Energy Business Recap: Chevron & Shell Exchange TITLES In Oz, FMC Tech ACQUIRES Pure Energy

Chevron Corporation (NYSE:CVX) Australia Pty Ltd and Royal Dutch Shell (RDS.A, RDS.B) Development Australia Pty Ltd reported that they have reached a binding agreement for the exchange of Chevron’s 16.7 percent interest in the East Browse titles and Chevron’s 20 percent interest in the West Browse titles, with Shell’s 33.3 percent interest in the Clio-Acme titles. An additional cash payment from Shell to Chevron of $450 million has been agreed upon, along with the exchange of titles. Upon the close of this transaction, Shell will hold a 35 percent interest in the West Browse titles and 25 percent interest in the East Browse titles.

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FMC Technologies, Inc. (NYSE:FTI) will purchase the Canadian oilfield services firm Pure Energy Services (PUEYF.PK) in a cash transaction of $285 million. The per-share price of C$11 values Pure at a windfall of 39 percent over its Friday close in Toronto. The buyer expects the acquisition to help it grow its services business.

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