Join The Discussion

 

Moves by Jeb Bush add to talk of 2016 candidacy

WASHINGTON — Jeb Bush's decision to release a policy-laden e-book and all his emails from his time as governor of Florida has further stoked expectations among his allies that he will launch a presidential bid.

read more >

Ebby Halliday acquires Fort Worth’s Williams Trew

Williams Trew Real Estate of Fort Worth has been acquired by Dallas-based residential real estate brokerage Ebby Halliday Real Estate Inc.

read more >

Taking the Cake: Sundance had pursued Cheesecake Factory for many years

The Cheesecake Factory had been on the white board over at Sundance Square management for some time

read more >

Fort Worth businessman to lead Abbott, Patrick inauguration efforts

Fort Worth businessman Ardon Moore will chair the committee running inauguration festivities for Gov.-elect Greg Abbott and Lt. Gov.-elect Dan Patrick in January, it was announced on Friday.   Moore, president of Lee M. Bass Inc. in Fort Worth, is a vice chairman of the University of Texas Investment

read more >

Meridian Bank Texas parent acquired by UMB Financial for $182.5M

Kansas City, Mo.-based UMB Financial Corp., the parent company of UMB Bank, said Dec. 15 it has signed a definitive agreement to acquire Marquette Financial Companies in an all-stock transaction.

read more >

Energy XXI buying EPL Oil & Gas for about $1.53B

HOUSTON (AP) — Energy XXI is buying EPL Oil & Gas Inc. for about $1.53 billion in a deal that the companies say will create the biggest publicly-owned independent oil producer on the Gulf of Mexico shelf.

Energy XXI Executive Vice President of Exploration and Production Ben Marchive said in a statement that once the acquisition closes the combined company will own and operate 10 oil fields on the shelf with cumulative production each exceeding 80 million barrels of oil.

"EPL's assets and operations closely resemble our own, predominantly oil, with some of the highest margins in the industry and extraordinary opportunities for reserves and production growth through development and exploration activities," Energy XXI Chairman and CEO John Schiller said.

Schiller will serve as chairman and CEO of the combined company, which will be based in Houston where EPL has headquarters.

The transaction is a cash-and-stock deal. EPL stockholders can choose to receive $39 per EPL share, a 34 percent premium to the company's Tuesday closing price of $29.11. They can also elect to receive 1.669 common shares of Energy XXI, or a combination of cash and stock.

The companies said that the deal is expected to be paid with 65 percent in cash and 35 percent in Energy XXI common shares. That works out to approximately $1 billion in cash and about 23.4 million shares of Energy XXI.

The companies put the deal's total value at about $2.3 billion. That includes the assumption of $707 million in debt.

EPL owns working interests in 37 producing fields.

Energy XXI (Bermuda) Ltd. shareholders are expected to own about 77 percent of the combined company, with EPL stockholders owning the remaining 23 percent.

One of EPL's directors will join Energy XXI's board when the deal closes.

The transaction still needs approval from both companies' shareholders.

 

< back

Email   email
hide
TCU/Baylor
Did the College Football Playoff Committee get it right?