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OPEC Production Falls Despite Saudi Production Boost

Deals, Mergers & Acquisitions

• Canadian Utilities will sell all its fossil fuel-powered generation capacity for $835 million to Heartland Generation, a company affiliated with Energy Capital Partners. The assets included in the deal comprise 11 partly or wholly owned coal- and gas-fired power plants across three Canadian provinces: Alberta, British Columbia, and Ontario. Their combined installed capacity is 2.1 GW.

• In an unsurprising update about the deal of the year in oil—Occidental’s acquisition of Anadarko—the buyer said it will dispose of some of Anadarko’s assets to reduce the debt accumulated for the acquisition. Oxy saddled itself with $40 billion in debt—four times its debt level before the deal—to win the bidding war against Chevron and now it has to appease its shareholders and fast. However, M&A activity in the U.S. energy industry has slackened off and this may hurt Oxy’s chances of a quick asset disposal and debt shrinkage.

• French Total SA has indicated that it may quit Iran because of Europe’s failure to salvage the nuclear deal and, by connection, trade between the EU and Iran. At stake is Total’s $1-million Iran gas project. The problem is that with sanctions waivers no longer being extended, European shippers and insurers (Maersk, Allianz) are already cutting the cord, leaving Total little incentive to stick it out. The Europeans have definitively lost this…





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