A&D DEAL SHEET |
|||||
|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| E&P | 11/1/21 | Chesapeake Energy Corp. | Vine Energy Inc.; Blackstone Energy Partners LP | $2,200 |
Acquired Vine, an energy company focused on the development of natural gas properties in the overpressured stacked Haynesville and Mid-Bossier shale plays in NW LA. (Completed; PSA announced August 2021) |
| E&P | 11/1/21 | Civitas Resources Inc.; Bonanza Creek Resources Inc. | Extraction Oil & Gas Inc. | $1,400 |
Acquired through 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. (Completed; PSA announced May 2021) |
| E&P | 11/1/21 | Civitas Resources Inc. | Crestone Peak Resources LLC; Canada Pension Plan Investment Board | N/A |
Acquired privately held Crestone Peak in an all-stock transaction; pro forma company will operate across more than half a million net acres in the D-J Basin with estimated production base of approximately 160,000 boe/d and year-end 2020 proved reserves of more than 530 million boe. (Completed; PSA announced June 2021) |
| E&P | 11/1/21 | PHX Minerals Inc. | Undisclosed | $1.2 |
Bought approximately 220 net royalty acres located primarily in OK’s Stephens County in the same area of the SCOOP Springboard III play. |
| E&P | 11/1/21 | Surge Energy Inc. | Fire Sky Energy Inc. | CA$58 |
Acquired privately held Fire Sky Energy, which has a large land base in both Saskatchewan and Manitoba primarily focused on the development and production of long-life conventional oil and gas reserves. (Completed; PSA announced October 2021) |
| E&P | 11/1/21 | Undisclosed | PHX Minerals Inc. | $2.1 |
Purchased package of 499 nonoperated legacy working interest wellbores located in AR’s Fayetteville Shale; mineral rights not included in transaction. |
| E&P | 11/2/21 | Earthstone Energy Inc. | Undisclosed | $73.2 |
Acquired privately held operated assets located in the Midland Basin with average daily production of 4,400 boe/d (26% oil, 52% liquids) for September and associated reserves of approximately 13.3 MMboe (11% oil, 31% NGL, 58% natural gas) plus 10,000 net acres (100% operated; 67% HBP) in Irion County, TX. (Completed; PSA announced October 2021) |
| Mid | 11/2/21 | Superior Pipeline Co. LLC | Undisclosed | N/A |
Purchased natural gas gathering and processing assets consisting of an approximately 1,620-mile gathering system and an 85 MMcf/d cryogenic processing plant located in central KS. |
| E&P | 11/2/21 | Undisclosed | Enerplus Corp. | $120 |
Purchased interests in MT’s Sleeping Giant Field and ND’s Russian Creek area in the Williston Basin; transaction includes up to $5 MM in contingent payments tied to future oil prices. (Completed; PSA announced August 2021) |
| Mid | 11/3/21 | Brazos Midstream Holdings LLC | Diamondback Energy Inc.; Rattler Midstream LP | $147 |
Purchased, in separate transactions, the Mustang Springs Gas Gathering System in the northern Midland Basin and the Pecos Gas Gathering System in the southern Delaware Basin of the Permian. |
| E&P | 11/3/21 | Continental Resources Inc. | Pioneer Natural Resources Co. | $3,250 |
To acquire 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. (Expected to close 4Q 2021) |
| E&P | 11/3/21 | Crescent Pass Energy LLC | Undisclosed | N/A |
Bought operated and nonoperated assets in E TX including approximately 60,000 net acres flowing roughly 12.5 MMcfe/d of natural gas weighted production across a region with multiple producing horizons. |
| E&P | 11/4/21 | Brigham Minerals Inc. | Undisclosed | $95.6 |
To acquire 8,400 net royalty acres in the D-J Basin primarily in Weld County, CO, including 10.37 net producing wells, 1.6 net PUDs and 1.5 net drilling permits. (Expected to close December) |
| E&P | 11/4/21 | Southwestern Energy Co. | GEP Haynesville LLC; GeoSouthtern Energy Corp.; GSO Capital Partners LP | $1,850 |
To acquire 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. (Expected to close year-end 2021) |
| E&P | 11/7/21 | Colgate Energy Partners III LLC | Undisclosed | $190 |
To purchase approximately 22,000 net acres directly offset Colgate’s existing position in the northern Delaware Basin of the Permian in Eddy and Lea counties, NM; includes 750 boe/d of estimated average net production and over 200 “high-quality locations.” (Expected to close 1Q 2022) |
