After a dismal start to the year, however, deal activity began to rebound as oil prices began to stabilize starting with Chevron Corp.’s acquisition of Noble Energy in July 2020. (Source: Noble Energy Inc.; Shutterstock.com)
The start of the ’20s has been abysmal for both A&D activity and values.
Even before the global COVID-19 pandemic and an oil price war led to an unprecedented market collapse, investors’ pressure on returns had already tamped down deal activity in the upstream oil and gas space.
First- and third-quarter 2020 ended in a tie for the worst showing of A&D activity for upstream deals in the U.S. in a decade with Enverus counting 28 deals for each. Meanwhile, the second-quarter deal total was only the third lowest transaction haul in a quarter since 2009.
After a dismal start to the year, however, deal activity began to rebound as oil prices began to stabilize in the second half of the year, with mostly stock-funded, shale consolidation mega-deals starting with Chevron Corp.’s acquisition of Noble Energy in July 2020. The all-stock transaction valued at roughly $13 billion, which includes the assumption of debt, closed Oct. 5, 2020.
By October 2020, onshore M&A reached a peak with a steady stream of merger announcements including Pioneer Natural Resources Co.’s agreement on Oct. 20 to acquire Parsley Energy Inc. for $7.6 billion and the acquisition of Concho Resources Inc. by ConocoPhillips announced on Oct. 19. The two mergers were preceded by the announcement of Devon Energy Corp. and WPX Energy Inc.’s all-stock merger on Sept. 28.
The consolidation wave among upstream shale operators continued right to the close of 2020 with a duo of mergers announced by Diamondback Energy Inc. on Dec. 21, including its all-stock acquisition of QEP Resources Inc. valued at $2.2 billion. Diamondback also announced an agreement to purchase Blackstone-backed Guidon Operating LLC in a stock-and-cash transaction.
Over the last 12-months, about 85% of the total upstream deal value of $47 billion, per PwC, comprised seven consolidation deals announced in the second half of 2020. According to PwC, the deals announced in October, in particular, indicate that opportunity exists for well-capitalized E&P players to acquire quality assets, build on existing drilling investors and unlock corporate synergies.
“Upstream consolidation is expected to continue, along with oil-focused deals,” PwC analysts wrote in a report published Dec. 10. “However, with domestic and global natural gas demand improving, gas-targeted assets and strategic deals are also likely set to grow.”
Below is a review of upstream A&D activity from the past year in the U.S. Including announced and completed transactions, Hart Energy counts about 75 deals for 2020 with a combined total value of roughly $60.1 billion.
A&D DEAL SHEET |
|||||
|---|---|---|---|---|---|
| Date Announced |
Buyer | Seller | Value (US$MM) |
Comments | |
| 1/7/20 | Revolution Resources LLC; Mountain Capital Partners LP | Jones Energy Inc. | $201.5 |
Acquired Austin, TX-based Jones Energy, which has assets in the Anadarko Basin in OK and TX. (Completed; PSA announced December 2019) |
|
| 1/10/20 | Parsley Energy Inc. | Jagged Peak Energy Inc. | $2,300 |
Acquired Denver-based Jagged Peak, a Southern Delaware Basin operator with about 78,000 net acres in Winkler, Ward, Reeves & Pecos Cos., TX and 2Q 2019 production of about 38,300 boe/d (76% oil); all-stock transaction includes assumption of $625 MM debt. (Completed; PSA announced October 2019) |
|
| 1/14/20 | PDC Energy Inc. | SRC Energy Inc. | $1,700 |
Acquired Denver-based SRC Energy, which holds roughly 86,000 net acres in the D-J Basin's Wattenberg Field, nearly 100% of which is located in Weld County, CO, through all-stock transaction; includes assumption of about $685 MM in net debt. (Completed; PSA announced August 2019) |
|
| 1/22/20 | BlackGold Capital Management LP | Undisclosed | N/A |
Purchased a diverse portfolio of mineral and royalty interests in the Midland Basin in W TX. |
|
| 2/4/20 | Peregrine Energy Partners | Caelus Energy LLC | N/A |
