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This is your Hart Energy LIVE A&D Minute.
EnCap found a buyer for three of its Midland Basin portfolio companies: Ovintiv is picking up the core Permian acreage in a $4.2 billion deal. Here’s what Enverus’ Intelligence Research Director Andrew Dittmar had to say about the acquisition.
Andrew Dittmar, intelligence research director, Enverus: For the energy industry as a whole, it's another step towards shale consolidating, maturing. We're in the more mature phase of the shale cycle. Public companies like Ovintiv need to realize that, capture inventory that's there. They did that in this deal. Private equity companies that have this inventory are sitting in a very good spot—good returns for Encap. They've probably made a lot of money on this deal, but it's going to be a little bit more challenging to do that going forward as those kind of big acquisition opportunities to redeploy that money isn't there.
Jordan Soto, Hart Energy: Crescent Point Energy is acquiring Spartan, Delta's Montney, Alberta, Canadian assets for nearly $1.3 billion. This would provide Crescent Point with over 20 years of inventory to sustain current production levels. Could the market see other big Canadian oil deals this year?
That's your Hart Energy LIVE A&D Minute, powered by the SUPER DUG Conference and Exhibition, which covers activity in the Permian Basin, Eagle Ford, Midcontinent, Bakken and Rockies May 22-24. Watch new A&D Minute episodes every Wednesday and sign up for our A&D Watch newsletter at hartenergy.com/deals.
2023-12-27 - Williams purchase of 115 Bcf of natural gas storage capacity from Hartree Partners ties in with LNG terminals and comes as demand for natural gas has grown by 56% while gas storage capacity has increased by only 12%.
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2023-12-19 - The Lower 48 has seen a whirlwind of oil and gas M&A this year, including a historic volume of transactions across the Permian Basin. After Tokyo Gas Co.’s $2.7 billion bid to acquire Haynesville E&P Rockcliff Energy II, could the window for natural gas deals be reopening?
2024-01-09 - Low natural gas prices are driving producers such as Chesapeake and Southwestern to seek large ‘strategic’ deals at a time when large-scale consolidation is coming under increased scrutiny by lawmakers and regulators.
2024-01-23 - The merger of the two wireline services companies will create API Wyreline.