A&D DEAL SHEET |
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|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| 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) |
| E&P | 10/14/22 | VAALCO Energy Inc. | TransGlobe Energy Corp. | $307 |
Acquired Calgary, Alberta-based TransGlobe in a stock-for-stock strategic business combination transaction expected to crease African-focused E&P company with assets will be located in prolific and established basins in Egypt, Gabon and Equatorial Guinea plus Canada. (Completed; PSA announced in July 2022) |
| 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) |
| E&P | 10/19/22 | Northern Oil and Gas Inc. | Midland-Petro D.C. Partners LLC (MPDC) | $330 |
|
| Mid | 10/19/22 | Shell Plc; Shell USA Inc. | Shell Midstream Partners LP | $1,960 |
Purchased all remaining interests in Shell Midstream Partners held by the public at $15.85 per public common unit in cash; currently owns roughly 68.5% of Shell Midstream Partner common units. (Completed; PSA announced July 2022) |
| Down | 10/20/22 | Par Pacific Holdings Inc. | Exxon Mobil Corp. | $310 |
To buy 63,000 bbl/d Billings oil refinery and select midstream assets in MT and WA including the Silvertip pipeline, Exxon Mobil’s interest in the Yellowstone pipeline and Yellowstone Energy LP, and its interests in product terminals in both states. (Expected to close 2Q 2023) |
| Renew | 10/21/22 | Energy Capital Partners | Ørsted | $410 |
Purchased a 50 % ownership stake in onshore wind farms Lincoln Land Wind, Plum Creek Wind and Willow Creek Wind plus the solar farm Muscle Shoals located in IL, NE, SD and AL. |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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