To purchase producing overriding royalty interests in the Oooguruk Field of the North Slope of Alaska. |
|
| 2/12/20 | Laredo Petroleum Inc. | Undisclosed | $22.5 |
Purchased 1,100 net acres as a bolt-on to its Howard County, TX, position in the Permian's Midland Basin. |
|
| 2/12/20 | Marathon Oil Corp. | Rocky Creek Resources LLC; Boomtown Oil LLC; Juniper Capital Advisors LP; Delago Resources LLC | $191 |
Acquired 18,000 contiguous and largely undeveloped net acres adjacent to Marathon's existing NE Eagle Ford leasehold; includes 7,000 net boe/d of current production and associated midstream infrastructure. (PSA signed November; closed December) |
|
| 2/14/20 | Undisclosed | Lilis Energy Inc. | $24.9 |
To buy about 1,185 undeveloped Permian Basin acres in Lea County, NM. |
|
| 2/14/20 | Undisclosed | Riviera Resources Inc. | $18.5 |
Purchased interests in properties located in the Overton Field of E TX. (PSA announced November; closed January) |
|
| 2/14/20 | Undisclosed | Riviera Resources Inc. | $4.5 |
Bought Riviera's remaining interests in properties located in the Drunkards Wash Field in the Uinta Basin. (PSA announced November; closed January) |
|
| 3/2/20 | Talos Energy Inc. | ILX Holdings LLC; Castex Energy LLC; Venari Resources LLC | $640 |
Acquired a broad portfolio of US GoM producing assets, exploration prospects and acreage including over 40 identified exploration prospects located on a total acreage footprint of roughly 700,000 gross acres; 3Q 2019 production was bout 19,000 boe/d (65% oil and over 70% liquids). (Completed ILX agreement Feb. 28; agreement with Venari previously closed; PSAs announced December 2019) |
|
| 3/4/20 | W&T Offshore Inc. | ConocoPhillips Co. | N/A |
To buy the remaining 25% working interest in the Magnolia Field, located in the central region of the deepwater US GoM, offshore LA. (Expected to close March 31) |
|
| 3/5/20 | Crestone Peak Resources LLC; Canada Pension Plan Investment Board; The Broe Group | ConocoPhillips Co. | $380 |
Acquired Niobrara assets located in the southern D-J Basin with 11,000 boe/d of production for 2019; includes about 98,000 net acres in NE CO. |
|
| 3/5/20 | Navitas Petroleum US LLC | Denbury Resourcs Inc. | $50 |
Bought 50% WI in four SE TX oil fields consisting of Webster, Thompson, Manvel and East Hastings. (Completed; PSA announced December 2019) |
|
| 3/5/20 | U.S. Energy Corp. | New Horizon Resources LLC | $0.4 |
Bought New Horizon Resources in a cash and stock transaction; includes assets in a mature Williston Basin field, primarily in McKenzie and Divide counties, ND. |
|
| 3/5/20 | Undisclosed | ConocoPhillips Co. | N/A |
Purchased the Waddell Ranch property, a conventional asset located in the Permian Basin with associated production associated of 4,000 boe/d for 2019. |
|
| 3/6/20 | WPX Energy Inc. | Felix Energy Holdings II LLC: EnCap Investments LP | $2,500 |
Acquired PE-backed Felix Energy II, which has a 58,500 net acre position in the Permian's Delaware Basin in W TX projected to be producing about 60,000 boe/d (70% oil) at time of closing. (Completed; PSA announced December 2019) |
|
| 3/30/20 | Empire Petroleum Corp. | Ovintiv Inc. | $8.5 |
To purchase certain oil and natural gas properties in the Williston Basin of MT and ND comprising 26,600 net acres with 94 active wells. (PSA signed March 3; expected to close April 30) |
|
| 4/9/20 | Diversified Gas & Oil Plc | Carbon Energy Corp. | $110 |
To acquire certain conventional Appalachian upstream and midstream assets within DGO's existing WV, KY and TN footprint; includes mature, low decline net daily production in 2019 of 9,900 boe (97% natural gas) from 6,500 net operated wells. (Signed conditional PSA) |
|
| 4/13/20 | Silverbow Resources Inc. | Undisclosed | N/A |
Purchased private entity with Eagle Ford assets adding 10 MMcf/d of net natural gas production directly offsetting the SilverBow’s existing assets in the western portion of the shale play. |
|
| 4/13/20 | Undisclosed | SilverBow Resources | N/A |
