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A&D DEAL SHEET |
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|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| Renew | 2/28/22 | Chevron Corp. | Renewable Energy Group Inc. | $3,000 |
To buy biodiesel maker Renewable Energy Group based in Ames, IA, in an all-cash transaction. (Expected to close 2H 2022) |
| E&P | 2/28/22 | PDC Energy Inc. | Great Western Petroleum LLC | $1,300 |
To acquire the privately held D-J Basin operator owned by affiliates of EIG, TPG Energy Solutions LP and The Broe Group; includes 54,000 net acres in the Wattenberg primarily in Adams County, CO, about 55,000 boe/d (42% oil / 67% liquids) of PDP and 315 operated locations. (Expected to close 2Q 2022) |
| E&P | 2/28/22 | WhiteHawk Energy LLC | Undisclosed | $52.5 |
To buy minerals and royalty assets covering 475,000 gross unit acres located in SW PA primarily focused in Washington and Greene counties. |
| E&P | 3/1/22 | Civitas Resources Inc.; Kimmeridge Energy Management Co. LLC | Bison Oil & Gas LLC; Carnelian Energy Capital Management LP | $300 |
Acquired D-J Basin operator Bison II in an all-cash transaction that includes assumption of $176MM in debt and other liabilities; Bison II holds leases covering roughly 40,000 net acres, production of about 9,000 boe/d (75% oil and 90% liquids) and 102 gross locations. (Completed; PSA announced February 2022) |
| Mid | 3/1/22 | Pembina Pipeline Corp. | KKR & Co. Inc. | CA$11,400 |
To form JV through combination of Western Canadian gas processing assets; includes Pembina's field-based natural gas processing assets, the Veresen Midstream business and Energy Transfer Canada. (Expected to close 2Q or 3Q 2022) |
| Mid | 3/1/22 | Pembina Pipeline Corp.; KKR & Co. Inc. | Energy Transfer LP | CA$1,600 |
To acquire 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. (Expected to close 3Q 2022) |
| E&P | 3/1/22 | Petrus Resources Ltd. | Undisclosed | CA$14.4 |
To acquire in an all-stock transaction a privately owned limited partnership and its general partner focused in Petrus’ core area, Ferrier, Alberta; includes a contiguous, high working interest, Cardium land position in Ferrier. (Expected to close March) |
| E&P | 3/2/22 | Dorchester Minerals LP | Undisclosed | N/A |
To purchase mineral and royalty interests of approximately 3,600 net royalty acres located in 13 counties across CO, LA, OH, OK, PA, WV, WY, in exchange for 570,000 common LP units of Dorchester. (Expected to close March) |
| E&P | 3/2/22 | MedcoEnergi | ConocoPhillips Co. | $1,355 |
Bought ConocoPhillips’ 54% interest in the Indonesia Corridor Block PSC and a 35% shareholding interest in the Transasia Pipeline Co.; includes about 50,000 boe/d of production and year-end 2020 proved reserves of 85 million boe. |
| Renew | 3/3/22 | Greenbacker Renewable Energy Co. LLC | BlackRock Inc. | N/A |
Purchased a 49% financial interest from BlackRock Global Renewable Power Fund II in the 150-MW operating Aurora solar portfolio comprising 16 solar projects in the Minneapolis-St. Paul area in MN. |
| E&P | 3/3/22 | IOG Resources LLC; First Reserve Corp. | Tier 1 Merced Holdings LLC | N/A |
Purchased producing oil and gas assets in the Delaware Basin in the Permian consisting of nonoperated wellbores primarily located in Eddy and Lea Cos., NM, with about 3,800 boe/d of net production; operators include Devon Energy, ConocoPhillips and Marathon Oil. |
| E&P | 3/7/22 | Oasis Petroleum Inc. | Whiting Petroleum Corp. | $6,000 |
To combine 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. (Expected to close 2H 2022) |
| E&P | 3/7/22 | WildFire Energy LLC | MD America Energy LLC | N/A |
Acquired the Fort Worth, TX-based private E&P company with approximately 45,000 net acres, 200 operated wells and 3,200 boe/d (85% liquids) of production in the E TX Eagle Ford. |
| E&P | 3/8/22 | Greylock Energy LLC | Undisclosed | N/A |
Acquired roughly 290,000 gross acres and other assets, including 1,400 producing wells, in the Uinta and Green River basins in UT and WY. |
