NEW YORK, Nov 25 (Reuters) – Billionaire investors Wilbur
Ross and Prem Watsa are backing a $273 million rights offering
by oil and gas company Exco Resources Inc as it works to
raise money to drill newly acquired assets.
The company announced the offering on Monday, four days
after the resignation of former Chief Executive Doug Miller.
NEW YORK/BUENOS AIRES (Reuters) – Apache Corp (APA.N: Quote, Profile, Research, Stock Buzz) is in talks with Argentina’s state-controlled energy company YPF (YPFD.BA: Quote, Profile, Research, Stock Buzz) about a possible sale of its assets in the South American country, sources told Reuters on Friday.
U.S.-based oil and gas Apache has stakes in about 25 fields in Argentina. In May the company – which also has oil and gas operations in Egypt, Australia and the North Sea – announced plans to sell $4 billion of assets to cut debt and shore up its balance sheet and share price.
(Reuters) – Devon Energy Corp (DVN.N: Quote, Profile, Research, Stock Buzz) will buy GeoSouthern Energy Corp’s core assets in the Eagle Ford shale region of south Texas for $6 billion in cash, in a deal that looks to answer criticism about the company’s lack of exposure to higher-margin oil.
The agreement to buy most of privately held GeoSouthern’s assets is Devon’s second-largest transaction in a month, as the Oklahoma City-based company seeks to revive investor interest in its shares.
NEW YORK (Reuters) – Devon Energy Corp (DVN.N: Quote, Profile, Research, Stock Buzz) is close to a deal to buy privately held GeoSouthern Energy Corp for around $6 billion, according to a person familiar with the matter.
The deal could be announced as soon as this week, the source said. The source could not be identified because the talks are private.
TORONTO/NEW YORK (Reuters) – Barrick Gold Corp (ABX.TO: Quote, Profile, Research, Stock Buzz) signaled on Friday that founder and Chairman Peter Munk will likely leave the board at next year’s annual meeting, a move that sources say is intended to persuade reluctant investors to buy into the miner’s $3 billion equity offering.
Sources familiar with the situation say banks underwriting the deal have struggled to sell as much as a third of the shares on offer. Investors have become increasingly concerned about Barrick’s governance, especially what many see as the board’s lack of independence and Munk’s dominant role in the boardroom.
NEW YORK (Reuters) – Eclipse Resources, an oil and gas company focused on drilling in Ohio’s Utica shale formation, is considering an initial public offering that could come around the middle of next year, the company’s chief executive said on Tuesday.
The company, which is backed by private equity firm EnCap Investments, has over 90,000 acres in the Utica and another 20,000 acres in the Marcellus shale, also in Ohio.
(Reuters) – Private oil companies, unable to get others to fork out enough money to buy them, are increasingly going to public markets to tap investors who are eager to get a piece of the U.S. onshore boom – especially if the firms target just one shale basin.
Tod Benton, the head of U.S. energy banking at Canada’s BMO Capital Markets, said initial public offerings are giving companies higher valuations at a time when buyers and sellers of oil and gas properties are having a tough time reaching agreements on price.
NEW YORK (Reuters) – Energy Future Holdings has stepped up talks with bondholders of its regulated unit, several people close to the talks said on Thursday, as it holds out hope of reaching the framework of a restructuring agreement before an expected bankruptcy.
The Texas utility is seeking support for a deal proposed by bank lenders at its unregulated holding company to restructure the bulk of its $40 billion in debt.
LONDON/NEW YORK, Oct 22 (Reuters) – BHP Billiton
plans to sell roughly half its oil and gas acreage in the
Permian Basin in Texas and New Mexico, an area revived by the
shale boom, to focus on its most lucrative assets there.
BHP, already a significant oil and gas player, moved heavily
into U.S. shale in 2011, acquiring Fayetteville assets from U.S.
energy group Chesapeake and months later later Petrohawk
Energy, spending almost $17 billion – $20 billion, including
debt – just before a major downturn in U.S. natural gas prices.
HOUSTON/NEW YORK (Reuters) – Devon Energy Corp (DVN.N: Quote, Profile, Research, Stock Buzz) said on Monday it would combine most of its U.S. pipeline and processing businesses with those owned by Crosstex Energy Inc (XTXI.O: Quote, Profile, Research, Stock Buzz) and Crosstex Energy LP (XTEX.O: Quote, Profile, Research, Stock Buzz) to form a new midstream company.
The new business will consist of two still-unnamed publicly traded companies, a master limited partnership (MLP) and a general partner that will control the MLP. Devon will have a controlling stake in both entities.