Source: HartEnergy.com

A&D DEAL SHEET

Sector  Date
Announced
 Buyer  Seller  Value
(US$MM)
 Comments
E&P 5/9/21 Laredo Petroleum Inc. Sabalo Energy LLC; EnCap Investments LP; Undisclosed $715

To purchase the assets of Sabalo Energy and a nonoperating partner including roughly 21,000 contiguous net acres directly offsetting Laredo’s existing Howard County, TX, leasehold in the Midland Basin of the Permian; current production is about 14,500 boe/d (83% oil, three stream) and PDP reserves are approximately 30 million boe (73% oil, three stream). (Expected to close July 1)

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E&P 5/9/21 Undisclosed; Sixth Street Partners LLC Laredo Petroleum Inc. $405

To buy operated PDP reserves in gas-weighted legacy assets in Reagan and Glasscock counties, TX, in the Permian Basin; comprises 37.5% of Laredo’s WI in the assets, wellbore WI only, and does not include undeveloped locations. (Expected to close July 1)

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E&P 5/10/21 Bonanza Creek Energy Inc. Extraction Oil & Gas Inc. N/A

To combine in an all-stock merger, forming Civitas Resources, with approximately 425,000 net acres in CO’s D-J Basin, a production base of 117,000 boe/d and aggregate enterprise value of $2.6 B. (Expected to close 3Q 2021)

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E&P 5/10/21 Evolution Petroleum Corp. Tokyo Gas Americas Ltd.; TG Barnett Resources LP $19.6

Purchased nonoperated oil and gas assets in the Barnett Shale consisting of approximately 21,000 net acres across nine counties in the Barnett Shale Basin of N TX. (Completed; PSA announced March 2021)

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Mid 5/11/21 Chevron Corp. Noble Midstream Partners LP $1,320

Bought any remaining Noble Midstream interests not already owned by Chevron and its affiliates (62.5% stake) in exchange for 0.1393 Chevron shares, valuing the Houston-based pipeline operator at $1.32 B. (Completed; PSA announced March 2021)

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Renew 5/12/21 TGS-NOPEC Geophysical Co. ASA 4C Offshore Ltd. N/A

Acquired Lowestoft, UK-based market intelligence and consultancy firm that provides research and insights to the offshore wind industry with almost 350 clients, serving 2,200 users.

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E&P 5/17/21 BCE-Mach III LLC; Mach Resources LLC; Bayou City Energy Management LLC Cimarex Energy Co. N/A

To buy producing properties within the Midcontinent region in western and southern OK and the TX Panhandle; includes two gas gathering and processing assets located in southern OK. (Expected to close June)

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S&S 5/17/21 Ranger Energy Services Inc. Patriot Completion Solutions LLC; White Deer Energy LP N/A

Purchased Denver-based Patriot, portfolio company of White Deer Energy LP focused on wireline evaluation and intervention services with a strong market presence in the Permian, Bakken, Denver-Julesburg and Powder River basins.

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E&P 5/18/21 Empire Petroleum Corp. XTO Holdings LLC; Exxon Mobil Corp. $17.8

Bought producing oil and gas assets located in the Eunice Monument and nearby Arrowhead Grayburg fields in the Permian Basin’s Central Basin Platform in Lea County, NM; includes 48,000 HBP acres and 1,100 net boe/d of production (67% oil).

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E&P 5/18/21 Topaz Energy Corp. Cenovus Energy Inc. CA$102

Purchased ORRI assets on approximately 192,000 gross acres in the Marten Hills Clearwater area of Alberta.

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E&P 5/18/21 Topaz Energy Corp. Tourmaline Oil Corp. CA$245

To buy ORRI on approximately 535,000 gross acres in the NEBC Montney and WI ownership in Tourmaline’s Gundy infrastructure. (Expected to close July 1)

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E&P 5/19/21 Validus Energy Ovinitv Inc. $880

Bought Ovintiv’s Eagle Ford Shale asset in S TX; FY 2021 volumes projected to average roughly 21,000 boe/d, including 14,000 bbl/d of crude and condensate. (Completed; PSA announced March 2021)

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E&P 5/20/21 89 Energy Holdings LLC; Kayne Anderson Capital Advisors LP Casillas Petroleum Resources Partners LLC; Acacia Exploration Partners LLC; Native Oil & Gas LLC N/A

Acquired in an all-equity consolidation of three Kayne Anderson portfolio teams with assets across Oklahoma in the Anadarko Basin of the Midcontinent region including in the STACK shale play.

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E&P 5/20/21 Royal Dutch Shell Plc Malampaya Energy XP Pte Ltd. $460

To buy Shell’s 45% stake in Service Contract 38 (SC38), a deepwater license offshore the Philippines which includes the producing Malampaya gas field. (Expected to close by year-end 2021)

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E&P 5/20/21 Undisclosed Oasis Petroleum Inc. $481

To buy, in three separate transactions, Oasis’ Permian position consists of approximately 24,000 net acres in the core of the Delaware Basin in W TX producing about 7,200 boe/d; transactions include three $25 MM annual contingent payments if WTI averages over $60/bbl in each calendar year. (Primary transaction expected to close June 30; two smaller transactions have closed)

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E&P 5/21/21 EnVen Energy Ventures LLC BHP Group Plc N/A

Purchased BHP’s 35% ownership interest and acquired operatorship of the Neptune Field in the US GoM; boosts EnVen’s interest in Neptune to 65%.

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E&P 5/24/21 Cabot Oil & Gas Corp. Cimarex Energy Co. $7,400

To acquire Denver-based Cimarex in an all-stock combination to add approximately 560,000 net acres in the Permian and Anadarko basins to Cabot’s approximately 173,000 net acres in the Marcellus Shale. (Expected to close 4Q 2021)

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E&P 5/24/21 Hess Corp. Cataleya Energy Ltd. N/A

Acquires an additional 5% WI in the Kaieteur Block offshore Guyana, increasing its interest to 20% from 15%.

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For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.