Claire Poole is a senior writer based in Houston covering energy and utilities. In her time at The Deal, Poole has written stories analyzing the how and why of energy deals and speculating on upcoming activity. She has also conducted insightful interviews with leading energy dealmakers and is often the first to reveal groundbreaking energy news. Before joining The Deal in 2000, Poole worked as a reporter and staff writer at Forbes, was editor-in-chief of El Financiero International and Mexico Business and was a contributing editor at Latin Trade. She also contributed articles to Money, Worth, Businessweek and Texas Monthly.
The Middle East oil and gas giant plans to include all of its businesses in the offering and is preparing 'industry-friendly' financials, according to reports.
The sale, to an unnamed buyer, brings its divestitures since August of 2015 to $1.5 billion, surpassing its $750 million to $1 billion target.
Analysts say the deal looks expensive near-term and need more color to assess its longer term value to the Energy Transfer complex.
The purchase, which preempts the target's IPO, makes Rice a top dry natural gas producer in Appalachia but may not fix its inventory depth and dilutes shareholders, analysts say.
Analysts were disappointed by the $15.75 per share offer, which is only 2.9% more than CPPL's stock price last Friday and 31.5% below its IPO price last year.
Bill Barrett, Denbury, Hess, Marathon, Oasis and Whiting could feel the gyrations in the markets the most given their higher oil composition.
A turnaround may be in the sights for the industry but many companies could still look toward divestitures to strengthen their finances and put money in the bank for acquisitions.
The Colonial Pipeline, which was shut down due to a leak on its system, supplies about 40% of the gasoline used in the eastern U.S.
The oil giant's stock was trading slightly down on a report that it was being investigated for its lack of asset write-downs given the drop in oil prices.
Noble Midstream priced its offering while Yorktown-backed Extraction Oil & Gas filed to go public, following Vantage Energy earlier in the week.
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