Honeywell acquires Ortloff Engineers
DES PLAINES, Ill. — Honeywell has acquired Ortloff Engineers Ltd., a privately held licensor and industry-leading developer of specialized technologies. Terms of the acquisition, which closed Aug. 31, have not been disclosed.
Ortloff will become part of Honeywell UOP’s Gas Processing and Hydrogen business, bringing the industry’s most advanced expertise in the recovery of high-value natural gas liquids (NGLs) from natural gas streams. Ortloff ’s technologies are specialized to maximize gas separation, providing customers with high operational flexibility and greater returns on their plant investments.
For more information, visit www. honeywell.com or www.ortloff.com.
Marathon Petroleum successfully completes Andeavor combination
FINDLAY, Ohio — Marathon Petroleum Corp. (MPC) recently closed the transaction in which it acquired all of the outstanding shares of Andeavor. Andeavor has ceased to be publicly traded, and its common stock has discontinued trading on the New York Stock Exchange.
“We are excited to begin unlocking the extraordinary potential across our new platform, including approximately $1 billion of tangible annual run-rate synergies we expect within the first three years,” said MPC Chairman and CEO Gary R. Heminger. “We look forward to sharing more details around our plans at our upcoming December Investor Day.”
For more information, visit www.marathonpetroleum.com or call (419) 421-2121.
Dominion Energy/SCANA merger achieves another key milestone
RICHMOND, Va. and CAYCE, S.C. — The proposed combination of Dominion Energy Inc. and SCANA Corp. has achieved another significant milestone. The U.S. Nuclear Regulatory Commission (NRC) has approved the indirect transfer of the operating license for V.C. Summer Unit 1 and of the combined licenses for V.C. Summer Units 2 and 3 from SCANA’s wholly owned subsidiary, South Carolina Electric & Gas, to Dominion Energy. This constitutes one of several regulatory approvals required by the merger agreement between the two companies.
The merger previously received approval from SCANA’s shareholders, FERC and the Georgia Public Service Commission, and early termination by the Federal Trade Commission of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act. The merger remains contingent upon approvals from the public service commissions of South Carolina and North Carolina, among other conditions.
For more information, visit www.dominionenergy.com or www.scana.com.
Gear Energy closes acquisition of Steppe Resources
CALGARY, Alberta — Gear Energy Ltd. has completed the acquisition of Steppe Resources Inc. pursuant to the previously announced plan of arrangement. According to the arrangement, shareholders of Steppe received 0.1445 of a Gear common share for each Steppe common share. As a result, Gear issued approximately 21.9 million Gear shares.
Concurrent with the closing of the arrangement, Gear entered into an amending agreement in respect of its existing syndicated credit agreement, providing for an increase of the senior secured credit facilities by $40 million to an aggregate principal amount of up to $115 million, of which approximately $69 million has been drawn, net of cash on hand, which includes Steppe’s net debt that was assumed pursuant to the arrangement after taking into account expected Steppe transaction costs.
For more information, visit www.gearenergy.com or call (403) 538-8435.
Talos Energy acquires Whistler Energy II
HOUSTON — Talos Energy Inc. has entered into and completed a transaction to acquire Whistler Energy II LLC. Yearto- date gross production from Whistler’s assets is approximately 1,900 barrels of oil equivalent per day (Boepd), or net production after royalties of approximately 1,500 Boepd, of which 82 percent is oil.
The purchase price was $52 million and, as part of this acquisition, Talos negotiated the release of approximately $77 million of cash collateral that had secured Whistler’s surety bonds that the company will not need to replace. Of the total cash collateral released, Talos received $31 million, with the seller entitled to the remaining $46 million. In addition, Talos also benefited from the $7 million available cash balance at Whistler at the time of closing, resulting in a net cash consideration of $14 million for Talos.
For more information, visit www.talosenergy.com or call (713) 328-3000.
BASF, LetterOne sign agreement to merge Wintershall, DEA
LUDWIGSHAFEN, Germany — BASF and LetterOne have signed a definitive transaction agreement to merge their respective oil and gas businesses in a joint venture, which will operate under the name Wintershall DEA.
Closing of the transaction is expected in the first half of 2019, subject to approvals of merger control and foreign investment authorities, as well as mining authorities and the German Federal Network Agency. Until closing, Wintershall and DEA will continue to operate as independent companies.
The joint venture will have a more regionally balanced footprint, with growth opportunities in the core regions, and strive for a daily production of 750,000-800,000 boe between 2021 and 2023. Through the merger, synergies of at least €200 million per year are expected as of the third year following the closing of the transaction. For more information, visit www.wintershall.com or call +49 561 301-0.
Trinidad Drilling, Precision Drilling create industry-leading contract driller
CALGARY, Alberta — The respective boards of directors for Trinidad Drilling Ltd. and Precision Drilling Corp. have unanimously agreed to a strategic combination of the two companies, creating an industry-leading contract driller.
The combined entity will be one of the largest North American land drillers, operating a high-quality fleet in the key North American basins, with 348 rigs and an expanded international footprint.
“This combination of two high-quality drilling contractors creates the third-largest drilling contractor in the robust U.S. market and provides a significant international growth platform,” said Brent Conway, Trinidad’s president and CEO.
For more information, visit www.trinidaddrilling.com or www.precision drilling.com.
Pin Oak Holdings to sell Mt. Airy Terminal to MPLX LP
MT. AIRY, La. — Pin Oak Holdings LLC has sold Pin Oak Terminals LLC to MPLX LP for approximately $450 million in cash. As part of the transaction, Pin Oak will retain an economic interest in the facility. Pin Oak is a partnership between Dauphine Midstream LLC and Mercuria Energy Group Ltd.
Pin Oak Mt. Airy has 4 million barrels of fully-leased storage capacity and an operational deepwater ship dock. The facility has the capability to expand its storage capacity to 10 million barrels and is permitted for construction of a second deepwater ship dock.
For more information, visit www.pinoakterminals.com or www.mplx. com.