M&As this week: Cox Oil, Ulterra, Valero

An affiliate of Cox Oil has completed the acquisition of Energy XXI Gulf Coast for a consideration of $322m.

Announced in June 2018, the consideration represents a 21% premium to Energy XXI Gulf Coast’s closing share price on 15 June 2018.

Cox owns and operates oil and gas assets in the Gulf of Mexico, while Energy XXI Gulf Coast is an exploration and production company. Both firms are based in the US.

American Securities has agreed to sell a controlling majority stake in Ulterra Drilling Technologies to Blackstone Energy Partners.

American Securities is a private equity firm, while Ulterra is a manufacturer of polycrystalline diamond compact (PDC) drill bits for the oil and gas industry.

Blackstone Energy Partners is an energy-focused private-equity business of American investment firm Blackstone Group.

All the entities involved in the transaction are based in the US.

Valero Energy Corporation (VLO) has signed a merger agreement to acquire Valero Energy Partners LP (VLP) for $950m.

Valero Energy Partners will operate as a wholly owned subsidiary of VLO, upon completion of the transaction, which is subject to certain customary closing conditions.

VLO is a producer of transportation fuels and other petrochemical products, while VLP owns and operates crude oil and refined petroleum products pipelines, terminals, and other assets in the Gulf Coast and Mid-Continent regions. Both companies are based in the US.

Enable Midstream Partners has signed an agreement to acquire Velocity Holdings for $442m.

Enable also signed new contractual commitments to expand its crude and water gathering systems with approximately 90,000 gross acres of dedication in the Williston Basin.

Both located in the US, Enable owns and operates natural gas and crude oil assets, while Velocity is engaged in gathering and transporting crude oil condensate in the SCOOP and Merge plays in the Anadarko Basin.

The transaction is expected to enhance Enable’s natural gas gathering and processing infrastructure business in the prolific SCOOP and Merge plays.