The Blackstone Group LP (NYSE: BX) is no longer looking at buying a $5 billion stake in Energy Transfer Partners LP (NYSE: ETP), a source familiar with the matter confirmed Jan. 9.
In December, private-equity firm Blackstone was said to be looking at a stake in Energy Transfer, the company building the controversial Dakota Access pipeline.
Energy Transfer shares fell 2.4% on Jan. 9 to close at $36.53 a share after the news, first reported by Bloomberg.
Energy Transfer announced a private placement of shares with its parent Energy Transfer Equity LP (NYSE: ETE) Jan. 9, which will garner Energy Transfer proceeds of $568 million, in exchange for about 15.8 million common shares.
Shares of the parent company lost 4.7% on Jan. 9.
Recommended Reading
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
Endeavor Integration Brings Capital Efficiency, Durability to Diamondback
2024-02-22 - The combined Diamondback-Endeavor deal is expected to realize $3 billion in synergies and have 12 years of sub-$40/bbl breakeven inventory.
Exxon, Chevron Tapping Permian for Output Growth in ‘24
2024-02-02 - Exxon Mobil and Chevron plan to tap West Texas and New Mexico for oil and gas production growth in 2024, the U.S. majors reported in their latest earnings.