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”

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”

Mountain Valley Gas Pipeline Permit Approved to Build in Appalachian National Forest

The Mountain Valley natural gas pipeline was approved late Monday to cover 3.5 miles of Jefferson National Forest, which is located between West Virginia and Virginia. The pipeline is expected to carry gas approximately 303 miles from Marcellus shale fields in West Virginia to Virginia. The pipeline has been controversial and long delayed. The U.S. Forest Service reissued its approval for a permit, despite past federal appeals court rulings determining developers had “inadequately considered” the project’s environmental impact. The project, … Continue reading “Mountain Valley Gas Pipeline Permit Approved to Build in Appalachian National Forest”

ONEOK Buys Magellan Midstream in $18.8 Billion Energy Pipeline Deal

Gas pipeline operator ONEOK on Sunday announced it agreed to acquire Magellan Midstream Partners in a cash and stock deal valued at ~$18.8 billion including assumed debt, resulting in a combined company with a $60 billion total enterprise value. The deal price represents a 22% premium to Magellan’s closing price on Friday. The transaction includes $8.8 billion in new equity and the assumption of $5 billion of existing net debt and would create one of the largest U.S. oil and natural … Continue reading “ONEOK Buys Magellan Midstream in $18.8 Billion Energy Pipeline Deal”

Energy Transfer Expands Permian Network with $1.45 Billion Centurion Pipeline Deal

Dallas based Energy Transfer (ET) said Monday it agreed to acquire the owner and operator of the Centurion Pipeline system in the Permian Basin from an affiliate of EnCap Flatrock Midstream. The deal is for cash and stock valued at $1.45B ($900M cash and ~44.5M newly issued Energy Transfer (ET) common units.) Energy Transfer (ET) said the Centurion assets, “located across some of the most active areas of the Permian Basin, provide significant gathering volumes from key producers while also … Continue reading “Energy Transfer Expands Permian Network with $1.45 Billion Centurion Pipeline Deal”

Houston Based Oil Refiner Phillips 66 Crush Earnings Generating $1.8 billion of Operating Cash Flow

Houston based oil refiner Phillips 66 on Friday reported better than expected second quarter earnings. PSX generated $1.8 billion of operating cash flow; $3.6 billion excluding working capital and repaid $1.5 billion of debt and returned $533 million to shareholders through dividends and share repurchases. The two largest American oil companies almost reported Friday. Energy giant ExxonMobil, the largest U.S. oil company, reported its second-quarter profit rose to $17.9 billion, its highest ever and nearly four times the same period … Continue reading “Houston Based Oil Refiner Phillips 66 Crush Earnings Generating $1.8 billion of Operating Cash Flow”

Phillips 66 Repay Debt, Repurchase Shares and Raise Dividend

Houston based oil refiner Phillips 66 on Friday reported better than expected first quarter earnings. PSX Generated $1.1 billion of operating cash flow and repaid $1.45 billion of debt in April. The refiner announced plan to restart share repurchases and increasing the dividend. $PSX is diversifed from refining in both its chemical and pipeline sectors. Phillips 66 Inc. (NYSE: $PSX) Earnings Beat Before Open Friday $1.32 beat $1.14 EPS and $36.72B Beat $29.79 forecast in revenue Earnings Phillips 66 (PSX) … Continue reading “Phillips 66 Repay Debt, Repurchase Shares and Raise Dividend”

US Natural Gas Exports to Mexico New Monthly Record in June 2021

Pipeline Gas exports to Mexico have been rising on rising Mexican demand with insufficient domestic production capability. Costa Azul LNG import terminal conversion has seen even more US gas imported by Mexico. On the demand side, in addition to domestic weather, liquefied natural gas (LNG) export levels hung near the robust 11 Bcf level, boosted by persistent demand from Asia and Europe, while While not as influential overall as LNG Pipeline exports to Mexico is hovering near 7 Bcf daily. … Continue reading “US Natural Gas Exports to Mexico New Monthly Record in June 2021”