Two for ONEOK

ONEOK pays $5.9B for interest in EnLink and Medallion; Marathon shareholders approve Conoco's acquisition; Shell plans to cut 20% of its upstream workforce;

Author

Rob Quigley
August 30, 2024

Good morning! Hope everyone has a fun and safe Labor Day weekend. Conoco gave a big sigh of relief today as Marathon Oil sharholders arppoved their acqusition. Big midstream deals today. ONEOK pays $5.9B for Globabl Infrastructur Partner's interest in EnLink Midstream and Medallion Midstream. Also, Shell sells its Houston pipeline and termianl system to Edgewater Midstream for undisclosed terms. Finally Shell announced plans to cut 20% of its global upstream workforce. Let's drill down.

Daily Headlines

  • Shell plans significant cuts to its oil exploration division.(Reuters)

  • TGS partners with ComboCurve to streamline production and completions data access.(World Oil)

  • Oil explorers plan production growth in U.S. Gulf of Mexico.(RBN Energy)

  • Oil prices rise as Libya's outage outweighs demand fears.(OilPrice.com)

  • Ecopetrol board members resign following Occidental deal fallout.(World Oil)

  • Exxon forecasts oil demand to match today’s levels by 2050.(Reuters)

  • How China is buying Iranian oil despite sanctions.(OilPrice.com)

Deal Flow

M&A/Investment

  • ONEOK to acquire Global Infrastrucure's interest in EnLink Midstream and Medallion Midstream for $5.9 billion.(Reuters)

  • Marathon Oil shareholders approve Conoco's acquisition, a significant megadeal in the sector.(OilPrice.com)

  • Shell sells its Houston pipeline and terminal system to Edgewater Midstream for undisclosed terms.(BizJournals $$$)

  • ADNOC nears the final phase of its $13 billion takeover of a European chemical giant Covestro.(Upstream Online $$$)

Fundraising

  • Texas narrows its gas plant projects competing for $5.4 billion in funding.(BOE Report)

VSO is the go-to consulting firm for buy-side technical due diligence. We can handle all your technical evaluations or can be your spare capacity when you need overflow help. If you’re in the deal flow, let’s work together.

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