This year's freefall in U.S. natural gas prices has upended the acquisitions market for gas producers and spooked investors that lined up to buy when prices were much higher.
to acquire Rockcliff Energy from private equity firm Quantum Energy Partners, according to three people familiar with the matter.in January that the parties were close to a $4.6 billion sale of Rockcliff, a producer in the top U.S. shale-gas region. The buyer was to be TG Natural Resources, a business majority owned by the Japanese energy firm, with trader Castleton Commodities International holding the rest.
Tokyo Gas wanted to substantially reduce its offer for Rockcliff after U.S. gas futures tumbled: since mid-December, they have fallen by 63% to $2.55 a million British thermal units on Wednesday. Talks ended last month after Rockcliff's backers were unwilling to accept a price cut, said the people, who spoke on condition of anonymity to discuss confidential information.Latest Updates
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