Oil, gas deal tracker: Midstream mergers drove February M&A

North American pipeline companies drove large-scale oil and gas M&A deal-making in February with several proposed transactions aimed at industry consolidation, according to S&P Global Market Intelligence data. During the month, the sector announced 17 whole-company and minority-stake deals, compared to six in February 2020. The combined value of the February 2021 deals skyrocketed year over year from $43 million to nearly $25 billion. The aggregate value of announced asset transactions rebounded significantly from $257 million to just over $8 billion as the number of deals rose from 11 to 17. The biggest deal proposed during February was Brookfield Infrastructure Partners LP’s bid to take Inter Pipeline Ltd. private for $10.5 billion. However, the Canadian pipeline company urged its shareholders to take no action on the offer as the company conducts a strategic review and looks to find a partner for the troubled Heartland Petrochemical Complex project. Energy Transfer LP’s agreement to buy Enable Midstream Partners for $7.3 billion from utility owners CenterPoint Energy Inc. and OGE Energy Corp. was the second-largest transaction announced for the month, while Chevron Corp. offered to roll up Noble Midstream Partners LP for $422.8 million after acquiring parent Noble Energy Inc. in 2020. […]

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