To buy certain Powder River Basin assets including ORRI in 118 net acres across Campbell, Converse and Niobrara Cos., WY. (Expected to close 2Q 2020) |
|
| 4/14/20 | Undisclosed | Ring Energy Inc. | $31.5 |
To buy Ring's Delaware Basin acreage consisting of about 20,000 net acres in Culberson and Reeves Cos., TX, currently producing 908 boe/d. (Agreement terminated Oct. 30, 2020; previously expected to close in 60 days) |
|
| 4/16/20 | BCE-Mach LLC; Mach Resources LLC; Bayou City Energy Management LLC | Alta Mesa Resources Inc.; Kingfisher Midstream LLC | $220 |
Bought substantially all of the assets of Alta Mesa Resources and its midstream subsidiary, Kingfisher Midstream, through bankruptcy sale processes involving a renegotiation following oil price crash; includes 130,000 net-acre OK Stack Play position (90% HBP) and 30,000 boe/d of production (67% liquids). (Completed April 9; PSA announced January 2020) |
|
| 4/16/20 | Empire Petroleum Corp. | Pardus Oil & Gas LLC; Pardus Oil & Gas Operating GP LLC | N/A |
Acquired producing E. TX Eagle Ford assets and related midstream assets located in Houston, Madison, and Leon counties; includes about 30,397 HBP acreage with about 400 boe/d of production. |
|
| 4/20/20 | Kimbell Royalty Partners LP | Springbok Energy Partners LLC; Natural Gas Partners LP | $123.1 |
Acquired the mineral and royalty interests held by NGP-backed Springbok and its affiliates, adding interests in the Permian's Delaware Basin, Eagle Ford Shale, Bakken, Haynesville, Stack Play and D-J Basin; consideration comprised of $95 MM cash and Kimbell stock. (Completed; PSA announced January 2020) |
|
| 5/11/20 | Magnolia Oil & Gas Corp. | Undisclosed | $71.3 |
Bought certain nonoperated oil and natural gas assets located within the Eagle Ford Shale in Karnes and DeWitt counties, TX. (Completed February 2020) |
|
| 5/26/20 | Diversified Gas & Oil Plc | EQT Corp. | $125 |
Bought upstream and midstream Appalachia assets across PA and WV; includes about 900 net operated wells and 8,500 net acres HBP and prospective for future Marcellus and Utica development. (Completed; PSA announced May 11) |
|
| 6/10/20 | Northern Oil and Gas Inc. | Undisclosed | $1.5 |
To acquire core Williston Basin properties comprising of 320 acres operated by WPX Energy; projected production of 1,200 boe/d. (Expected to close July 1) |
|
| 6/15/20 | Sixth Street Partners LLC | Antero Resources Corp. | $402 |
Bought ORRI in Antero's Appalachian Basin position located across WV and OH; includes $300 MM at closing and up to an additional $102 MM consisting of two contingent payments over the next year. |
|
| 6/22/20 | Talos Energy Inc. | Castex Energy LLC; Riverstone Holdings LLC | $65 |
To acquire 16 selected assets US GoM Shelf area averaging 6,400 boe/d of production (15% oil/85% natural gas), including operatorship of 11 fields in which WI was previously acquired. (Expected to close 3Q 2020) |
|
| 7/27/20 | Pegasus Resources LLC; EnCap Investments LP | Black Stone Minerals LP | $95.5 |
Purchased a 57% undivided interest across parts of the Delaware Basin and a 32% undivided interest across parts of the Midland Basin position in the Permian. (Completed; PSA announced June 2020) |
|
| 7/27/20 | Undisclosed | Black Stone Minerals LP | $54.5 |
Bought mineral and royalty interests in specific tracts in Midland County, TX, in the Permian Basin. (Completed; PSA announced June 2020) |
|
| 7/29/20 | Tokyo Gas Co. Ltd. | Castleton Resources LLC; Castleton Commodities International LLC | N/A |
To acquire a majority stake in Castleton Resources by increasing its ownership in the Houston-based E&P company to about 70% from 46%. (Expected to close August) |
|
| 7/31/20 | National Fuel Gas Co. | Royal Dutch Shell Plc | $541 |
Bought Shell's Appalachia shale position of upstream and midstream assets; includes roughly 450,000 net leasehold acres across PA with about 350 producing Marcellus and Utica wells located in Tioga County. (Completed; PSA announced May 2020) |
|
| 7/31/20 | Northern Oil and Gas Inc. | Undisclosed | $5.9 |
