Phillips 66’s Post

ONEOK, a midstream service provider, completed the acquisition of Magellan Midstream Partners, a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil, for $18.8bn. "This is a significant day for Tulsa and the industry as we bring together the talented ONEOK and Magellan teams and look to the future as one company. Our expanded products platform will present additional opportunities in ONEOK's core businesses and further enhance the resiliency of our company. We are committed to ensuring a smooth transition aimed at delivering on the many benefits of this combination for our customers, employees and shareholders," Pierce Norton, ONEOK President and CEO. Magellan Midstream Partners (led by Aaron Milford and Jeff Holman) was advised by Morgan Stanley, Latham & Watkins (led by Ryan Maierson and patrick nevins), Richards, Layton & Finger and Joele Frank (led by Andrew Siegel and Ed Trissel). ONEOK (led by Pierce Norton and Walter Hulse) was advised by Bank of America, Goldman Sachs, Tudor, Pickering, Holt & Co. Securities, Inc., Kirkland & Ellis (led by Camille Walker, Debbie Yee and Sean T. Wheeler) and Joele Frank (led by Sharon Stern and Dan Moore). Debt financing was provided by Goldman Sachs. Goldman Sachs was advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP. #MergersAcquisitionsDivestitures #OilandGas #Utilities #Transportation

With big mergers like EQT Corporation and Equitrans Midstream Corporation, Chesapeake Energy and Southwestern Energy, and big policy changes recently announced, the North American #Naturalgas and #LNG market landscape is evolving fast and a rapid understanding of the market and all its aspects will be vital.   Whether you are looking for prices, flows, supply, demand or other factors, this information must be presented in a way that allows analysis to ascertain the current and future state of the market and opportunities and risks in it. This can be accomplished through GPCM Insights powered by GPCM® Market Simulator for North American Gas and LNG™ Learn more about GPCM Insights here: https://lnkd.in/gWM9y-tD

Announced on September 21, 2023 and due to close by September 25, 2023, ONEOK, Inc. and Magellan Midstream Partners, L.P. completed their $18.8 billion merger, creating one of the largest midstream energy companies in North America. The combined company has a total enterprise value of $60 billion and transports, stores, and distributes natural gas, natural gas liquids, crude oil, and refined products. The merger is expected to generate significant synergies for the two companies, including cost savings, operational efficiencies, and expanded market access. ONEOK and Magellan have also committed to investing $7 billion in new growth projects over the next five years, which is expected to create jobs and boost economic development in the regions where they operate. The merger was approved by shareholders and unitholders of both companies, and has received positive feedback from industry analysts and investors. The combined company is well-positioned to capitalize on the growing demand for energy in North America and around the world.

ENERGY M&A BOOM JUST GETTING STARTED - ENEBRIDGE CEO EBEL SAYS Read More:https://hubs.la/Q02kC1Kf0 The surge in energy industry mergers and acquisitions — marked by a series of megadeals among oil producers last year — is set to ramp up further in 2024 as interest rates decline, Enbridge Inc. Chief Executive Officer Greg Ebel said. #mergersandacquisitions #oilgas #energy $natgas #pipelines #oilprices #interestrates

ENERGY M&A BOOM JUST GETTING STARTED - ENBRIDGE CEO EBEL SAYS Read More: https://hubs.la/Q02kC1Tm0 The surge in energy industry mergers and acquisitions — marked by a series of megadeals among oil producers last year — is set to ramp up further in 2024 as interest rates decline, Enbridge Inc. Chief Executive Officer Greg Ebel said. #mergersandacquisitions #oilgas #energy $natgas #pipelines #oilprices #interestrates Enbridge

Exxon/Pioneer deal is consolidating the Permian and the Chevron/Hess deal is an expansion of footprint with the acquisition of Hess’s Guyana assets. What’s next? Will Chesapeake acquire Southwestern to become the largest natgas-focused operator? Interesting days ahead watching the M&A’s play out. Does anyone have any thoughts about what might be coming next and what these mergers, acquisitions, and consolidations might mean for the industry at large? All good? All bad? Little of both? https://lnkd.in/g2qaM4pd

DIVESTITURE IN THE WORKS? Occidental Explores $20 Bln-Plus Sale of Western Midstream - Learn More: https://hubs.la/Q02lJ11w0 Occidental Petroleum is exploring a sale of Western Midstream Partners, a U.S. natural gas-focused pipeline operator that has a market value of close to $20 billion, including debt, according to people familiar with the matter. Western Midstream shares rose 10% to $32.12 in afternoon trading in New York on Tuesday. The divestment would help Occidental, which is backed by Warren Buffett’s Berkshire Hathaway, slash the $18.5 billion debt pile it has accumulated because of acquisitions. Western Midstream #oilgas #oilandgascompanies #energy #mergersandacquisitions

Exciting times ahead for the Canadian oil and gas industry! This wave of high-profile mergers and acquisitions demonstrates renewed confidence in fossil fuels and the sector's strong outlook. #EnergySector #MergersAndAcquisitions #OilIndustry"

I'm thankful for the two-day Thrive Conference by Daniel Energy Partners. Not many events you can hear from CEOs of almost every large service company (Weatherford, Baker Hughes, SLB, NOV, Helmerich & Payne, Patterson-UTI, Halliburton, & STEP Energy Services) as well as many top operators (Aethon Energy, Ascent Resources, bp, Marathon Oil Corporation, Chesapeake Energy, Diamondback Energy) This week, I'll digest what I heard and share some of my big takeaways from the talks I attended. The major topics that resonated with me were: ↩ 2023 review 🔭 Oilfield Service Outlook for 2024 ➕ Mergers & Acquisitions affect the industry 🔥 Natural Gas Markets Including what happened in 2023 and how that frames 2024, what OFS companies are focusing on for growth in 2024, how producers & service companies perceive the consolidation in the US, what's in store for natural gas & how it will affect our market.

🚨M&A DEAL COVERAGE: Jefferies Lead Advisory on $26bn Energy Merger Deal Jefferies facilitated the $26 billion merger between Diamondback Energy, Inc. and Endeavor Energy Resources, LP, aimed at creating a leading operator in the Permian Basin. 💵 The deal involves a mix of 117.3 million Diamondback shares and $8 billion in cash, with post-merger ownership split at approximately 60.5% for Diamondback and 39.5% for Endeavor shareholders. Anticipated annual synergies from the merger are estimated at $550 million, contributing to a significant strategic enhancement in the oil and gas sector. 🔗 Read the FULL article here: https://lnkd.in/eiJhCifa ✅ GET 1 MONTH FREE (ENDING SOON): https://lnkd.in/eBHYx37M #investmentbanking #mergersandacquisitions #jefferies #advisory #boutique #newyork #finance #energy #deals #milestones