaller reserves in order to assuage antitrust concerns.
- The consortium comprises Noble Energy (NBL) and Delek Group (DGRLY) units Delek Drilling (DKDRF) and Avner Oil & Gas (AVOGF).
- The areas under discussion, called Tanin and Karish, hold combined estimated reserves of 3T cubic feet, well below the consortium's other resources - Leviathan has 19T cf and Tamar 10T cf.
- Once an agreement is reached, the group will have a reported 2.5-4 years to sell the assets.
Dec. 3, 2012, 5:17 AMAustralia's Woodside Petroleum (WOPEF.PK) agrees to acquire a 30% stake in Israel's massive Leviathan offshore gas field from the operators of the reserve, which include Noble Energy (NBL) and Delek Drilling (DKDRF.OB). Woodside will pay an initial $696M and as much as $550M once certain conditions are met, as well as revenue-sharing money of up to $1B a year. Noble's stake will fall to 30% from 39.66%. (PR) | Comment!
Sep. 9, 2012, 5:50 AMThe consortium that develops the Leviathan natural gas field off Israel's coast, in which Noble Energy (NBL) and Delek (DK) own large holdings, is considering offers from "leading international companies" to sell up to 30% rights to the field. Leviathan has estimated reserves of 17T cubic feet of gas, with the group hoping to find 600M barrels of oil as well. | Comment!
Jul. 11, 2012, 10:34 AMNoble Energy (NBL +1.8%) is selling 900 Oklahoma and Texas wells producing natural gas and (to a lesser extent) oil to Unit Corp. for $617M in cash. Noble says the sale is part of its asset divestiture program (previous), and will help finance both its international expansion, and its oil investments in Denver Basin. | Comment!
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