Today's Transactions:
Frontier Energy Buys Canary Wellhead
Frontier expects the deal to expand oilfield service offerings
As part of a strategy to buy oilfield service brands and expand its offerings, Denver-based Frontier Energy Group LLC has purchased Canary Wellhead.
Canary Wellhead is an oilfield service company based in Oklahoma City. The deal creates a company with more than $100 million in revenue and 26 U.S. locations. The combined company will operate under the name Canary LLC.
Customers will include Hess Corp. (NYSE: HESS), Exxon Mobil Corp. (NYSE: XOM), Chevron Corp. (NYSE: CVX) and ConocoPhillips (NYSE: COP). Terms of the deal weren’t disclosed.
Energy M&A has been very active recently. Other deals have included Hanergy’s deal for MiaSolé, Vermillion’s purchase of ZaZa Energy Corp. and Chevron's acquisition of an interest in the Kitimat gas project.
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