Deals this week: EQT Corporation, Buckeye Partners, Clayton Williams Energy


EQT Corporation has agreed to acquire additional Marcellus shale acreage located in Marion, Wetzel and Marshall counties in West Virginia, US, from Trans Energy and Republic Energy Ventures.

The $513m deal will be funded by the company through cash on hand.

The Marcellus shale acreage includes 42 wells and approximately 250 undeveloped locations. The production from the assets is estimate to be 42 million cubic feet per day.

Scheduled for completion by the end of 2016, the deal will allow EQT to expand its oil and gas assets portfolio in West Virginia.

"Buckeye Partners has announced pricing and upsizing of the public offering of 7.75 million shares to raise $511.89m."

Buckeye Partners has announced pricing and upsizing of the public offering of 7.75 million shares to raise $511.89m.

The issue was upsized from 7.5 million units to 7.75 million units, at a price of $66.05 a share, and underwriters have also been granted an option to buy up to 1.16 million units.

Buckeye Partners has retained Barclays Capital as book runner and Vinson & Elkins as legal advisor for the offering, scheduled for closure on 28 October.

The amount raised from the offering is intended to be used by the company to partly fund the acquisition of a 50% interest in Vitol Tank Terminals International, to repay its revolving credit facility, and for general partnership purposes.

Clayton Williams Energy has reached an agreement to dispose its oil and gas assets located in the Giddings area, east central Texas, US, for $400m.

The assets extend over an area of 170,000 net acres of land and hold proven reserves of 9.7 million barrels of oil equivalent (mmboe).

Goldman, Sachs & Co. is the financial advisor and Vinson & Elkins is the legal advisor to Clayton Williams for the transaction, which is scheduled for completion in December.

The amount raised from the sale of assets is intended to be used by the company to partly settle outstanding debts and to fund the development in the Delaware Basin.

Carrizo Oil & Gas has agreed to pay $181m to acquire certain oil and gas producing assets in Cotulla area in south Texas, US, from Sanchez Energy Corporation.

The deal involves the sale of approximately 15,000 net acres in La Salle, Frio and McMullen counties of Texas. The assets hold net proven reserves of 14.5mmboe.

The transaction is scheduled for completion on or before 14 December.

Peyto Exploration & Development has raised $74.9m through the issue of 3.7% senior unsecured notes in a private placement.

Subscribed to by qualified institutional investors, the notes offer semi-annual coupon payments and will expire on 24 October 2023.

The amount raised from the private placement is intended to be used by the company to partly repay its outstanding bank debt.