A&D DEAL SHEET |
|||||
|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| S&S | 7/18/22 | Precision Drilling Corp. | High Arctic Energy Services Inc. | CA$38.2 |
To buy High Arctic’s well servicing business and associated rentals assets. (Expected to close July) |
| Mid | 7/20/22 | Harvest Midstream Co. | BlackRock Real Assets | N/A |
Purchased the remaining interest in Arrowhead Gulf Coast Holdings LLC, making Harvest the sole owner of the company; include 300 miles of pipelines and terminal assets in southern LA. |
| E&P | 7/21/22 | Devon Energy Corp. | RimRock Oil & Gas LLC | $865 |
Acquired the leasehold interest and related assets of RimRock Oil and Gas, a Warburg Pincus portfolio company focused in the Williston Basin; includes 38,000 net acres and 15,000 boe/d (78% oil) of production. (Completed; PSA announced June 2022) |
| Mid | 7/25/22 | Shell USA Inc.; Shell Plc | Shell Midstream Partners LP | $1,960 |
To purchase all remaining interests in Shell Midstream Partners held by the public at $15.85 per public common unit in cash; currently owns roughly 68.5% of Shell Midstream Partner common units. (Expected to close 4Q 2022) |
| E&P | 7/26/22 | Sitio Royalties Corp. | Momentum Minerals LLC; Apollo Global Management LLC | $224 |
Bought over 12,200 net royalty acres in the Permian Basin. (Completed; PSA announced June 2022) |
| S&S | 7/27/22 | Diversified Energy Co. Plc | Contractor Services Inc. of West Virginia (ConServ) | N/A |
Purchased the well services and plugging assets of Contractor Services Inc. (ConServ) of WV in the Appalachian Basin. |
| E&P | 7/28/22 | Diversified Energy Co. Plc | ConocoPhillips Co. | $240 |
To purchase OK and TX assets within the Midcontinent region comprising interest in roughly 1,500 producing wells across 250,000 net acres with 60% operated production; net production is about 9,000 boe/d (90% natural gas and NGL). (Expected to close September) |
| E&P | 7/28/22 | Journey Energy Inc. | Enerplus Corp. | CA$140 |
To buy certain Canadian assets located in Alberta including Ante Creek and Medicine Hat operations along with its broad interests in the West Five and West Six areas of Alberta. (Expected to close 3Q 2022) |
| S&S | 8/1/22 | Undisclosed; Local management team | Baker Hughes Co. | N/A |
To buy out Baker Hughes’ oilfield services business in Russia for undisclosed terms. (Expected to close 2H 2022) |
| E&P | 8/3/22 | APA Corp. | Titus Oil & Gas LLC; NGP Energy Capital Management LLC | $555 |
Acquired properties in the TX Delaware Basin near its existing operations primarily in Loving and Reeves counties. (Completed July 29) |
| Mid | 8/4/22 | Aris Water Solutions Inc. | Delaware Energy Services | N/A |
Purchased the assets of Delaware Energy Services in exchange for stock and a small, volumetric-based contingent consideration paid over five years; includes seven produced water handling facilities and associated gathering lines in Aris’ core areas of Eddy and Lea cos., NM, in the northern Delaware Basin. |
| Down | 8/8/22 | Cenovus Energy Inc. | BP Plc | $300 |
To buy the remaining 50% stake and assume operatorship in the BP-Husky Toledo Refinery in OH, which can process up to 160,000 bbl/d of crude oil. (Expected to close by year-end 2022) |
| E&P | 8/9/22 | Devon Energy Corp. | Validus Energy | $1,800 |
To buy privately held Validus Energy with a position of 42,000 net acres in the core of the Karnes County oil window in South Texas adjacent to Devon’s existing leasehold; average production is 35,000 boe/d. (Expected to close 3Q 2022) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
Recommended Reading
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.
Marathon Chasing 20%+ IRRs with Los Angeles, Galveston Refinery Upgrades
2024-02-01 - Marathon Petroleum Corp. is pursuing improvements at its Los Angeles refinery and a hydrotreater project at its Galveston Bay refinery that are each boasting internal rate returns (IRRs) of 20% or more.
Air Products Sees $15B Hydrogen, Energy Transition Project Backlog
2024-02-07 - Pennsylvania-headquartered Air Products has eight hydrogen projects underway and is targeting an IRR of more than 10%.
Air Liquide Eyes More Investments as Backlog Grows to $4.8B
2024-02-22 - Air Liquide reported a net profit of €3.08 billion ($US3.33 billion) for 2023, up more than 11% compared to 2022.
Some Payne, But Mostly Gain for H&P in Q4 2023
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.