| E&P | 3/9/22 | Chesapeake Energy Corp. | Chief Oil & Gas LLC; Tug Hill Inc. | $2,600 |
Acquired Marcellus operator Chief E&D Holdings LP and associated nonoperated interests held by affiliates of Tug Hill in exchange for $2B cash and about 9.44MM commons hares; includes 113,000 net acres producing 835 MMcf/d. (Completed; PSA announced January 2022) |
| E&P | 3/9/22 | Petro-Hunt LLC |
Admiral Permian Resources LLC; Ares Management Corp. |
N/A |
Acquired predominantly operated oil and gas production and 21,430 net acres of leasehold in northwest Reeves and northeast Culberson Cos., TX, in the Delaware Basin of the Permian; current gross operated production is approximately 7,000 bbl/d of oil and 100 MMcf/d of gas. |
| S&S | 3/9/33 | Tidewater Inc. | Swire Pacific Offshore Holdings Ltd. | $190 |
To acquire all of the outstanding shares of Swire Pacific Offshore, a subsidiary of Swire Pacific Ltd., creating industry’s largest fleet of OSVs. (Expected to close 2Q 2022) |
| E&P | 3/11/22 | Azule Energy | BP Plc; Eni SpA | N/A |
Formed new 50/50 independent energy company Azule Energy through the combination of their oil and gas operations in Angola; expected to be Angola’s largest producer with stakes in 16 licenses and in the Angola LNG JV. |
| E&P | 3/14/22 | Silver Hill Energy Partners III LLC | Pine Wave Energy Partners LLC | N/A |
To buy certain Haynesville assets located in Caddo Parish, LA and Harrison and Panola Cos., TX, consisting of approximately 12,500 net acres with ownership interests in 10 operated wells with 100 MMcf/d. (Expected to close 2Q 2022) |
| Mid | 3/14/22 | Williams Cos. Inc. | Trace Midstream; Quantum Energy Partners | $950 |
To acquire the Haynesville gathering and processing assets of Trace Midstream, a portfolio company of Quantum Energy Partners; includes long-term capacity commitment for LEG project from Rockcliff Energy. (Expected to close 2Q 2022) |
| Mid | 3/17/22 | Targa Resources Corp. | Southcross Energy Operating LLC | $200 |
To acquire Southcross Energy Operating LLC and its subsidiaries in S TX spanning 24 counties in the Eagle Ford Shale and upper Gulf Coast area. (Expected to close 2Q 2022) |
| S&S | 3/21/22 | Baker Hughes Co. | Altus Intervention | N/A |
To buy Altus Intervention, a leading international provider of well intervention services and downhole oil and gas technology headquartered in Norway with operations in 11 countries and 1,200 employees globally. (Expected to close 2H 2022) |
| Mid | 3/21/22 | Whiptail Midstream LLC | DJR Energy LLC | N/A |
Purchased the oil, gas and water gathering assets of DJR Energy in the Gallup oil window of the San Juan Basin; transaction includes long-term dedication of its leasehold acreage for oil, natural gas and water production. |
| Mid | 3/22/22 | ArcLight Capital Partners LLC; Cutlass Energy Partners LLC | Undisclosed | N/A |
To buy a natural gas gathering system with up to 1.2 Bcf/d capacity in the Haynesville shale basin of LA and TX through affiliate Saber Midstream LLC; to be managed by Cutlass Energy Partners. |
| E&P | 3/23/22 | Waldorf Production Ltd. | MOL Group | $305 |
To purchase MOL’s entire upstream portfolio in the U.K. including stakes in Catcher Field, Scolty & Crathes, Scott a number of other licenses with proved and probable reserves of 14.9 million boe at YE 2021. (Expected to close 2H 2022) |
| S&S | 3/24/22 | Project Canary | Aeris Technologies Inc. | N/A |
Purchased the California Bay Area-based provider of laser-based gas analyzers and leak detection systems expanding its services beyond oil and gas. |
| E&P | 3/28/22 | Vermilion Energy Inc. | Leucrotta Exploration Inc. | CA$477 |
To acquire Leucrotta, a Canadian publicly listed Montney-focused oil and natural gas exploration and development company with lands located in the Mica area of NE BC and NW Alberta. (Expected to close May) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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