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Trilantic/First Reserve portfolio company acquires Granite Wash assets

Newfield Exploration Company is selling its Granite Wash assets to Trilantic/First Reserve portfolio company Templar Energy. The value of the transaction is $588 million. Newfield’s assets in the Granite Wash include approximately 42,000 net acres and current net daily production is nearly 65 MMcfe/d, of which approximately 60% is natural gas.

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First Reserve promotes two

First Reserve has promoted two investment professionals within the buyout funds team. Jesse Krynak and David McFarland have both been promoted to vice president.

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First Reserve and Petrofac launch joint venture for about $1.25 bln

First Reserve and Petrofac, an oil and gas industry service providerhave agreed to form PetroFirst Infrastructure Partners. According to terms of the deal, First Reserve plans on investing up to $1 billion in the joint venture while Petrofac intends to contribute up to $250 million in it. The focus of PetroFirst Infrastructure Partners will be on acquiring existing assets from Petrofac’s Integrated Energy Services division as well as buying new energy infrastructure projects. For the first transaction under the joint venture, First Reserve is planning on acquiring 80 percent of Petrofac’s floating product facilities for a total initial consideration of about $450 million.

first read April 29
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peHUB First Read

This Tuesday morning First Read reveals insights into which LPs are planning to sell interests in 2014 and why, AIMCo turning to late stage venture capital and First Reserve to launch its second infrastructure fund later this year.

Caliber hires new president and CEO

Denver-based energy infrastructure firm Caliber Midstream Partners has named R. Poe Reed as president and CEO. The appointment became effective June 9, 2014. Previously, Reed worked at Enable Midstream where he served as executive vice president and chief commercial officer. Caliber is a joint venture between First Reserve‘s energy infrastructure fund and Triangle Petroleum Corp.

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First Reserve partners with Zhenghe

First Reserve has entered into a strategic agreement with Zhenghe, an independent oil and gas exploration and production company. The parties plan to pursue oil and gas investment opportunities in China and Central Asia. Financial terms of the agreement were not disclosed.

First Reserve to acquire TNT from Odyssey Investment Partners

First Reserve is to acquire TNT Crane & Rigging from Odyssey Investment Partners. TNT is a provider of lifting services and equipment to customers in the North American energy and industrial infrastructure end markets. Financial terms of the transaction were not disclosed.

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Uptick In Chemical Deals Seen; Carlyle, Apollo Big Players

Financial and private equity investors Icahn Enterprises, Apollo Global Management, First Reserve and SK Capital ranked among the top 10 acquirers among the major 2012 deals in the chemical sector, according to a new survey flagging brisk activity in the sector.

peHUB First Read

As you sit down with your coffee this morning click through to peHUB’s headline news including a German clone war, women innovating mobile in New York and Instagram finally arriving on the Android.

First Reserve, Beowulf Energy Team up in Caribbean

First Reserve‘s Energy Infrastructure Fund is teaming up with Beowulf Energy to invest in power generation and midstream assets in the Eastern Caribbean. First Reserve is buying from Beowulf an equity stake in Trinity Power Limited, a power generation facility in the Republic of Trinidad and Tobago. Specific financial details of the deal were not released. First Reserve’s Energy Infrastructure Fund closed in April 2011 with $1.23 billion in committed capital.

First Reserve Buys Portfolio from Arclight Capital

First Reserve Corp. is acquiring a portfolio of natural gas fired power generation plants from Arclight Capital, the firm announced Friday. Also, as part of the deal, the California Public Employees’ Retirement System will acquire the Neptune Regional Transmission System. First Reserve’s Energy Infrastructure Fund will take a controlling ownership position in the power portfolio, and CalPERS’ investment will result in direct ownership of 75% of the Class C shares of Neptune, the firm announced. Terms of the deal were not released.

First Reserve’s Saxon Merges with Schlumberger

SES Holdings (Saxon) has merged its rig business with the business of the Schlumberger Rig Management Group. As a result of the transaction, Saxon will continue to be owned by Schlumberger, affiliates of investment firm First Reserve Corporation and Saxon management. PRESS RELEASE SES Holdings Ltd. (“Saxon”) announced today that it has merged its rig […]

First Reserve, Renovalia Create $1B Wind Venture

Spain’s Renovalia Energy and private equity firm First Reserve are partnering on a venture to invest in wind farm projects across Europe and North America, Reuters reported Monday. First Reserve is putting $150 million of equity into the project. When leveraged, the venture could have roughly $1 billion for investments in renewable energy, Reuters wrote.

peHUB First Read

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