A&D DEAL SHEET |
|||||
|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| E&P | 10/4/21 | Earthstone Energy Inc. | Undisclosed | $73.2 |
To acquire 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. (Expected to close 4Q 2021) |
| Mid | 10/4/21 | Sentinel Midstream Texas LLC | ExxonMobil Pipeline Co. | N/A |
Formed Enercoast Midstream JV to serve as link for Permian, Gulf of Mexico and other barrels in the Houston crude oil market. |
| E&P | 10/4/21 | SilverBow Resources Inc. | Undisclosed | $33 |
Acquired oil and gas assets in the Eagle Ford from an undisclosed seller in an all-stock transaction; includes 45,000 total net acres across Atascosa, Fayette, Lavaca, Live Oak and McMullen Cos., TX and 1,580 boe/d (39% liquids) of net production. (Completed; PSA announced August 2021) |
| E&P | 10/4/21 | Stonepeak | Teekay LNG Partners LP; Teekay Corp. | $1,500 |
To acquire all the issued and outstanding common units in Teekay LNG, one of the world’s largest independent owners and operators of LNG carriers, for $17 per unit, representing an enterprise value of $6.2 B; excluding Teekay debt, the transaction is valued at roughly $1.5 B. (Expected to close year-end 2021) |
| E&P | 10/4/21 | Surge Energy Inc. | Fire Sky Energy Inc. | CA$58 |
To acquire 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. (Expected to close Oct. 30) |
| E&P | 10/5/21 | Callon Petroleum Co. | Primexx Energy Partners Ltd. | $788 |
Acquired the private Permian operator in a cash-and-stock transaction; includes contiguous footprint of 35,000 net acres in Reeves County, TX, within the Delaware Basin and net production of about 18,000 boe/d (61% oil). (Completed; PSA announced August 2021) |
| Mid | 10/5/21 | Southwest Gas Holdings Inc. | Dominion Energy Inc. | $1,975 |
To buy Questar Pipelines, a Rocky Mountain energy hub with 2,160-miles of highly contracted, FERC-regulated interstate natural gas pipelines providing transportation and underground storage services in UT, WY and Co; includes assumption of $430 MM of debt. (Expected to close year-end 2021) |
| E&P | 10/5/21 | Undisclosed | Callon Petroleum Co. | $100 |
To purchase 22,000 net acres in northern La Salle and Frio counties, Texas, of Eagle Ford Shale acreage noncore to Callon averaging 1,900 boe/d (66% oil) of net production during 3Q 2021. (Expected to close November) |
| E&P | 10/6/21 | Elk Range Royalties LP; NGP Royalty Partners LP | Undisclosed | N/A |
Purchased roughly 2,600 core net royalty acres evenly split between the Delaware and Midland basins of NM and W TX in the core of the Permian with last 12-month cash flow of $10.8 MM. |
| E&P | 10/6/21 | Ranger Oil Corp. | Lonestar Resources US Inc. | $370 |
Acquired Fort Worth, TX-based Eagle Ford Shale producer Lonestar Resources in an all-stock transaction including the assumption of $236 MM of net debt. (Completed; PSA announced July 2021) |
| E&P | 10/7/21 | Diversified Energy Co. Plc; Oaktree Capital Management LP | Tapstone Energy LLC; Kennedy Lewis Investment Management LP | $419 |
To buy upstream assets, field infrastructure, equipment and facilities in the Midcontinent region of OK; includes about 660 net operated wells producing roughly 12,000 boe/d (over 80% natural gas and NGL). (Expected to close December) |
| E&P | 10/7/21 | Northern Oil and Gas Inc. | Comstock Resources Inc. | $154 |
To purchase 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. (Expected to close 4Q 2021) |
| Mid | 10/8/21 | Sunoco LP | NuStar Energy LP | $250 |
Purchased seven storage terminals in the Northeast region of IL, MD, NJ, VA and Washington, D.C., and one in FL. (Completed; PSA announced August 2021) |
| E&P | 10/11/21 | Citizen Energy LLC; Warburg Pincus LLC | Undisclosed | $153 |
To acquire 28,000 net acres (94% HBP) located primarily in Blaine, Canadian and Kingfisher Cos., OK, largely within Citizen’s existing Anadarko Basin footprint; includes net production of 8,000 boe/d (58% gas, 25% NGL) from 97 operated wells and 400 nonoperated wells. (Expected to close 4Q 2021) |
| E&P | 10/11/21 | SilverBow Resources Inc. | Undisclosed | $75 |
To acquire from two sellers 17,000 total net acres in the oil window of the Eagle Ford shale play in La Salle, McMullen, DeWitt and Lavaca cos., TX, with approximately 2,500 boe/d (71% liquids / 46% oil) of net production in May from 111 PDP wells; includes over 100 net drilling locations. |
| Mid | 10/12/21 | Rattler Midstream LP; Diamondback Energy Inc. | West Texas Gas Inc. | $104 |
Purchased a majority interest in a Midland Basin gas gathering and processing company through a JV; assets primarily consist of an interconnected gas gathering system and six major gas processing plants servicing the Midland Basin with 925 MMcf/d of total processing capacity. |
| E&P | 10/13/21 | Ghana National Petroleum Corp. | Occidental Petroleum Corp. | $200 |
To buy a portion of Occidental’s interests in both the Jubilee and TEN fields in Ghana. (Expected to close 4Q 2021) |
| E&P | 10/13/21 | Kosmos Energy Ltd. | Occidental Petroleum Corp. | $550 |
Bought an additional 18% interest in the Jubilee Field and an additional 11% interest in the TEN fields in Ghana. |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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