NRG Purchases GenOn
26/07/12 09:30
NRG Energy, Inc. (NRG) recently announced a $1.7 billion stock purchase of GenOn Energy, Inc. (GEN), making NRG the largest U.S. Independent electricity generator. In the deal, GenOn shareholders will receive 0.1216 share of NRG common stock for every one of their GenOn shares. This represents a 21% premium over GenOn's previous closing price. The combined companies will operate under the NRG name and bring together an enterprise value of $18 billion. The deal is scheduled to close by the first quarter of 2013.
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Linn Energy Acquires Jonah Field
18/07/12 08:58
Linn Energy, LLC (NASDAQ: LINE) recently announced the acquisition of Wyoming’s Jonah Field from BP PLC (NYSE: BP) for $1.025 billion. The acquisition will add approximately 145 million cubic feet equivalent per day of liquids-rich natural gas production. The deal will also add immediately to Linn’s distributable cash flow per unit. Plus, it offers significant drilling inventory. According to Linn Energy CEO Mark Ellis, “The long-life, low-decline characteristics of the Jonah Field make this asset an excellent fit for us.” Some of the significant characteristics expected from this acquisition are proved reserves, maintenance capital, and potential for production optimization and cost savings. The deal is expected to close by July 31.
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Agua Caliente Nears Completion
18/07/12 08:42
The 290 megawatt Agua Caliente solar project, currently under construction in Yuma, AZ, is now more than two-thirds of the way complete. It is delivering more than 200 megawatts to the electric grid. Agua Caliente is the world’s largest operating photovoltaic power plant. It uses industry-leading solar plant controls and forecasting capabilities to integrate its output with the power grid. The project is expected to reach completion in 2014. It is being financed via a loan guarantee from the U.S. Department of Energy.
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Petrobas Buys Remaining Stake in Pasadena
03/07/12 13:19
Petrobas (NYSE: PBR) recently announced that it will pay a total of $820.5 million to acquire a 50% stake in Pasadena Refining Systems Inc, assuming full control of the company. Petrobas acquired its first 50% stake in Pasadena in 2006 for $360 million. It will be purchasing the remaining stake from Belgium Transcor Astra. According to the company, “Petrobas executed an agreement to end all existing lawsuits between the companies in the Petrobas System and the Belgian group Transcor Astra, controller of Astra Oil Trading. The lawsuits stemmed from the partnership period between Astra and Petrobas America Inc., a subsidiary of Petrobas, in the Pasadena Refining System, Inc., owner of the Pasadena Refinery in Texas and the Trading Company.”
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