M&A Experts Answer Big Question of Upstream Consolidation

Since the emergence of COVID, upstream M&A has been characterized by fewer, but larger, deals. In 2020, upstream M&A activity, for the most part, took the form of public companies consolidating amongst themselves and in 2021 transitioned to a focus on rolling up private E&Ps.

However, will the trend of consolidation continue to grow despite the current market volatility and, if so, where?

Three M&A experts recently joined Hart Energy to share insight into the A&D market plus an outlook on what key trends will continue to drive further consolidation among upstream operators across multiple shale basins:

• Denna K. Arias, Vice President of Corporate Development, EnergyNet;
• Christina Kitchens, Managing Partner, 3P Energy Capital; and
• Sarah Morgan, Partner and Co-Head of the Mergers & Acquisitions and Capital Markets practice group, Vinson & Elkins.

All three speakers, who are also honorees of Hart Energy’s Oil and Gas Investor Influential Women in Energy program, will be recognized at the 5th Annual Influential Women in Energy luncheon and networking event on Friday, April 29 at the Marriott Marquis hotel in Houston. For more information on the luncheon and these extraordinary women visit HartEnergyConferences.com/Women-in-Energy.

Denna Arias has enjoyed a career in A&D for more than 20 years. Prior to joining EnergyNet as vice president of corporate development, where she began as director of transaction management and business development, she served as vice president of business development for the Oil & Gas Asset Clearinghouse and was involved in multiple transactions and regions during her tenure. Arias began her career in Houston with Swift Energy Co. where she was liaison and project coordinator with the E&P Group, Land and Finance. She also worked as an engineering analyst with DDD Energy Inc. She is an SEC broker-dealer registered representative holding Series 22 and 63 licensing and a member of SPE Business Development Group, Houston Producers Forum, and Texas Independent Producers and Royalty Owners Association, ADAM Energy Forum and other professional organizations.

Christina Kitchens is the principal and managing partner of 3P Energy Capital. She leads its energy capital, business development and advisory services. Prior to 3P, Kitchens built and led energy finance divisions with more than 20 years of upstream and midstream finance experience. She has successfully closed $11 billion in direct transactions and $80 billion in debt originations. She additionally has led buildout of services and products in other specialized lending, private capital, investment banking and ESG. 

Sarah Morgan co-heads Vinson & Elkins’ Mergers & Acquisitions and Capital Markets practice group. She is an experienced securities lawyer who focuses on capital-raising transactions for clients in the energy industry and is one of the nation's leading practitioners at the forefront of the energy transition. She regularly advises companies and private equity funds concerning IPOs and other debt and equity offerings and M&A and other transactions, including significant experience regarding combinations with Special Purpose Acquisition Companies (SPACs) and spin-off transactions. Morgan also provides regular day-to-day counseling to her clients, including their boards of directors, on securities disclosure, corporate governance, compliance matters and ESG matters. She has deep experience with all sectors of the energy industry and regularly presents and publishes on topics relating to the energy transition.