To purchase from multiple counterparties nonoperated interests producing properties and wells in process across 400 acres within the core of the Williston Basin in McKenzie, Mountrail and Dunn counties, ND, primarily operated by ConocoPhillips, Continental Resources and WPX Energy. (Expected to close September) |
|
| 8/3/20 | Castleton Resources LLC; Castleton Commodities International LLC; Tokyo Gas Co. Ltd. | Range Resources Corp. | $335 |
To purchase the N LA Terryville Field asset covering about 140,000 net acres with stacked pay potential for the Lower Cotton Valley and producing about 160 MMcfe/d; agreement includes an additional $90 MM contingent on future commodity prices. (Expected to close August) |
|
| 8/6/20 | Presidio Petroleum LLC; Morgan Stanley Energy Partners | Templar Energy LLC; Ares Managment Corp. | $91 |
Purchased Templar Energy through bankruptcy auction; includes about 273,000 net acres located within the western Anadarko Basin of the Midcontinent region spanning TX and OK including the STACK Play. |
|
| 8/11/20 | J.P. Morgan | Antero Resources Corp. | $220 |
Purchased through volumetric production payment comprised of dry gas producing properties in WV within the Appalachian Basin; effective date of July 1 with a seven-year term ending June 30, 2027. |
|
| 8/11/20 | Petroleum Independent & Exploration LLC | Empire Petroleum Corp. | N/A |
Formed JV to develop E TX properties comprised of workover/recompletion programs to potentially uplift field production in the Fort Trinidad Field asset in Houston and Madison counties. |
|
| 8/18/20 | Ensign Natural Resources LLC; Reliance Industries Ltd. | Newpek LLC | $88 |
Purchased Eagle Ford Shale and Edwards acreage in S TX; Ensign portion includes about 5,700 net acres in Bee, DeWitt, Karnes and Live Oak Cos. And 2,200 boe/d of current net production. |
|
| 8/19/20 | Orion Mine Finance | Occidental Petroleum Corp. | $1,330 |
To buy WY, CO and UT land grant assets covering approximately 4.5 million mineral acres and 1 million fee surface acres; doesn't include cash flow from currently producing oil and gas properties on the position and mineral acres derived from the land grant in CO. (Expected to close 4Q 2020) |
|
| 8/19/20 | Posse Resources LLC | Live Oak Resources Partners LLC | N/A |
Purchased Live Oak Fund I's remaining assets consisting of roughly 4,800 net royalty acres (normalized to 1/8 royalty) located in N LA with production across the Haynesville Shale, Bossier and Cotton Valley formations. |
|
| 8/24/20 | HighPeak Energy Inc. | Pure Acquisition Corp. | N/A |
Acquired through a business combination with blank-check company Pure Acquisition forming a Midland Basin pure-play with 51,000-net-acre position primarily in Howard County, TX, more than 90% operated and anticipated net production of about 12,000 boe/d (more than 80% oil). (Completed; PSA announced May 2020) |
|
| 9/7/20 | Undisclosed | Sumitomo Corp. | N/A |
Purchased 30% stake in Marcellus Shale project, which is the currently owned and operated by PennEnergy Resources. |
|
| 9/10/20 | Northern Oil and Gas Inc. | Undisclosed | $11.9 |
Acquired nonoperated interests within the Permian's Delaware sub-basin; includes acreage and proposed wells in Lea County, NM, operated by EOG Resources. |
|
| 9/16/20 | U.S. Energy Development Corp. | Royal Dutch Shell Plc | $8.5 |
Formed a JV through the purchase of an interest in the Columbia Project development within the Permian Basin in Loving County, TX, targeting the Wolfcamp Shale. |
|
| 9/17/20 | Zarvona Energy LLC | Approach Resources Inc. | $115.5 |
To purchase essentially all of the assets of Fort Worth, TX-based Approach Resources through a bankruptcy auction; includes leasehold within the Permian's Midland Basin largely located in the Wolfcamp Shale in W TX. |
|
| 9/28/20 | Devon Energy Corp. | WPX Energy Inc.; EnCap Investments LP | $5,750 |
To acquire in an all-stock combination transaction creating a multibasin company with positions across the Permian/Delaware Basin, Eagle Ford, Anadarko Basin/STACK, Powder River Basin and Williston Basin/Bakken including 400,000 net acres in the Delaware Basin accounting for nearly 60% of its total oil production; includes assumption of $3.2 billion net debt. (Expected to close 1Q 2021) |
