A&D DEAL SHEET
|E&P||6/13/22||Cenovus Energy Inc.||BP Plc||CA$1,200||
To buy BP’s 50% nonoperated interest in the Sunrise oil sands project in northern Alberta, Canada; total consideration includes CA$600 MM in cash, a CA$600 MM contingent payment and Cenovus’s 35% position in the undeveloped Bay du Nord project offshore Newfoundland and Labrador. (Expected to close 3Q 2022)
|Mid||6/14/22||DCP Midstream LP||Woodland Midstream II LLC; EIV Capital LLC||$160||
To acquire the James Lake System, located within three miles of DCP’s Goldsmith processing facility in Ector County, TX, within the Permian Basin; includes about 230 miles of gathering pipe and a 120 MMcf/d cryogenic processing facility. (Expected to close 3Q 2022)
|E&P||6/15/22||Undisclosed||Riverbend Energy Group||$1,800||
To buy 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. (Expected to close 3Q 2022)
|Mid||6/16/22||Targa Resources Corp.||Lucid Energy Group; Riverstone Holdings LLC; Goldman Sachs Asset Management||$3,550||
To acquire Lucid Energy Group, a leading privately held natural gas processor in the Permian with assets focused in the Delaware Basin primarily in Eddy and Lea counties, NM. (Expected to close 3Q 2022)
|S&S||6/21/22||ProFrac Holding Corp.||U.S. Well Services Inc.||$270||
To acquire Houston-based U.S. Well Services Inc., a leading provider of electric pressure pumping services and a market leader in electric pressure pumping, in a stock-for-stock transaction. (Expected to close 4Q 2022)
|E&P||6/27/22||Sitio Royalty Corp.||Foundation Minerals; Quantum Energy Partners||$323||
Purchased over 19,700 net royalty acres in the Permian Basin.
|E&P||6/27/22||Sitio Royalty Corp.||Momentum Minerals LLC; Apollo Global Management||$224||
To buy over 12,200 net royalty acres in the Permian Basin. (Expected to close 3Q 2022)
|E&P||6/28/22||Earthstone Energy Inc.||Titus Oil & Gas Production LLC; NGP Energy Capital Management LLC||$627||
To acquire 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. (Expected to close 3Q 2022)
|Renew||6/28/22||Equinor ASA; SSE Plc||Energy Capital Partners||$418.7||
To buy UK-based power company Triton Power from PE firm Energy Capital Partners; includes key plant Saltend Power Station and plans for the CCGT power plant to use hydrogen. (Expected to close September 2022)
|E&P||6/28/22||Whitecap Resources Inc.||Exxon Mobil Corp.; Imperial Oil Ltd.||CA$1,900||
To purchase XTO Energy Canada ULC, jointly owned by Imperial and ExxonMobil Canada; includes 567,000 net acres in the Montney Shale, 72,000 net acres in the Duvernay Shale and additional acreage with net production of 140 MMcf/d of natural gas and about 9,000 bbl/d of crude, condensate and NGL. (Expected to close 3Q 2022)
|E&P||6/28/22||S.T.L. Resources LLC||Tilden Marcellus LLC||$26||
Purchased shale natural gas assets previously owned by Tilden Marcellus through a Chapter 11 bankruptcy auction; includes 100% WI and operatorship of natural gas wells across about 24,000 net mineral acres in Tioga and Potter Cos., PA, located in the Marshlands Field in the core of the Marcellus and Utica shale dry gas fairway.
|E&P||6/29/22||Shell Plc||Equinor ASA||N/A||
To buy a 51% interest and operatorship in the North Platte deepwater development project, to be renamed Sparta, in the Garden Banks area of the US Gulf of Mexico.
|E&P||6/30/22||Citizen Energy LLC||Bricktown Energy; Red Bluff Resources||N/A||
Purchased substantially all of the oil and gas properties of Red Bluff Resources and Bricktown Energy adding 80,000 net acres, 13,000 boe/d (56% liquids) plus 200 operated and 739 nonoperated wells located in the Midcontinent region.
