Capital Product Partners is also changing its name to Capital New Energy Carriers. (Source: Shutterstock)
Capital Product Partners announced Nov. 13 the purchase of 11 newly built LNG carriers from Greek-based Capital Maritime for $3.1 billion, according to Reuters.
The company will also look to sell its remaining container vessels after closing the deal, making the sole business focus LNG shipping. Capital Product Partners is also changing its name to Capital New Energy Carriers.
CEO Jerry Kalogiratos said the company is positioned to profit in the LNG industry and expects profits to increase by 87% to $3.1 billion after the deal closes.
On Nov. 13, the Energy Information Administration released a report estimating that ongoing projects in North America will more than double LNG export capacity over the next four years as export terminals along the Texas coast, Canada and Mexico come online, going from 11.4 Bcf/d in 2023 to 24.3 Bcf/d in 2027.
Recommended Reading
Texas Pacific Land Closes $290MM Permian Minerals, Royalties Deal
2024-10-03 - Texas Pacific Land Corp. acquired Permian Basin oil and gas minerals and royalties operated by Exxon Mobil, Diamondback Energy, Occidental Petroleum and ConocoPhillips.
Oxy CEO Sheds Light on Powder River Basin Sale to Anschutz
2024-11-14 - Occidental is selling non-core assets in the Lower 48 as it works to reduce debt from a $12 billion Permian Basin acquisition.
Diamondback Swaps Delaware Assets, Pays $238MM For TRP’s Midland Assets
2024-11-04 - After closing a $26 billion acquisition of Endeavor Energy Resources, Diamondback Energy is getting deeper in the Midland Basin through an asset swap with TRP Energy.
Coterra to Acquire Permian Assets from Franklin, Avant for $3.95B
2024-11-13 - Coterra made its long-awaited move to grow dramatically in the Permian, moving on large portions in New Mexico’s Delaware Basin.
Ovintiv Swaps the Uinta for Montney in Multiple M&A Moves
2024-11-15 - Ovintiv is expanding greatly in the Canadian Montney Shale play through a US$2.38 billion deal with Paramount Resources and exiting the newly booming Uinta Basin in Utah with a $2 billion sale to FourPoint Resources.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.