A&D DEAL SHEET
|Mid||12/20/21||BP Plc||BP Midstream Partners LP||$723||
To acquire all outstanding common units of BP Midstream Partners not already owned directly or indirectly by BP, representing roughly 47.8 million common units, in an all-stock transaction. (Expected to close 1Q 2022)
|E&P||12/21/21||Aker BP||Lundin Energy||$13,900||
To buy the oil and gas business of Sweden’s Lundin Energy, forming the second-largest listed petroleum firm on the Norwegian Continental Shelf.
|E&P||12/21/21||Continental Resources Inc.||Pioneer Natural Resources Co.||$3,250||
Acquired Pioneer’s Delaware Basin position in the Permian covering approximately 92,000 net acres in Pecos, Reeves, Ward and Winkler Cos. in W TX with net production of approximately 50,000 boe/d and over 650 gross operated locations in Third Bone Spring/Wolfcamp A and B. (Completed; PSA announced November 2021)
|E&P||12/29/21||Undisclosed||Diversified Energy Co. Plc; Oaktree Capital Management LP||$72.8||
Purchased 22,729 net acres of predominantly undeveloped Haynesville Shale leasehold in Harrison, Leon, Panola, Robertson and Rusk counties, TX, and 38 gross wells producing approximately 1,700 net Mcf/d as of November, net to Diversified. (Completed; PSA announced November 2021)
|E&P||12/30/21||FireBird Energy LLC||Chevron Corp.||N/A||
Acquired 21,000 net acres (99% operated) in the western Midland Basin of the Permian across Ector, Midland, Crane, and Upton counties, TX.
|Mid||12/31/21||Southwest Gas Holdings Inc.||Dominion Energy Inc.; Questar Pipeline LLC||$1,975||
Bought Questar Pipelines, a Rocky Mountain energy hub with 2,160-miles of highly contracted, FERC-regulated interstate natural gas pipelines providing transportation and underground storage services in UT, WY and Co; includes assumption of $430 MM of debt. (Completed; PSA announced October 2021)
|E&P||12/31/21||Dorchester Minerals LP||Undisclosed||$29||
Bought mineral and royalty interests representing approximately 4,600 net royalty acres located in 27 counties across NM, OK, TX & WY. (Completed; PSA announced November 2021)
|E&P||12/31/21||Southwestern Energy Co.||GEP Haynesville LLC; GeoSouthern Energy Corp.; GSO Capital Partners LP||$1,850||
Acquired GEP Haynesville, the third largest private Haynesville operator, in a cash-and-stock transaction; includes 226,000 net effective acres with estimated net resource potential of 6 Tcfe, approximately 700 MMcf/d of production and 700 locations. (Completed; PSA announced November 2021)
|E&P||1/4/22||Lime Rock Resources LP||Abraxas Petroleum Corp.||$87.2||
Acquired the Williston Basin properties of Abraxas consisting of approximately 3,500 acres in McKenzie County, ND.
|E&P||1/4/22||Lime Rock Resources LP||Undisclosed||$271.3||
Bought Austin Chalk and Eagle Ford properties on approximately 46,000 highly contiguous net acres located in Burleson, Milam and Robertson counties, TX, from a private seller; properties produced approximately 7,700 boe/d as of the closing of the acquisition.
|S&S||1/4/22||Milestone Environmental Services LLC||Undisclosed||N/A||
Bought an active slurry injection facility in the E TX Haynesville Shale with two injection wells, located in Shelby County; includes two additional permits for energy waste landfills in TX, one in the Haynesville and the other in the Permian Basin.
|Mid||1/4/22||UGI Corp.; UGI Energy Services LLC||Stonehenge Energy Holdings LLC; Stonehenge Appalachia LLC||$190||
To purchase the Stonehenge Appalachia natural gas gathering system in Butler County, PA, comprising more than 47 miles of pipeline and associated compression assets and gathering capacity of 130 MMcf/d. (Expected to close by Jan. 31)
|E&P||1/5/22||UpCurve Energy Partners II LLC||Undisclosed||N/A||
Purchased roughly 2,000 additional net acres in Reeves County, TX, within the southern Delaware Basin of the Permian; includes about 2,000 boe/d of production.
|E&P||1/6/22||Rising Phoenix Royalties||Undisclosed||N/A||
Bought 98 net royalty acres within the Marcellus Shale in the Appalachian Basin in Washington County, PA, operated by Range Resources.
|Mid||1/10/22||Enterprise Products Partners LP||Navitas Midstream Partners LLC; Warburg Pincus LLC||$3,250||
To acquire The Woodlands, TX-based Navitas backed by Warburg Pincus; includes approximately 1,750 miles of pipelines and over 1 Bcf/d of cryogenic natural gas processing capacity in the Midland Basin of the Permian. (Expected to close 1Q 2022)
|Mid||1/10/22||Targa Resources Corp.||Stonepeak Partners LP||$925||
To buy back the interests in its development company JVs used to fund the development of key downstream projects; includes interest in the Grand Prix NGL Pipeline and Gulf Coast Express Pipeline, which both serve Permian Basin producers, as well as Targa’s Train 6 fractionator in Mont Belvieu, TX. (Expected to close Jan. 14)
|E&P||1/10/22||W&T Offshore Inc.||ANKOR E&P Holdings Corp.; KOA Energy LP||$47||
To acquire working interests in and operatorship of oil and gas producing properties in federal shallow waters in the central region of the US GoM; includes approximately 3,400 boe/d (74% oil) and average working interest of 80%. (Expected to close 1Q 2022)
|Renew||1/11/22||Exxon Mobil Corp.||Biojet AS||N/A||
Purchased a 49.9% stake in Norwegian biofuels company Biojet, which plans to develop up to five facilities to produce biofuels from forestry and wood-based construction waste with commercial production expected to begin in 2025.
|E&P||1/12/22||Falcon Minerals Corp.||Desert Peak Minerals; Kimmeridge Energy Management Co. LLC||$1,900||
To acquire in all-stock merger creating a mineral and royalty company with a significant Permian and Eagle Ford footprint and an enterprise value of $1.9 B; combined assets include over 139,000 NRAs, 105,000 of which are located in the Permian Basin, and projected production of 13,500-14,500 boe/d for 1H 2022. (Expected to close 2Q 2022)
|E&P||1/17/22||Vista Oil & Gas||Wintershall Dea||$140||
To buy Wintershall Dea’s stake in two concessions in Argentina’s Vaca Muerta Shale oil deposit.
|Mid||1/18/22||Clearfork Midstream LLC; EnCap Flatrock Midstream LLC||Azure Midstream Energy LLC||N/A||
To acquire Azure Midstream, which has a natural gas gathering and treating platform spanning the core areas of the Haynesville Shale formation and includes more than 500 miles of pipeline and 1.2 Bcf/d of treating capacity across systems in N LA and E TX. (Expected to close 1Q 2022)
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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