|
| 10/1/20 | Kalnin Ventures LLC; Banpu Pcl | Devon Energy Corp. | $830 |
Acquired Devon’s Barnett position, which includes over 320,000 gross acres and 4,200 producing wells in N TX that average 597 MMcfe/d of net production in 3Q 2019; proved reserves at YE 2018 were about 4 Tcfe; amended terms made April 14 includes lower cash closing payment and addition of contingency payments. (Completed; PSA announced December 2019) |
|
| 10/1/20 | Kimmeridge Energy Management Co. LLC | Callon Petroleum Co. | $140 |
Bought an ORRI in substantially all Callon-operated oil and gas leaseholds in the Permian Basin and Eagle Ford Shale; consists of a 2% (on an 8/8ths basis) ORRI, proportionately reduced to Callon’s net revenue interest. |
|
| 10/1/20 | Undisclosed | Callon Petroleum Co. | $30 |
To buy substantially all of its nonoperated assets in the Permian Basin and Eagle Ford Shale with current production of about 1,600 boe/d (55% oil). (Expected to close November) |
|
| 10/5/20 | Chevron Corp. | Noble Energy Inc. | $13,000 |
Acquired in all-stock transaction Houston-based Noble, which has U.S. shale assets in the Permian, D-J and Eagle Ford basins including a publicly traded midstream business plus international positions in the Eastern Mediterranean and offshore West Africa; includes assumption of $8 B in debt. (Completed; PSA announced July 2020) |
|
| 10/12/20 | Panhandle Oil and Gas Inc. | Red Stone Resources LLC | $6.9 |
Purchased two packages totaling approximately 795 net royalty acres in the SCOOP and Haynesville plays currently producing 1.1 MMcfe/d (6% oil, 1% NGL and 93% natural gas). (Completed; PSA announced August 2020) |
|
| 10/13/20 | Undisclosed | Riviera Resources Inc. | $26.5 |
Bought interest in N LA properties, consisting of about 100 wells averaging 16 MMcfe/d of net production in 2Q 2020. (Completed in September 2020; PSA announced July 2020) |
|
| 10/13/20 | Undisclosed | Riviera Resources Inc. | $16 |
Bought interest in certain Anadarko Basin properties including approximately 2,100 wells located in 14 counties throughout central and NW OK averaging about 28 MMcfe/d of production. (Completed; PSA announced August 2020) |
|
| 10/19/20 | ConocoPhillips Co. | Concho Resources Inc. | $9,700 |
To acquire Permian pure-play Concho Resources in an all-stock deal that swaps 1.46 shares of ConocoPhillips for each Concho share; includes a roughly 800,000 gross (550,000 net) acre position in both the Delaware and Midland sub-basins. (Expected to close 1Q 2021) |
|
| 10/20/20 | Pioneer Natural Resources Co. | Parsley Energy Inc.; Quantum Energy Partners | $7,600 |
To acquire Permian pure-play Parsley Energy in an all-stock deal with a fixed exchange ratio of 0.1252 shares of Pioneer common stock for each share of Parsley stock owned and the assumption of $3.1 B of debt; includes 248,000 net leasehold acres in the Midland and Delaware sub-basins. (Expected to close 1Q 2021) |
|
| 10/22/20 | Laredo Petroleum Inc. | Undisclosed | $11.3 |
Purchased 2,758 net acres in the Permian's Midland sub-basin adjacent to existing acreage in Howard County, TX, with 210 boe/d (80% oil) of production. |
|
| 10/26/20 | Contango Oil & Gas Co. | Mid-Con Energy Partners LP | N/A |
To buy Tulsa, OK-based Mid-Con Energy in an all-stock merger; includes conventional assets in OK and WY. (Expected to close by early 2021) |
|
| 10/27/20 | EQT Corp. | Chevron Corp. | $735 |
To acquire Appalachia upstream and midstream assets; includes 335,000 total net acres in the Marcellus Shale with current net production of about 450 MMcfe/d plus 31% ownership interest in Laurel Mountain Midstream. (Expected to close 4Q 2020) |
|
| 10/28/20 | Undisclosed | Harvest Oil & Gas Corp. | $20.5 |
Purchased Appalachian Basin assets representing substantially all of the assets of Harvest in a cash and stock transaction; includes assets in the Utica Shale located across OH, PA and WV. (Completed; PSA announced July 2020) |
