Mergers, Acquisitions & Divestitures – Page 137

$20 Billion Acquisition: Freeport-McMoRan to Purchase McMoRan Exploration and Plains Exploration

December 5, 2012

Freeport-McMoRan Copper & Gold Inc. (ticker: FCX), Plains Exploration & Production Company (ticker: PXP) and McMoRan Exploration Co. (ticker: MMR) announced today that they have signed definitive merger agreements under which FCX will acquire PXP for approximately $6.9 billion in cash and stock and FCX will acquire MMR for approximately $3.4 billion in cash, or $2.1 billion net of 36 percent of the

Magnum Hunter Resources Corp Adding to Its Rich Asset Base; Reaffirms 2012 Production Exit Rate

October 26, 2012

Magnum Hunter Resources Corp (ticker: MHR) announced it will acquire Viking International Resources, a private company with approximately 51,500 net acres primarily in the Marcellus and Utica plays, for $106.7 million. The deal will be funded with $37.3 million in cash and $69.4 million in convertible preferred stock. The preferred stock will pay an annual dividend of 8% and will

Petronas/Progress Energy Deal Blocked – A Roundup of Coverage

October 22, 2012

Canada blocks Petronas’ bid for Progress Energy – AP TORONTO — Canada has blocked the Malaysian state-owned oil firm Petronas’ US$5.2 billion (CA$5.17 billion) bid for gas producer Progress Energy Resources, saying the proposed investment would not provide a net benefit to Canada. Federal Industry Minister Christian Paradis did not explain his decision in a statement released just before midnight

Gulf of Mexico M&A Surging

September 18, 2012

According to Credit Suisse’s September 2012 research report titled “Oil: Fundamentals & US Oil Production Outlook,” U.S. Gulf of Mexico (GOM) production could increase by 700,000 barrels per day between 2012 and 2018. Super majors have long since realized the future oil potential within the Gulf of Mexico. The long lead times and huge amount of capital required to drill

PXP Goes Deep Purchasing $6.1 Billion of Gulf of Mexico Producing Properties

September 10, 2012

In two separate transactions, Plains Exploration and Production (ticker: PXP) purchased approximately 67,000 BOEPD (combined 84% oil and NGLs) of Gulf of Mexico production for $6.1 billion. The largest chunk, 59,500 BOEPD, was purchased for $5.5 billion from BP (ticker: BP). The remaining 7,400 BOEPD was purchased from Shell (ticker: RDS.B) for $560 million. PXP News Release BP News Release

QEP Resources Takes a Bigger Bite of Bakken

August 27, 2012

On August 23, 2012, QEP Resources, Inc. (ticker: QEP) announced it increased its operations in the Williston Basin to approximately 118,000 net acres with the acquisition of 27,600 net acres from multiple sellers in a new core area targeting the Bakken and Three Forks formations. Details of the transaction: Total consideration of approximately $1.38 billion in cash, subject to customary

Growth is a Strategy: Magnum Hunter Resources Reports Mid-Year Reserves

July 16, 2012

In only six months, Magnum Hunter Resources (ticker: MHR) increased its estimated total proved reserves by 51%, or 22.8 MMBOE. The company now estimates owning 67.7 MMBOE of proved reserves, 64% oil. What caused the increase? A combination of organic drilling extensions, as well as acquisitions (Magnum Hunter’s Chief Executive Officer Gary Evans’ effective and proven strategy to build, develop

Step 2 Of The Building Of Halcón Resources

April 27, 2012

Step One in Floyd Wilson’s [former Petrohawk CEO] new oil and gas business venture was the $500 million recapitalization of RAM Energy Resources, Inc. (formerly ticker: RAM) late in 2011 to form Halcón Resources (ticker: HK). Step Two for the company (after cleaning up the RAM assets) was to accelerate Halcón’s growth by adding a strategic acquisition. HK and GeoResources,

Another Major Targets the Utica Shale; BP Agrees to Lease 84,000 acres in Ohio

March 27, 2012

BP (NYSE: BP) announced an agreement to lease approximately 84,000 acres in northeast Ohio targeting the Utica/Point Pleasant shale formation from the Associated Landowners of the Ohio Valley (ALOV). The ALOV is a local Ohio group representing area mineral owners. The 84,000 acres are located in Trumbull County, Ohio. BP reported in the news release terms of the agreement, to

Acquire and Exploit Isn't All They Can Do: Energy XXI Updates Gulf of Mexico Shelf Operations; Organic Drilling Efforts Help EXXI Hit Production Goals

February 27, 2012

During the last six years, Energy XXI (NASDAQ:EXXI) has completed five major acquisitions, making EXXI the third largest producer on the Gulf of Mexico shelf. The company’s historic core strategy is to acquire and exploit producing oil properties; however, more recently, EXXI has been unlocking additional production value and reserve growth through its organic drilling programs. Today, EXXI reported four

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