EnLink Midstream Agrees to Acquire Tall Oak Midstream

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Devon Energy (DVN) PT Cut at UBS Despite Latest Deal

December 8, 2015 8:31 AM UTC

UBS reiterated a Sell rating on Devon Energy (NYSE: DVN), and cut the price target to $37.00 (from $40.00), despite the company's announced agreement to acquire 80k net acres in the STACK play from privately held Felix Energy for $1.9bn. DVN expects to spend ~$500MM in 2016 on its STACK position with a 10-rig program focused in the volatile oil window. As such,... More

S&P Lowers Outlook on Devon Energy (DVN) to Negative; Ratings Affirmed

December 7, 2015 2:35 PM UTC

Standard & Poor's Ratings Services said it revised its outlook on Devon Energy (NYSE: DVN) to negative from stable and affirmed all of its ratings on the company, including the 'BBB+' corporate credit rating.

The outlook revision reflects expected deterioration in Devon's credit-protection measures in 2016 due to low oil and gas prices, rolling off of the company's hedges, and use of debt and hybrid securities to fund a portion of the $3.45 billion acquisitions. Devon announced plans to acquire privately held Felix, which holds oil-rich properties in the "STACK" play in Oklahoma, for... More

EnLink Midstream Partners (ENLK) to Acquire Tall Oak Midstream in $1.55B Deal

December 7, 2015 6:07 AM UTC

The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) and EnLink Midstream, LLC (NYSE: ENLC) (the General Partner) (together EnLink), announced that a subsidiary of the Partnership and the General Partner signed definitive agreements to acquire subsidiaries of Tall Oak Midstream, LLC for $1.55 billion, subject to certain adjustments. The purchase price will be paid in installments, with the first installment of $1.05 billion paid at closing and the final installment of $500 million paid no later than the first anniversary of the closing date with the option to defer $250... More