|E&P||6/30/22||HighPeak Energy Inc.||Hannathon Petroleum LLC||$346.5||
Acquired the Howard County, TX, assets of Hannathon Petroleum LLC and other nonoperated working interest owners in the Permian Midland Basin largely contiguous to HighPeak’s existing Signal Peak position; consideration comprised of $237 MM in cash and 3.5 MM shares of HighPeak common stock, where were both reduced prior to closing. (Completed; PSA announced April 2022)
|E&P||6/30/22||Ranger Oil Corp.||Undisclosed||$46||
To purchase through three, separate bolt-on acquisitions additional working interests in existing Ranger-operated wells along with contiguous producing assets and undeveloped acreage with production of 1,600 boe/d (~79% oil / 92% liquids), primarily associated with low-decline, legacy wells. (Expected to close by July 5)
|E&P||7/1/22||Chord Energy Corp.||Whiting Petroleum Corp.; Oasis Petroleum Inc.||$6,000||
Combined and in exchange Whiting shareholders will receive 0.5774 shares of Oasis common stock and $6.25 in cash for each share of Whiting common stock owned; combined company will have an enterprise value of roughly $6 B and operate 972,000 net acres with production of 167,800 boe/d in the Williston Basin. (Completed; PSA announced March 2022)
|S&S||7/5/22||Helix Energy Solutions Group Inc.||Alliance Energy Group||$120||
Acquired 100% of the equity interests of the Alliance group of companies in the US Gulf of Mexico for $120 MM of cash at closing, plus the potential for post-closing earnout consideration payable in 2024. (Completed; PSA announced May 2022)
|E&P||7/5/22||Ring Energy Inc.||Stronghold Energy II Holdings LLC; Warburg Pincus LLC||$465||
To acquire Stronghold Energy II Operating LLC and Stronghold Energy II Royalties LP consisting of 37,000 net acres located primarily in Crane County, TX, in the Permian Basin’s Central Basin Platform; includes strong current net production of about 9,100 boe/d (54% oil, 75% liquids). (Expected to close 3Q 2022)
|E&P||7/5/22||SilverBow Resources Inc.||Sundance Energy Inc.||$354||
Acquired Sundance in a cash and stock transaction that includes up to an additional $15 million dollars of contingent payments based on future commodity prices; assets comprise 39,000 net acres in Atascosa, La Salle, McMullen & Live Oak Cos., TX of highly contiguous Eagle Ford acreage and net production of 11,100 boe/d (84% liquids / 65% oil). (Completed; PSA announced April 2022)
To acquire, separately, portions of Ovintiv’s assets located in the Bakken and Uinta basins; Bakken assets include about 88 wells, located mainly in Richland County, MT, and Uinta assets are mature waterflood assets including about 3,000 gross vertical wells. (Expected to close 3Q 2022)
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
2022-11-30 - Also in this week’s A&D Minute: Who’s been quietly buying acreage in the Permian Basin? Plus see what else is on new mid-cap powerhouse Permian Resources’ radar.
2022-10-12 - Here’s a snapshot of recent energy deals including Diamondback Energy’s agreement to acquire FireBird Energy for $1.6 billion, expanding the Permian operator’s position in the Midland Basin.
2022-10-12 - Here’s a quicklist of oil and gas assets on the market including the sale of certain nonoperated working interest properties in Henry Resources’ Melinda Lease in the Midland Basin in Upton County, Texas.
2022-09-14 - Here’s a quicklist of oil and gas assets on the market including a Millennial Energy Partners Webb County, Texas package that includes nonoperated working interest in six SM Energy wells located in the condensate window of the Eagle Ford Shale.
2022-09-14 - Here’s a snapshot of recent energy deals including EQT’s monster $5.2 billion acquisition plus the acquisition of NorTex Midstream by Williams in a $423 million transaction.