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December Oil & Gas News Roundup

In November, Pioneer Natural Resources closed a $3B+ Deal, Crude Oil nears $80, BP buys midstream partners, and a lawsuit seeks to block Shell refinery sale to Pemex. Continue reading our oil and gas news round up to learn more about what’s happening in the industry this month. 

Pioneer Natural Resources Closes $3B+ Deal

Pioneer Natural Resources Company has revealed that it has completed the previously announced divestiture of its Delaware basin assets to Continental Resources. The deal was closed for cash proceeds of $3.1 billion after normal closing adjustments, Pioneer Natural Resources outlined. 

On November 3, Pioneer Natural Resources announced that it had entered into a definitive agreement with Continental Resources to sell all of its assets in the Delaware basin for cash proceeds of $3.25 billion, subject to normal closing adjustments. In a company statement at the time, Pioneer Natural Resources noted that the transaction was expected to close toward the end of the fourth quarter of 2021, subject to the satisfaction of customary closing conditions, including regulatory approval.

For more information on what the divested assets include click here.

Brent nears $80 as market shrugs off Omicron

Oil prices extended gains with Brent crude trading near $80 a barrel despite the rapid spread of the Omicron coronavirus variant, supported by supply outages and expectations that U.S. inventories fell last week. Brent crude rose by 55 cents, or 0.7%, to $79.15 a barrel by 1410 GMT, after hitting a session high of $79.85. U.S. West Texas Intermediate crude rose 73 cents, or 1%, to $76.30, after rising to $76.92.

For more information on this topic check out the full article here.

BP to Buy BP Midstream Partners

BP plc and its affiliates and BP Midstream Partners LP have announced that they have entered into a definitive agreement for a BP U.S. affiliate to acquire all the outstanding common units of BPMP not already owned directly or indirectly by BP. The deal, which BP highlights represents 47,837,828 common units, comprises an all-stock transaction where each unitholder of the Public Common Units would receive 0.575 of an American Depositary Share of BP in exchange for each Public Common Unit owned, BP outlined.

The company noted that the deal follows an offer made by BP in August to acquire the publicly traded units of BPMP. The transaction is expected to close in the first quarter of 2022, subject to customary approvals.

Read more about the full deal by checking out the article on rigzone.com.

Lawsuit seeks to block Shell refinery sale to Pemex

A pair of New York businessmen filed a lawsuit in a U.S. court seeking to block Mexico’s state oil company Petroleos Mexicanos (Pemex) from taking control of a Texas refinery, claiming the sale would raise U.S. gasoline prices. The lawsuit, filed in a U.S. District Court in Houston last week, alleges a sale would lead to “substantially less competition” in gasoline and “significantly increase” the plaintiffs’ energy costs. They asked the court to block the sale permanently or force Pemex to divest its holdings.

For more information on the lawsuit click here.

Reach Out to Tiger General

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