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Few Cancelled U.S. Energy M&A Deals Occurring in Fourth-Quarter 2014

The recent turmoil in the oil markets has driven the share prices of many energy companies lower and propelled risk adverse investors to shun many energy company debt issues. Yet there has been relatively few cancelled deals, at least for the current quarter, with regard to previously announced US merger and acquisition transactions in the energy sector. According to statistics retrieved from the S&P Capital IQ database, the Global Markets Intelligence (GMI) research unit finds but six cancelled deals. The largest one involved Texas-based Alon USA Partners, LP (NYSE: ALDW) cancelling its previously announced acquisition of Alon Refining Krotz Springs, Inc. from Alon Assets, Inc. on November 19, 2014. Initially, the company entered into an agreement to acquire Alon Refining Krotz Springs, Inc. from Alon Assets, Inc. for approximately $440 million in cash and stock on November 11, 2014. The most recent cancelled US energy M&A deal was where Baseline Energy Resources, Inc. cancelled the acquisition of various Gulf Coast assets in Louisiana from Midstates Petroleum Company LLC on December 8, 2014.

Still, looking ahead, should the current oil price downturn continue the possibility exists that the terms of some recently announced deals may be modified. 

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