A&D DEAL SHEET
|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)
|E&P||8/1/22||Comstock Resources Inc.||Undisclosed||$35.6||
Purchased an “attractive bolt-on acquisition” which included about 60,000 net acres prospective for the Haynesville and Bossier as well as a 145-mile high-pressure pipeline and natural gas treating plant. (Completed in April)
|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.
|E&P||8/4/22||Murphy Oil Corp.||Undisclosed||$47||
Bought additional working interest in the nonoperated Kodiak Field in the US GoM), increasing its working interest to 59.3% from 48.3%. (Completed 2Q 2022)
|E&P||8/4/22||Murphy Oil Corp.||Undisclosed||$77||
To buy 3.4% of additional working interest in the nonoperated Lucius Field in the US GoM. (Expected to close 3Q 2022)
|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)
|E&P||8/10/22||Earthstone Energy Inc.||Titus Oil & Gas Production LLC; Natural Gas Partners LP||$627||
Acquired the Permian Basin NM assets of Titus Oil & Gas Production LLC and Titus Oil & Gas Production II LLC and their affiliates located in the northern Delaware Basin in Eddy and Lea Cos. (Completed; PSA announced June 2022)
|Mid||8/11/22||Kinder Morgan Inc.||North American Natural Resources Inc. (NANR)||$135||
Purchased renewable natural gas producer NANR and its sister companies, North American Biofuels LLC and North American-Central LLC; includes seven landfill gas-to-power facilities in MI and KY.
|E&P||8/15/22||Northern Oil and Gas Inc.||Undisclosed||$170||
Acquired nonoperated interests in the Williston Basin primarily located in Dunn, McKenzie and Williams counties, ND; includes approximately 3,500 acres, 9.2 net producing wells, 2.6 net wells-in-process and 14.9 net engineered economic undeveloped locations. (Completed; PSA announced June 2022)
|Mid||8/16/22||Pembina Pipeline Corp.; KKR & Co. Inc.||Energy Transfer LP||CA$1,600||
Acquired the remaining 51% interest in Energy Transfer Canada, which is one of Alberta’s largest licensed gas processors with natural gas gathering and transportation infrastructure assets in the Western Canadian Sedimentary Basin. (Completed; PSA announced March 2022)
|E&P||8/17/22||Northern Oil and Gas Inc.||Laredo Petroleum Inc.||$110||
To buy certain nonoperated properties within the Midland Basin of the Permian located in in Howard County, TX; includes 1,650 net acres and expected full-year 2023 average net production of 1,800 boe/d (roughly 72% oil) substantially operated by SM Energy. (Expected to close October)
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
2022-09-16 - The Rice University Baker Institute for Public Policy’s Political Science Fellow Mark P. Jones recently spoke to Hart Energy about some of the headwinds confronting oil and gas investors eyeing shale opportunities in Argentina’s massive Vaca Muerta formation.
2022-07-21 - FPSO One Guyana to begin production of Exxon Mobil’s Yellowtail development offshore Guyana in the prolific deepwater Stabroek block in 2025.
2022-07-20 - “The demand outlook for the next 12 to 18 months is deteriorating, as inflation erodes consumer purchasing power and central banks aggressively raise interest rates to combat inflation,” Baker Hughes CEO Lorenzo Simonelli said in a statement.
2022-07-13 - Two investment banks have been hired to manage the sale of Ridgeback Resources, one of the largest private oil producers in Canada, which sources said could be sold in multiple transactions.
2022-07-15 - Here’s a survey of the 30 largest public oil and gas companies and their hedging activities as disclosed in their Dec. 21, 2021, 10-K filings.