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Tokyo Gas Expands Into US Market with $2.7 Billion Acquisition of Rockcliff Energy

Quantum Capital Group sold Rockcliff Energy II LLC, a Quantum Energy Partners' company, to TG Natural Resources LLC for $2.7 billion on December 29. TG Natural Resources is a part of Tokyo Gas, a Japanese company aiming to triple its overseas profits in North America and other regions.

Following the acquisition, TGNR will have an area of about 594.6 square miles (1,540 square kilometers), roughly 70% the size of Tokyo. This makes it one of the largest operations in Texas and Louisiana, as stated in a Tokyo Gas news release. With an anticipated rise in natural gas demand, including new LNG export terminals in the USA, Tokyo Gas plans to expand its shale gas business in North America as part of its medium-term management strategy, aiming to strengthen its revenue base internationally.

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TGNR, known for its consistent investments across different commodity cycles, is well-positioned for long-term success with this acquisition. Rockcliff has significantly invested in reducing methane emissions, enhancing the cleanliness of their operations. TGNR plans to further advance these efforts, aiming to reduce methane intensity in their joint operations.

“With this acquisition, TG Natural Resources is committed to leadership in the Haynesville Play, one of the world’s most important sources of clean natural gas. We will have nearly a century in rig-years of gross operated and non-operated drilling inventory in the Haynesville, not counting the important plays in the Bossier and Cotton Valley”

Craig Jarchow, CEO of TGNR

Rockcliff, over the past eight years, has grown into one of the top private natural gas companies in the U.S. The company's production increased significantly, from about 100 million cubic feet per day in 2017 to over 1.3 billion cubic feet per day, reflecting its dedication and success.

Who is TGNR?

TGNR, a major producer in the Ark-La-Tex area of East Texas and Northern Louisiana, is jointly owned by TG East Texas Resources LLC (a subsidiary of Tokyo Gas America) and CCI U.S. Asset Holdings LLC (a subsidiary of Castleton Commodities International LLC).

Who is Rockcliff?

Rockcliff is a natural gas company specializing in the development of the East Texas Haynesville Shale. Based in Longview, Texas, it operates in five counties across Texas, managing over 200,000 net acres. The company produces more than 1.3 billion cubic feet of natural gas per day.

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Dallas-Based Sunoco Buys NuStar Energy for $7.3 Billion

Sunoco, a gas station company based in Dallas, will buy NuStar Energy, a major operator of liquid storage and pipelines, for $7.3 billion. The acquisition of NuStar Energy by Sunoco not only enlarges Sunoco's fuel distribution business but also moves it into the crude oil middle market, especially in the important Permian Basin area.

CrownRock's 94,000+ net acres acquisition complements Occidental's Midland Basin operations, valued at $12.0 billion. This expansion enhances Occidental's Midland Basin-scale and upgrades its Permian Basin portfolio with ready-to-develop, low-cost assets. The deal is set to add around 170 thousand barrels of oil equivalent per day in 2024, with high-margin, sustainable production.

The United States government has announced a significant investment of $7.3 billion from the 2022 Inflation Reduction Act (IRA) to support clean energy initiatives led by rural electric cooperatives. These projects aim to reduce energy costs, enhance reliability, and promote sustainability for rural communities, where energy costs tend to be higher than in urban areas. This investment marks a substantial effort toward decarbonizing rural America while supporting job creation and infrastructure improvements.

The U.S. oil and natural gas rig count experienced a slight decline, falling by four to a total of 633 rigs for the week ending August 21. Despite this modest drop, industry analysts have noted a surprising resilience in both oil supply and natural gas prices as the year progresses, suggesting that the market may be more robust than previously anticipated.

Investors remain strongly bearish on petroleum prices, even as confidence grows that the U.S. Federal Reserve will cut interest rates to boost consumer and business spending. Last week, fund managers returned to selling oil futures and options, as the brief rally from the previous week quickly lost steam and negative sentiment took hold once again. Hedge funds and other money managers offloaded 48 million barrels across the six major futures and options contracts in the week ending August 20. This marks the sixth time in seven weeks that funds have been sellers, reducing their positions by a staggering 346 million barrels since early July, based on data from exchanges and regulators.

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