WPX Energy and Bill Barrett are among E&Ps actively divesting assets to pay off debt, pay for their own acquisitions or focus on core plays. Other companies are trying to buy, but continue to see private equity beat them out.
After purchasing Permian Basin acreage for $2.75 billion, WPX Energy is set on selling assets in the San Juan Basin, Kansas and the Piceance Basin as it clears the deck of debt.
Noble gets a subpar price for some of its interest offshore Cyprus, including the Aphrodite natural gas discovery, while new regulations force the sale of offshore Israel licenses.
In today’s tough times, the midstream sector still offers E&Ps with infrastructure an arbitrage opportunity. E&Ps are moving to capture step-ups in valuation by spinning off or selling midstream assets.
In its 41-year history, Simmons has executed more than 830 strategic advisory transactions and 330 private and public financings with a total value of about $260 billion.
Marathon Petroleum increases its cash offer to MarkWest—again—as a “best and final” offer as it tries to entice the MLP’s unitholders to vote in favor of selling the company.