Asset purchases in the United States, followed by oil and gas price increases, have paid off for Calgary-based Enerplus Corp., which switched to American
Legal N.D. high court says crude oil royalty calculated at well
Sebastien Malo
3 minute read
Sunflowers stalks punctuate the snow in a field near dormant oil drilling rigs which have been stacked in Dickinson, North Dakota January 21, 2016. REUTERS/Andrew Cullen
The North Dakota Supreme Court said on Thursday that contractual language commonly used in the state to calculate royalties that landowners pocket requires oil producers to pay values determined at the well, rather than higher ones as the oil gets closer to markets.
The opinion by a divided panel is in response to a certified question by a North Dakota federal court to clarify a gray area in state law, which should in turn enable rulings on more than half a dozen related putative class-action lawsuits by property owners who allege oil companies have underpaid them royalties. The Supreme Court said that its determination that royalties are calculated at the well, rather than downstream, may result in the dismissal of the
Hess Closes Bakken Asset Sale in $312 Million Cash Deal
Despite the divestiture to Enerplus, Hess CEO John Hess reaffirmed the importance of the Bakken in the independent E&P company’s portfolio, which includes assets offshore Guyana.
Hart Energy Staff Your browser does not support the audio element.
The companies had announced they had entered an agreement on April 8 for Calgary, Alberta-based Enerplus to acquire the interests, consisting of Hess’ Little Knife and Murphy Creek acreage in North Dakota. Closing of the transaction, which has an effective date of March 1, had been projected for May.
Despite the divestiture, CEO John Hess reaffirmed the importance of the Bakken to the independent E&P, which also operates offshore Guyana, saying in a statement that it is “a core asset in our company’s portfolio.”
Blog
Blog
PODCAST
Blog
10 Feb, 2021 Author Allison GoodGaurang Dholakia
Large-scale oil and gas M&A deal-making got a boost in January from a pair of billion-dollar acquisitions by New Fortress Energy Inc., according to S&P Global Market Intelligence data.
During the month, the sector announced 37 whole-company and minority-stake deals, compared to 27 in January 2020. The combined value of the January 2021 deals soared year over year from $616 million to $5.13 billion.
The aggregate value of announced asset transactions, however, decreased 22% from $950 million to $739 million as the number of deals fell from 32 to 28.
New Fortress Energy s acquisitions of Hygo Energy Transition Ltd. for $2.76 billion and Golar LNG Partners LP for $1.56 billion were the biggest deals announced during January.
Friday, February 5, 2021
Recent M&A Activity:
December 31, 2020: TerraSmart was acquired by Gibraltar Industries for $228.2 million. The acquisition strengthens Gibraltar s position as the largest turnkey provider in the domestic solar energy market with the broadest portfolio of ground-mount infrastructure, tracker, and design software solutions, serving customers of any type and size on any terrain.
January 5, 2021: iSun Energy LLC was acquired by the Peck Company Holdings, Inc., a leading commercial solar engineering, procurement and construction (“EPC”) company. (“iSun”), a provider of innovative solar power, electric mobility and smart city solutions for government, commercial, retail, academic and data-center projects, announced that it has entered into a binding term sheet under which Peck will acquire iSun in an all-stock transaction.