Mergers and Acquisitions

ConocoPhillips sold its Cedar Creek Anticline properties in southwestern North Dakota and eastern Montana to Denbury Resources for USD 1.05 billion. ConocoPhillips also sold its Nigerian business unit to Oando for USD 1.79 billion, including offshore assets—a 95% operated interest in OML 131 (Chota field) and a 20% nonoperated interest in OPL 214 (Uge field). The deal also involves a power plant and the Brass liquefied natural gas project.

ExxonMobil Exploration and Production acquired a 75% operating interest in the Tugela South Exploration Right from Impact Oil and Gas. Tugela South covers about 2.8 million acres offshore Durban on the east coast of South Africa. ExxonMobil also executed a separate technical cooperation permit with the South African government for exclusive rights for 1 year to study 12.4 million acres in the Durban Basin.

Hyperdymanics subsidiary SCS sold a 40% gross interest and transferred operatorship of its oil and gas exploration offshore Guinea to Tullow Oil for USD 27 million. The interests in the concession are now SCS (37%), Tullow (40%), and Dana Petroleum E&P (23%).

Private investor Carl C. Icahn acquired the equivalent of 12.6 million total shares or 3.4% of Transocean’s outstanding shares for approximately USD 705.6 million. Icahn and his affiliates now hold 1.56% of the Switzerland-based company’s issued shares, with a synthetic long position that includes options to acquire shares representing 1.7% of issued shares.

Chevron acquired a 50% operating interest in the Kitimat liquefied natural gas (LNG) project and proposed Pacific Trail Pipeline from EOG Resources and Encana. Chevron will also purchase 110,000 net acres in the Horn River Basin from Encana, EOG, and Apache, and 212,000 net acres in the Liard Basin from Apache. EOG and Encana each received about USD 450 million for their stakes in the project and the acreage. Chevron and Apache will now each hold a 50% interest in the LNG project, the pipeline, and the feedstock acreage.


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