Talos Energy Closes a Merger with a couple of Others in Texas

The past week saw two major mergers in the energy sector. The two mergers in focus by the industry are CB&I and McDermott, and the Talos Energy deal with Stone Energy. Interestingly, both of the merger deals were sealed on the 10th of May. The Southern Gateway open season came to a close following cancellation by Buckeye. In other significant industry news, BP Energy is angling to raise $475 million in private equity fund. Texas has a lot more news for those interested in big and small business alike. In Summary

The $ 6 Billion Merger

McDermott and Chicago Bridge closed their $6 billion merger. Chicago Bridge is based in Woodlands. The deal also reined in Iron Company. The latter was consequently removed from the stock exchange and public markets in general. The latter company is especially good for the merger because it has been losing its capitalization on the stocks market for several years running now. Talos Energy on its part finished its merger talks and deal with Stone Energy. The offshore exploration firm was pulled into the stock markets. The previous holders of stocks in Talos hold 63% of the company in total. The former Stone Energy stockholders now own the remainder, which is 37%.

Buckeye

Buckeye Partners LP has got rid of the Southern Gateway open Season project. Instead, the company has decided that it’s a better business deal to partner with Phillips 66, and Andeavor, based in San Antonio, for the completion of the Southern Gateway Terminal located in Corpus Christi. The Gateway terminal is meant to take most of the Phillips 66 offtake, plus the massive Gray Oak pipeline; which is yet another of the Permian crude oil project. The latter has attracted lots of interest from the area shippers.

Bp Energy

Bp Energy Partners has initiated a regulatory filing signaling a second fund in the pipeline. The private equity firm was initially sponsored by T Boone Pickens; an oil tycoon based in Texas. The company is exploring ways of raising $475 million to run the fund project.

Other Developments

In other news, it has been reported that the final part of Enbridge Inc, Valley Crossing Pipeline has been delayed because of rough seas. The section measures over 1, 000 feet. The bridge crosses from the USA into Mexico and runs a couple of miles to the East of Rio Grande mouth. The project is supposed to reach the border by end of this month; the spokesman of the company has indicated. To know about Talos Energy click here.