Spain's Repsol Sells 25% of Oil and Gas Unit to EIG for $4.8 Billion
Spanish energy group Repsol is selling a 25% stake in its oil and gas exploration division to...
Spanish energy group Repsol is selling a 25% stake in its oil and gas exploration division to U.S. fund EIG for $4.8 billion, building up a war chest for renewables projects as the energy industry moves to a lower-carbon future.
The deal, first reported by Reuters earlier this year, values the whole business at $19 billion including debt, and may lead to a U.S. stock market listing of a stake in the unit after 2026, Repsol said in a statement.
The process started with an unsolicited offer from EIG, Reuters reported in June, sending Repsol's shares to a 14-year high.
Shares rose after an announcement on Sept. 7 before falling 1.8% by 7:46 GMT. They nonetheless outperformed the European oil and gas index, which was down 2.3%.
Dow finishes up over 400 points as Nasdaq snaps 7-day losing streak
U.S. stocks rebounded on Wednesday as all three benchmarks recorded...
U.S. stocks rebounded on Wednesday as all three benchmarks recorded their strongest gains in nearly a month, while the Nasdaq Composite snapped its longest losing streak since 2016. The S&P 500 SPX, 1.83% advanced 71.68 points, or 1.8%, to 3,979.87. The Dow Jones Industrial Average DJIA, 1.40% climbed 435.98 points, or 1.4%, to 31,581.28. The Nasdaq Composite COMP, 2.14% rose 246.99 points, or 2.1%, to 11,791.99. All three benchmarks saw their biggest percentage-point gains since Aug. 10.
National Grid residential natural gas customers can expect a 39% price hike
National Grid utility customers in New York who heat their homes...
National Grid utility customers in New York who heat their homes with natural gas can expect to pay approximately 39% more in the upcoming home-heating season.
A National Grid spokeswoman, in a conference call on Tuesday, said that would translate on average to a winter heating bill of $943 for the season, or $263 over the current year.
The five-month home heating season runs from Nov. 1 to March 31. National Grid says the average residential customer uses 713 therms in that period.
"Therm" is the unit of measurement of natural gas over time. One therm is equal to 100,000 British thermal units, BTUs.
A Colorado County joined environmental groups in appealing a federal agency’s approval of a stretch...
A Colorado County joined environmental groups in appealing a federal agency’s approval of a stretch of new railroad connecting Utah’s oilfields with the national railway network, a decision that will mean crude will be moved through western Colorado.
The Colorado Sun reported Eagle County joined the appeal because crude oil will be transported along the rails next to the Colorado River.
From OK Energy Today. Click here for Colorado Sun Article.
EQT Corp. entered into a purchase agreement to acquire THQ Appalachia I LLC...
EQT Corp. entered into a purchase agreement to acquire THQ Appalachia I LLC (Tug Hill)'s upstream assets and THQ-XcL Holdings I LLC (XcL Midstream)'s gathering and processing assets, according to a company press release on Sept. 6.
Expected to close in fourth-quarter 2022, the total acquisition is valued at $5.2 billion comprised of about $2.6 billion in cash and about $2.6 billion in EQT common stock. Tug Hill and XcL Midstream are backed by equity commitments from Quantum Energy Partners-managed funds.
