The week was stacked with A&D deals. The interest surrounding SandRidge Energy continues with a proposed all-stock merger by Midstates Petroleum. The transaction would create a large-scale E&P in Oklahoma's Mississippian Lime play, Midstates said. This all comes about a month after activist investors, including Carl Ichan, killed SandRidge's deal to buy Bonanza Creek Energy in December.
WPX Energy is exiting the San Juan Basin’s Gallup oil play after reaching an agreement to sell about 105,000 net acres in Rio Arriba, San Juan and Sandoval counties, N.M., for $700 million dollars. WPX didn’t disclose the buyer, though regulatory filings identified the company as Enduring Resources. WPX's CEO says the company will now focus on its outstanding assets in the Delaware Basin and North Dakota's Wiliston Basin.
During its fourth-quarter earnings call, ConocoPhillips announced it will purchase Alaska interests for $400 million dollars. The signed deal puts ConocoPhillips in place to take over Anadarko Petroleum's nonoperated interests in the western North Slope for $9 dollars per barrel of oil. CEO Ryan Lance said in part the deal came together after Anadarko expressed the desire to sell some of its assets, including the Alpine Pipeline, and ConocoPhillips seized on an opportunistic acquisition.
Lastly, Halcón Resources has multiple agreements on the table in the Delaware Basin. The company said it has purchased, agreed to buy, or has an option for 22,617 net acres in Ward County, Texas, for about $381 million. These A&D trophies add a potential 51% more leasehold to Halcón’s Delaware position.