A&D DEAL SHEET |
|||||
|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| Mid | 9/19/22 | Steel Reef Infrastructure Corp. | Summit Midstream Partners LP | $40 |
Purchased the Bison Gas gathering system, located in Mountrail and Burke Cos., ND, serving Bakken and Three Forks gas producers in the Williston Basin. |
| Mid | 9/22/22 | Momentum Midstream LLC; EnCap Flatrock Midstream | Midcoast Energy LLC; ArcLight Capital Partners LLC; Align Midstream LLC; Tailwater Capital LLC | N/A |
Bought Midcoast’s E TX business, a gathering and transportation system with 1.5 Bcf/d of current volume, and Align Midstream, which owns several gathering systems adjacent to Midcoast with current volumes of 600 MMcf/d. |
| E&P | 9/22/22 | Talos Energy Inc. | EnVen Energy Corp. | $1,100 |
To acquire private operator EnVen, which holds 78 MMboe of 2P reserves and 420,000 gross acres in the Gulf of Mexico. |
| E&P | 9/26/22 | Decarbonization Plus Acquisition Corp.; Riverstone Holdings LLC | Hammerhead Resources Inc.; Riverstone Holdings LLC | CA$1,390 |
To acquire Hammerhead, a Calgary, Alberta-based Montney Shale producer with a CCS program under development, in a business combination transaction that values it at CA$1.39 billion. (Expected to close 1Q 2023) |
| Mid | 9/27/22 | Undisclosed | Kinder Morgan Inc. | $565 |
To buy a 25.5% equity interest in Elba Liquefaction Co. LLC, which is a JV that owns the Elba liquefaction facility located on Elba Island in Chatham County, GA. |
| E&P | 9/28/22 | Devon Energy Corp. | Validus Energy | $1,800 |
Bought privately held Validus Energy with a position of 42,000 net acres in the core of the Karnes County oil window in South Texas adjacent to Devon’s existing leasehold; average production is 35,000 boe/d. (Completed; PSA announced August 2022) |
| E&P | 9/28/22 | Diversified Energy Co. Plc | ConocoPhillips Co. | $240 |
Purchase OK and TX assets within the Midcontinent region comprising interest in roughly 1,500 producing wells across 250,000 net acres with 60% operated production; net production is about 9,000 boe/d (90% natural gas and NGL). (Completed; PSA previously announced July 2022) |
| Renew | 9/29/22 | Enbridge Inc. | Tri Global Energy LLC | $320 |
Bought Dallas-based TGE, a leading US renewable project developer with a development portfolio of wind and solar projects representing more than 7 GW of renewable generation capacity; includes up to $50 million in contingency payments tied to successful execution of TGE’s project portfolio. |
| E&P | 9/30/22 | Northern Oil and Gas Inc. | Alpha Energy Partners | $157.5 |
To buy certain nonoperated working interests in the core of the Delaware Basin comprised of 2,800 acres, 9.6 net producing wells, 2.8 net AFEs and wells-in-process in Lea and Eddy Cos., NM, and Loving County, TX. |
| E&P | 10/3/22 | SilverBow Resources Inc. | Undisclosed | $87 |
To acquire bolt-on to Karnes trough position in the Eagle Ford and Austin Chalk adding 5,200 net acres in the oil and condensate windows of Dewitt and Gonzales Cos., TX, and about 1,100 boe/d (44% oil) of net production. (Expected to close 4Q 2022) |
| E&P | 10/6/22 | Northern Oil and Gas Inc. | Laredo Petroleum Inc. | $110 |
Bought certain nonoperated properties within the Midland Basin of the Permian located in in Howard County, TX; includes 1,650 net acres and expected full-year 2023 average net production of 1,800 boe/d (roughly 72% oil) substantially operated by SM Energy. (Completed; PSA announced August 2022) |
| Mid | 10/7/22 | DT Midstream Inc. | National Grid Plc | $552 |
Bought National Grid’s 26.25% ownership interest in the Millennium Pipeline, boosting its ownership in Millennium which delivers Marcellus and Utica gas to markets across NY and New England to 52.5%. (Completed; PSA announced September 2022) |
| Mid | 10/7/22 | MidOcean Energy; EIG | Tokyo Gas Co. Ltd. | $2,150 |
To acquire Tokyo Gas’ interests in a portfolio of four Australian integrated LNG projects—Gorgon LNG, Ichthys LNG, Pluto LNG and Queensland Curtis LNG—span Australia’s western and eastern seaboard; expected to generate approximately 1 million tonnes per annum of LNG net to MidOcean. (Expected to close 1H 2023) |
| Mid | 10/10/22 | Gulf Terminals LLC | Martin Midstream Partners LP | $5.25 |
Purchased the Stockton Sulfur Terminal in CA. |
| E&P | 10/11/22 | Diamondback Energy Inc. | FireBird Energy LLC; RedBird Capital Partners LLC: Ontario Teachers' Pension Plan | $1,600 |
To acquire Fort Worth, TX-based FireBird in a cash-and-stock transaction; includes 68,000 net-acre position in the Midland Basin, over 350 estimated gross horizontal locations and about 22,000 boe/d of production. (Expected to close 4Q 2022) |
| E&P | 10/11/22 | Northern Oil and Gas Inc. | Undisclosed | $130 |
To acquire additional core northern Delaware Basin bolt-on in the Permian comprised of nonoperated WI covering roughly 2,100 net acres, 5.3 net producing wells, 2.1 net wells-in-process and approximately 17.2 net undeveloped locations in Lea and Eddy Cos., NM, and Loving and Winkler Cos., TX. (Expected to close December) |
| Renew | 10/17/22 | BP Plc | Archaea Energy Inc. | $4,100 |
To purchase Houston-based RNG producer, Archaea, which operates about 50 RNG and landfill gas-to-energy facilities across the US, for $3.3B in cash plus the assumption of $800MM net debt. (Expected to close by year-end) |
| E&P | 10/17/22 | Omega Acquisition Inc. (Harold Hamm) | Continental Resources Inc. | $4,300 |
To acquire Oklahoma City-based Continental with shale assets across the Bakken of ND and MT, Anadarko Basin of OK, Powder River Basin of WY and Permian Basin in W TX; merger agreement is a take-private offer by entity owned by founder and chairman Harold Hamm. (Expected to close by year-end) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
Recommended Reading
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.
Matador Resources Announces Quarterly Cash Dividend
2024-04-18 - Matador Resources’ dividend is payable on June 7 to shareholders of record by May 17.
EQT Declares Quarterly Dividend
2024-04-18 - EQT Corp.’s dividend is payable June 1 to shareholders of record by May 8.
Daniel Berenbaum Joins Bloom Energy as CFO
2024-04-17 - Berenbaum succeeds CFO Greg Cameron, who is staying with Bloom until mid-May to facilitate the transition.
Equinor Releases Overview of Share Buyback Program
2024-04-17 - Equinor said the maximum shares to be repurchased is 16.8 million, of which up to 7.4 million shares can be acquired until May 15 and up to 9.4 million shares until Jan. 15, 2025 — the program’s end date.