Energy Biz Roundup: Marathon Sells Texas Acres, Boardwalk Pipeline Buys PL Midstream
The Chinese government-owned Sinopec (NYSE:SNP) and ENN Energy Holdings (XNGSF.PK) are abandoning their $2.2 billion hostile bid for the natural gas operator China Gas (CGHOF.PK), reputedly due to regulatory obstacles. But now, China Gas might well accept a strategic co-op agreement that would permit Sinopec to sell gas directly to Chinese homes, and also allowing for future share buys.
Shares of Marathon Oil Corporation (NYSE:MRO) rise subsequent to a Reuters report that the firm wants to divest about 100,000 acres of undeveloped oil and gas properties in the Eagle Ford basin of south Texas. The company owns a total amount of approximately 325,00 acres in the area.
Boardwalk Pipeline Partners (NYSE:BWP) acquires the remainder of PL Midstream from its joint venture partner and Loews subsidiary Boardwalk Pipelines Holding Corp. for around $269 million. The transaction as approved by the board’s Conflicts Committee.
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