Here’s a snapshot of energy deals from the past week including a minerals deal worth roughly $151 million between EnCap Investment and Kimbell Royalty Partners and the sale of Devon Energy’s Central Basin Platform assets in the Permian Basin.
A&D DEAL SHEET
|
||||||
Sector |
Date Announced |
Buyer |
Seller |
Value (US$MM) |
Location of Assets |
Comments |
Mid |
2/4/19 |
First Infrastructure Capital Advisors LLC |
WhiteWater Midstream LLC; Denham Capital Management LP; Ridgemont Equity Partners |
N/A |
TX |
To acquire WhiteWater, including its 60% stake in Agua Blanca, a Delaware Basin intrastate natural gas pipeline system. (Expected to close 1Q 2019) |
Mid |
2/4/19 |
First Infrastructure Capital Advisors LLC |
WPX Energy Inc. |
N/A |
TX |
To acquire WPX’s 20% equity interest in WhiteWater Midstream’s Agua Blanca natural gas pipeline in the Delaware Basin. (Expected to close 1Q 2019) |
E&P |
2/4/19 |
Undisclosed |
WPX Energy Inc. |
N/A |
TX |
To purchase noncore Nine Mile Draw E&P assets in southern Reeves County, Texas, within the Delaware Basin of the Permian. (Expected to close 1Q 2019) |
S&S |
2/4/19 |
Upstream Energy |
Ecolab Inc. |
N/A |
MN |
To spin off its $2.4B oil-drilling chemicals business into a separate public company. (Expected to close mid-2020) |
E&P |
2/4/19 |
WPX Energy Inc. |
Undisclosed |
100 |
TX |
To buy 14,000 surface acres in WPX’s core Stateline development area within the Delaware Basin. |
E&P |
2/519 |
Viper Energy Partners LP; Diamondback Energy Inc. |
Undisclosed |
104 |
TX |
Acquired 933 net royalty acres in 23 acquisitions, increasing its mineral interests in the Midland Basin to a total of 14,841 net royalty acres, up 55% YOY. (Closed 4Q 2018) |
E&P |
2/7/19 |
Kimbell Royalty Partners LP |
EnCap Investments LP; Phillips Energy Partners LLC |
151.3 |
USA |
To buy certain oil and gas royalty assets in an 100% equity transaction; includes 12,200 net royalty acres and 1,600 boe/d of production with more than half of production from the Eagle Ford Shale, Permian Basin, Haynesville Shale and Powder River Basin. (Expected to close March) |
E&P |
2/7/19 |
Stronghold Energy II Holdings LLC; Warburg Pincus LLC |
Devon Energy Corp. |
191 |
TX |
Purchased Devon’s Central Basin Platform assets located in the Permian Basin, which had 4,000 boe/d (about 45% oil) of production in 3Q 2018). (Closed January) |
Renew |
2/8/19 |
Eversource Energy |
Ørsted AS |
225 |
USA |
Formed 50-50 partnership agreement for offshore wind assets in the Northeast US; includes a 50% interest in Ørsted’s Revolution Wind and South Fork Wind Farm projects plus a tract off the coasts of MA and RI. |
E&P |
2/8/19 |
Royal Dutch Shell Plc |
Cluff Natural Resources Plc |
N/A |
UK |
Bought stakes and options in gas licenses in the southern UK North Sea estimated to contain a total of 190 million boe as part of a farm-out agreement. |
Mid |
2/8/19 |
Salt Creek Midstream LLC |
Noble Midstream Partners LP |
N/A |
TX |
Formed 50/50 JV partnership named Delaware Crossing LLC to develop a crude oil pipeline and gathering system in the Permian's Delaware Basin in W TX. (Closed; LOI signed October 2018) |
E&P |
2/11/19 |
Coro Energy Plc |
West Natuna Exploration Ltd. |
15.3 |
Indonesia |
Bought a 15% interest in the Duyung Production Sharing Contract in the West Natuna Basin, offshore Indonesia, which contains the Mako gas field. |
Source: Hart Energy |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
Emily Patsy can be reached at epatsy@hartenergy.com.
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