| E&P | 11/8/21 | Ensign Natural Resources LLC | Reliance Eagleford Upstream Holding LP; Reliance Industries Ltd. | N/A |
Bought Reliance’s Eagle Ford Shale position covering approximately 62,000 net acres in Bee, DeWitt, Karnes and Live Oak counties in S TX and current net production of roughly 18,000 boe/d. |
| E&P | 11/9/21 | Canadian Natural Resources Ltd. | Storm Resources Ltd. | CA$960 |
To acquire Montney driller Storm Resources production of about 170 MMcfe/d (20% NGL) from 120,000 net acres across NE BC; includes a 68,000-net-acre position with 100% WI prospective for gas from the Muskwa, Otter Park and Evie/Klua shales in the Horn River Basin. (Expected to close December) |
| E&P | 11/9/21 | Kimbell Royalty Partners LP | Undisclosed | $57 |
To purchase a multibasin mineral and royalty portfolio including over 26,000 gross producing wells concentrated in the Permian Basin (39%), Midcontinent (31%) and Haynesville Shale (14%). (Expected to close 4Q 2021) |
| S&S | 11/10/21 | Noble Corp. | Maersk Drilling AS | $3,400 |
To acquire through a combination with Denmark’s Maersk Drilling to form one of the world’s largest offshore oil drilling rig companies based in Houston with a market cap of roughly $3.4 B. |
| E&P | 11/11/21 | Undisclosed | California Resources Corp. | $102 |
Purchase operations in the Ventura Basin producing 3,600 boe/d (about 65% oil) during 1Q 2021; agreements include additional earn-out consideration linked to future commodity prices. (Completed; PSA announced August 2021) |
| E&P | 11/12/21 | Undisclosed | Diversified Energy Co. Plc; Oaktree Capital Management LP | $72.4 |
To purchase 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. (Expected to close December) |
| Mid | 11/15/21 | JERA Co. Inc. | Global Infrastructure Partners (GIP); Freeport LNG Development LP | $2,500 |
To acquire GIP’s 25.7% interest in Freeport LNG, second largest LNG facility in the US located near Freeport, TX, with 15 mtpa of nominal liquefaction capacity. |
| Mid | 11/16/21 | IronWood Midstream Energy Partners II LLC | Nuevo Midstream Dos LLC; EnCap Flatrock Midstream LLC | N/A |
Acquired Nuevo Midstream Dos Eagle Ford assets through an asset merger; includes approximately 100 miles of crude oil gathering pipeline feeding into the Lavaca Terminal, which consists of 300,000 barrels of crude oil storage and a six-bay truck station. |
| E&P | 11/16/21 | Northern Oil and Gas Inc. | Comstock Resources Inc. | $154 |
Purchased nonoperated interests across over 400 producing wellbores in the Bakken Shale of the Williston Basin located primarily in Williams, McKenzie, Mountrail and Dunn Cos., ND; include 65.9 net producing wells and 4,500 boe/d (2-stream, ~65% oil) of production. (Completed; PSA completed October 2021) |
| E&P | 11/16/21 | Northern Oil and Gas Inc. | Veritas Energy LLC | $537.7 |
To acquire Veritas Energy’s nonop position covering 6,000 net acres in the Permian Basin (about 70% Delaware) with current production of about 9,100 boe/d (2-stream basis, 60% oil) and an estimated proved developed PV-10 of roughly $429 million. (Expected to close 1Q 2022) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
Recommended Reading
Petrobras Sets Out $78 Billion in Capex for 4-year Period
2022-12-02 - Petrobras' biggest budget share for 2023-2027 will go toward pre-salt efforts, which are expected to deliver 78% of the company’s production by the end of 2027.
Berry Corp. Releases Plans to Update Executive Team Roles
2022-12-02 - Berry Corp. announces change in management for the new year and stresses shareholder return expansion.
Energy Transition in Motion (Week of Dec. 2, 2022): Hydrogen-Powered Aircraft
2022-12-02 - Here’s a look at some of this week’s renewable energy news including development of a hydrogen-powered aircraft plus a world aviation first by Britain’s Rolls-Royce.
Pamela L. Carter Appointed as New Enbridge Board Chair
2022-12-02 - Enbridge’s Monaco retires, appoints new president and CEO and board chair.
TotalEnergies to Cut UK Investment by 25% After Windfall Tax
2022-12-02 - The energy sector in the U.K. is faced with several taxes, including the newest windfall tax, bringing the total tax rate to 75%.