|
| 11/6/20 | BHP Group Plc | Hess Corp. | $505 |
Acquired Hess' stake comprised of a 28% working interest in the Shenzi Field in the deepwater GoM. (Completed; PSA announced October 2020) |
|
| 11/9/20 | Bonanza Creek Energy Inc. | HighPoint Resources Inc. | $376 |
To acquire rival D-J Basin producer in a merger that includes the restructuring of HighPoint; combined company will have production of 50,000 boe/d and a consolidated, contiguous leasehold position of approximately 206,000 net acres in rural Weld County, CO. (Expected to close 1Q 2021) |
|
| 11/13/20 | Southwestern Energy Co. | Montage Resources Corp. | $213 |
Acquired to acquire Montage Resources in an all-stock, adding 325,000 net acres in Appalachia’s Utica and Marcellus shale plays across OH, PA and WV. (Completed; PSA announced August 2020) |
|
| 11/30/20 | Contango Oil & Gas Co. | Undisclosed | $58 |
To buy assets in the Big Horn, Permian, and Powder River Basins via a bank-owned liquidation of assets. (Expected to close Dec. 31) |
|
| 12/2/20 | Ameredev Texas LLC | Lilis Energy Inc. | $46.6 |
Purchased Lilis Energy's roughly 20,000-acre position in the Permian's Delaware Basin through a court-supervised sales process. |
|
| 12/2/20 | Maverick Natural Resources LLC; EIG Global Energy Partners | FourPoint Energy LLC | N/A |
Acquired FourPoint Energy, the largest producer in the Western Anadarko Basin, in an all-equity merger between the two companies majority controlled by EIG Global Energy Partners; FourPoint became a subsidiary of Maverick and was renamed Unbridled Resources LLC. |
|
| 12/11/20 | Terra Energy Partners LLC | Ursa Resources Group LLC | $60 |
To purchase assets from bankrupt Ursa Piceance Holdings and various subsidiaries. (Expected to close Dec. 22) |
|
| 12/11/20 | Undisclosed | EP Energy Corp. | N/A |
To purchase southern Midland Basin assets in focused on the Wolfcamp Shale in Crocket, Irion, Reagan and Upton counties, TX. (Expected to close January 2021) |
|
| 12/14/20 | Gondola Resources LLC | SandRidge Energy Inc | $47 |
To buy SandRidge's North Park Basin asset comprised of 93,000 net acres targeting multiple Niobrara benches in Jackson County, CO. (Expected to close 1Q 2021) |
|
| 12/18/20 | Earthstone Energy Inc. | Independence Resources Management LLC; Warburg Pincus LLC | $189.5 |
To buy the Midland Basin operator with 43,400 net acres in two contiguous blocks and average production of 8,780 boe/d (66% oil); includes 4,900 core net acres in Midland and Ector counties, TX, and 70 undeveloped horizontal locations targeting the Middle Spraberry, Lower Spraberry and Wolfcamp A zones. (Expected to close 1Q 2021) |
|
| 12/18/20 | Hilcorp Energy Co. | BP Plc | $5,600 |
Bought BP’s entire upstream and midstream business in AK; includes 26% WI and operatorship of Prudhoe Bay plus the Trans Alaska Pipeline System. (Completed; PSA announced August 2019) |
|
| 12/21/20 | Diamondback Energy Inc. | Guidon Operating LLC; Blackstone | $862 |
To purchase Guidon Operating, a Midland Basin operator backed by Blackstone, in exchange for about 10.4 MM FANG stock and $375 MM cash; includes 32,500 net acres in the Northern Midland Basin with 3Q 2020 average production of 17,900 boe/d. (Expected to close February) |
|
| 12/21/20 | Diamondback Energy Inc. | QEP Resources Inc. | $2,200 |
To acquire QEP in an all-stock transaction that includes QEP’s net debt of $1.6 billion; assets comprise about 49,000 net acres in the Midland Basin plus a position in the Williston Basin with 3Q 2020 average production of 76,700 boe/d. (Expected to close 1Q or 2Q 2021) |
|
| 12/29/20 | Denbury Inc. | Devon Energy Corp. | $20 |
To buy a nearly 100% working interest (approximately 83% net revenue interest) in the Big Sand Draw and Beaver Creek oil fields located in Freemont County, WY, with net production of about 2,800 boe/d (85% oil); includes two cash payments of $4 million each contingent on the price of WTI. (Expected to close 1Q 2021) |
|
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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