A&D DEAL SHEET
|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.
|Mid||8/15/22||Energos Infrastructure||Apollo Global Management LLC; New Fortress Energy Inc.||$2,000||
Formed JV a new global LNG maritime platform named Energos Infrastructure owned approximately 80% by Apollo-managed funds and 20% by New Fortress. (Completed; PSA announced July 2022)
|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)
|Mid||8/17/22||Phillips 66 Co.||Enbridge Inc.; DCP Midstream LP||$3,290||
Acquired increased stake in DCP Midstream through a merger of existing JVs owned with Enbridge that includes the selldown of interests and relinquish of operatorship in the Gray Oak Pipeline LLC in the Permian Basin; includes $400 MM cash payment.
|E&P||8/18/22||Tellurian Inc.; Tellurian Production LLC||EnSight Energy Partners LP||$133||
Purchased the natural gas assets of EnSight IV Energy Partners LLC and EnSight Haynesville Partners LLC located in the core of the Haynesville Shale in DeSoto, Bossier, Caddo, and Webster parishes, LA; includes about 5,000 net acres, 30 gross drilling locations and roughly 45 MMcf/d (100% natural gas) of current net production with 108 Bcf of proved reserves. (Completed; PSA announced July 2022)
|E&P||8/18/22||Undisclosed||Crew Energy Inc.||CA$130||
Purchased certain noncore Crew Energy assets at Attachie and Portage in northeast British Columbia including approximately 47,025 net acres of Montney rights with total proved reserves of 4.7 million boe.
|E&P||8/22/22||Brigham Minerals Inc.||Avant Natural Resources LLC||$132.5||
To purchase about 3,900 net royalty acres in the Permian in the core of the Mineral Basin in Martin and Midland counties, TX; includes 253 gross wells spud over the last 12-months and 2023 estimated production totaling between 750 and 950 boe/d (60% oil). (Expected to close mid-October)
|E&P||8/22/22||Undisclosed||Riverbend Energy Group||$1,800||
Bought affiliates Riverbend Oil & Gas VI, VI-B and VIII comprising nonoperated assets in multiple shale plays including the Bakken within the Williston Basin plus the Fayetteville, Haynesville and Utica shales; assets produce an average of 47,000 boe/d from 11,000 wells. (Completed; PSA announced June 2022)
|Mid||8/24/22||Diamondback Energy Inc.||Rattler Midstream LP||$575.2||
Purchased to acquire all of the publicly held common units representing the LP interests in Rattler not already owned by Diamondback and its subsidiaries in exchange for 0.113 of a share of common stock in Diamondback. (Completed; PSA announced May 2022)
|S&S||8/25/22||Gulf Coast Sand LLC||Shale Support LLC||N/A||
Purchased assets originating from Shale Support comprising two fluid bed driers, 10 mineral separators and 24,000 thousand tons of silo storage, all paired with truck and unit rail train load out capabilities, serving the US Gulf Coast.
|E&P||8/25/22||LRG Energy LLC||Bjorger Cos.||N/A||
Purchased 800 wells and integrated saltwater disposal wells in the TX Panhandle in Carson, Gray, Hutchinson, Hansford, Moore and Sherman Cos. plus N TX in Montague, Stephens and Wise Cos.; includes 35,000 acres.
|E&P||8/29/22||Helix Energy Solutions Group Inc.||Murphy Oil Corp.||$16||
Purchased 62.5% interest in Mississippi Canyon Block 734 comprises three wells and related subsea infrastructure, collectively known as the Thunder Hawk Field, located in the US GoM.
|S&S||8/30/22||Aker Solutions ASA||Schlumberger Ltd.; Subsea 7 SA||$700.5||
To form a JV by combining Schlumberger’s and Aker Solutions’ subsea businesses with Subsea 7 as an equity partner in the new JV; combined business will have approximately 9,000 employees globally and generate an estimated synergy potential of more than $100 million per annum. (Expected to close 2H 2023)
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
2023-01-30 - 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.
2022-11-16 - Here’s a snapshot of recent energy deals including a $155 million sale in the Permian Basin by Diamondback Energy and Chart’s $4.4 billion acquisition.
2022-11-16 - Here’s a quicklist of oil and gas assets on the market including a Recoil Resources Eagleville Field well package within the Eagle Ford Basin in Atascosa and Wilson counties, Texas.
2022-11-30 - Here’s a quicklist of oil and gas assets on the market including Revolution Resources Midcon divestiture plus Canyon Creek Energy - Arkoma package in Hughes County, Oklahoma.
2022-11-30 - Here’s a snapshot of recent energy deals including a $1.55 billion acquisition by Diamondback Energy in the Permian Basin and Shell’s nearly $2 billion RNG deal.