A&D DEAL SHEET
|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.
2023-01-25 - Arena Energy's acquired interests add to the company's ownership interest in the Eugene Island 330 and South Marsh 128 fields in the U.S. Gulf of Mexico.
2022-11-28 - The Inflation Reduction Act, signed in August, directed BOEM to hold the Alaska Cook Inlet sale on or before year’s end.
2022-12-30 - Hilcorp Alaska LLC was the sole bidder in federal and state lease sales in Alaska, snapping up six state blocks and one federal block.
2022-12-13 - Arena Energy said its acquisition includes a majority interest in two of the largest fields in the shallow water Gulf of Mexico in Eugene Island 330 and South Marsh 128.
2023-01-26 - Here’s a roundup of the latest E&P headlines including a production update from Tullow, an update on U.K. offshore opportunities and some contract announcements in the upstream oil and gas industry.