Chesapeake Energy (CHK) and Southwestern Energy (SWN) announced Thursday they will merge to form what will likely be the largest U.S. natural gas producer. CHK is currently the second-largest U.S. independent natural gas-focused exploration and production company behind EQT Corp in market value and output. The CHK/SWN agreement to merge is in an all-stock deal valued at $7.4 billion at $6.69/share, forming a company with an enterprise value of ~$24 billion. Under the deal terms, Southwestern shareholders will receive a … Continue reading “Chesapeake Energy to buy Southwestern Energy in $7.4 Billion All-Stock Deal”
Chevron To Buy Hess for $53 billion, Follows PDC Energy and Exxon’s Pioneer Deal
Cash rich Chevron, the second-largest U.S. oil company after Exxon, and Dow component Chevron (CVX) on Monday announced it has entered into a definitive agreement to buy Hess Corporation (HESS) for $53 billion in an all-stock deal. Chevron will pay $171 per share for Hess, a premium of about 10% to the 20-day average price, according to a statement from the companies on Monday. Hess shareholders will receive 1.025 shares of Chevron for each Hess share, giving the company a … Continue reading “Chevron To Buy Hess for $53 billion, Follows PDC Energy and Exxon’s Pioneer Deal”
Cisco Buys Machine Learning Data Specialist Splunk for $28 Billion
Machine data analytics specialist Splunk shares jumped more than 21% in pre-market trading Thursday, after Cisco Systems Inc. agreed to buy Splunk Inc. for $157 a share in cash in a deal valued at about $28 billion. The price is a 31% premium to Splunk’s previous closing price on Wednesday. The deal value represents around 10% of Cisco’s market value. The deal is CSCO’s biggest acquisition ever and a massive push into software and artificial intelligence-powered data analysis. The SPLK … Continue reading “Cisco Buys Machine Learning Data Specialist Splunk for $28 Billion”
Enbridge Becomes Biggest North American Natural Gas Utility After Dominion Deals
Canadian pipeline operator Enbridge (ENB) on Tuesday said it is buying three utilities from Dominion Energy (D) for a combined value of $14 billion. The three utilities are East Ohio Gas Co, Questar Gas and Public Service Company of North Carolina for a combined value of $14 billion. The agreements will create the biggest natural-gas utility in North America. The terms include $9.4 billion of cash and $4.6 billion of assumed debt, Enbridge (ENB) said in a statement. Enbridge’s stock … Continue reading “Enbridge Becomes Biggest North American Natural Gas Utility After Dominion Deals”
Mid-Stream Consolidation with Energy Transfer buying Crestwood Equity Partners in $7.1B All Stock Deal
Pipeline operator Energy Transfer (ET) said Wednesday it had agreed to acquire Crestwood Equity Partners (CEQP) in an all-stock deal valued at around $7.1Billion. The deal includes the assumption of $3.3B of debt. The deal consolidated mid-stream further with ET expanding its natural gas and crude oil transportation network. Clearly the company sees this as an opportune time to buy cheap assets with natural gas prices lower. The company reported second quarter earnings and with natural gas prices down 70% … Continue reading “Mid-Stream Consolidation with Energy Transfer buying Crestwood Equity Partners in $7.1B All Stock Deal”
Occidental Acquires Canadian DAC Technology Firm Carbon Engineering for $1.1 Billion
Houston based oil and gas producer Occidental Petroleum reported on Tuesday agreed to pay $1.1 billion for Canadian direct air capture (DAC) supplier Carbon Engineering Ltd to help it develop a string of carbon-capture sites it hopes will profit from tackling climate change. Occidental said it has been working with Carbon Engineering on DAC deployment since 2019. The deal is another from oil majors looking to add to participate in energy transition. In early July Exxon Mobil (XOM) bought Dallas … Continue reading “Occidental Acquires Canadian DAC Technology Firm Carbon Engineering for $1.1 Billion”
Ad Verification Specialist DoubleVerify to Acquire French AI Firm Scibids
Ad verification company DoubleVerify announced along with it’s second quarter earnings it has entered into an agreement to acquire French AI-powered adtech firm Scibids Technology sas in a cash and stock deal valued at $125 million. The move follows the partnership formed in June this year to launch the “DoubleVerify Algorithmic Optimizer.” Scibids’ AI algorithm were matched with DoubleVerify’s media quality and ad performance data to optimize advertising campaigns. The deal is a natural progression from the partnership. DoubleVerify enables … Continue reading “Ad Verification Specialist DoubleVerify to Acquire French AI Firm Scibids”
Saudi Arabia Makes First Big Move in Mining with Vale Nickel and Copper Deal
Saudi Arabia made its first big move into the global mining industry by purchasing from Brazilian mining giant Vale 3% of its nickel and copper business in two separate deals totaling $3.4B. This also gives the Kingdom a shift of its oil assets into energy transition assets. Vale made the announcement after releasing details of its second quarter profits. Vale said the deal’s proceeds will help finance as much as $30 billion of investments over the next decade to tap … Continue reading “Saudi Arabia Makes First Big Move in Mining with Vale Nickel and Copper Deal”
Exxon Buys Pipeline Operator Denbury Solidifying Energy Transition Strategy
Exxon Mobil (XOM) announced on Wednesday it is buying Dallas based pipeline operator Denbury (DEN) for $4.9 billion, representing $89.45 per share as of its closing price on July 12, 2023. In an all-stock deal Denbury shareholders will receive 0.84 shares of XOM for each of its shares. There have been rumors of how Exxon was going to spend it’s $32 billion in cash, with rumors of Pioneer Natural Resources earlier in the year. The deal is a move by … Continue reading “Exxon Buys Pipeline Operator Denbury Solidifying Energy Transition Strategy”
Berkshire Hathaway Increases Stake to 75% of Cove Point LNG, Buys Out Dominion Energy
Berkshire Hathaway Energy (BRK.A) (BRK.B) announced on Monday it had it agreed to acquire Dominion Energy’s (D) 50% stake in the Cove Point LNG plant in Maryland in a deal valued at $3.3 Billion. Berkshire Hathaway Energy (BRK.A) (BRK.B) currently operates the facility and owns a 25% limited partner interest in Cove Point LNG, will own a 75% stake after the deal closes, with Brookfield Infrastructure Partners (BIP) holding the remaining 25% interest. Robert Blue, Dominion’s chief executive, in a … Continue reading “Berkshire Hathaway Increases Stake to 75% of Cove Point LNG, Buys Out Dominion Energy”