M&As this week: Noble Energy, Rosneft, ExxonMobil

Noble Energy has agreed to a $3.2bn acquisition of 100% interest in Clayton Williams Energy (CWE). Additionally, the acquirer company will assume an approximately $500m net debt owed by the target company.

The acquisition will involve the transfer of 2.8 shares of Noble Energy and $34.75 in cash for each share of common stock held by CWE shareholders.

CWE’s assets include 100,000 net acres in Permian Basin, 71,000 net acres in Delaware Basin and approximately 170,000 net acres in the Giddings area of Texas, as well as more than 300mi (482.8km) of pipelines and two treating plants.

Scheduled for completion in the second quarter of this year, the acquisition will allow Noble Energy to extend its assets base.

Rosneft Oil Company, through its indirect subsidiary Rosneft JV Projects (Luxembourg), has agreed to dispose the remaining 12% stake in Saras for $186.11m.

Saras is the owner of Sarroch refinery, Ulassai wind park and a number of retail assets in Italy and southern Spain. The refinery has a throughput of up to 15mtpa and is integrated with a 575MW integrated gasification combined-cycle (IGCC) power plant.

The proceeds from the divestiture are intended to be used by Rosneft for the execution of strategic projects with other Italian company partners.

Exxon Mobil Corporation (ExxonMobil) has agreed to pay up to $6.6bn for the acquisition of oil and gas companies from the Bass family of Fort Worth, Texas, US.

The purchase consideration includes an upfront payment of $5.6bn and a series of additional contingent cash payments of up to $1bn.

The company will fund the upfront payment through the issuance of shares, while the contingent payment will be payable beginning in 2020 and ending no later than 2032, proportionate with the development of the resource.

The companies own approximately 275,000 acres of leasehold in the Permian Basin with a net production capacity of more than 18,000 barrels of oil equivalent a day (boed) and producing acreage in other areas in the US.

ExxonMobil has appointed Davis Polk & Wardwell as the legal advisor for the transaction, scheduled for completion on or before 28 February.

Cadogan Petroleum has agreed to acquire 90% interest in Exploenergy through its wholly owned Dutch subsidiary.

Exploenergy’s asset portfolio includes three exploration licenses, namely Corzano (ex Lograto), Reno Centese and Castiglione di Cervia.

The acquisition will allow Cadogon to expand its geographical footprint.

GRTgaz has signed a preliminary memorandum of understanding (MoU) with Engie for the acquisition of 100% interest in Elengy.

Elengy operates three LNG terminals including Montoir-de-Bretagne, Tonkin and Fos Cavaou. The total regasification capacity of the three LNG terminals is 2.1 billion cubic metres a year.

The acquisition will allow GRTgaz to expand its LNG terminals base and LNG trading business in France.