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Formerly known as MorningStar Partners LP, TXO Energy is an MLP with operations and assets in the Permian Basin, New Mexico’s San Juan Basin and Colorado led by industry veteran Bob Simpson.
Despite large-cap publics such as Devon Energy, Diamondback and Marathon Oil dominating M&A in 2022, the overall deal count fell to the lowest level since 2005, according to Enverus.
Here’s a snapshot of recent energy deals including Chesapeake Energy’s $1.4 billion deal to sell Eagle Ford Shale acreage in the Brazos Valley region to WildFire Energy, and Matador Resource’s $1.6 billion bolt-on acquisition in the northern Delaware Basin.
Matador said the deal to purchase Advance Energy, an EnCap-backed company, will not increase its leverage and adds more than 200 net drilling locations in the northern Delaware.
HighPeak Energy CEO Jack Hightower said the company, with a $3 billion market cap, is undervalued given its large inventory and free cash flow profile.
Kinder Morgan is moving forward pipeline project expansions, including the Permian Highway Pipeline and Evangeline Pass, and Kim Dang will succeed longtime CEO Steve Kean, who will retain his position on the board.
In a twist, WildFire’s leadership previously sold some of the assets it will now buy from Chesapeake in 2019 while running WildHorse Resource Development Corp.
Permian Resources added assets in the Permian Basin while also divesting operated and non-op assets, including midstream assets, in transactions totaling $293 million.
Chord’s Permian position spans the Midland and Delaware basins and the Central Basin Platform, with most of the company’s assets described as stable operations from conventional reservoirs and waterflood assets with horizontal development potential.
Here’s a snapshot of recent energy deals including Northern Oil & Gas (NOG) closed on an upsized acquisition of working interests in Midland-Petro D.C. Partners LLC and Phillips 66 $3.8 billion deal with DCP Midstream LP.