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.
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