Here’s a snapshot of energy deals from the past week including roughly $300 million worth of A&D activity by WPX Energy and the closing of Chesapeake Energy’s nearly $4 billion acquisition of WildHorse Resource Development.
A&D DEAL SHEET
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Sector |
Date Announced |
Buyer |
Seller |
Value (US$MM) |
Location of Assets |
Comments |
E&P |
1/28/19 |
Lundin Petroleum AB; Lundin Norway AS |
Lime Petroleum AS; Rex International Holding Ltd. |
45 |
Norway |
To acquire Lime Petroleum’s entire Utsira High acreage position in the Norwegian Continental Shelf; includes additional 30% in Rolvsnes discovery and 20% in Goddo prospect. |
Down |
1/30/19 |
Chevron Corp.; Chevron U.S.A. Inc. |
Petrobras America Inc. |
350 |
TX |
To acquire all the outstanding shares and equity interests of Pasadena Refining System, which includes the refinery in TX, and PRSI Trading. |
E&P |
1/30/19 |
Medco Energi Internasional Tbk |
Ophir Energy Plc |
511.02 |
UK; Int'l |
To acquire London-based Ophir Energy with assets in Africa, Asia and Mexico. |
E&P |
1/30/19 |
Petro Rio SA |
Chevron Corp.; Chevron Brasil Upstream Frade Ltda. |
N/A |
Brazil |
To buy additional 51.74% WI and operatorship in the Frade Field located offshore Brazil in the Campos Basin. |
Mid |
1/31/19 |
Blackstone; Blackstone Infrastructure Partners |
Tallgrass Energy LP; Kelso & Co.; The Energy & Minerals Group; Tallgrass KC LLC |
3,300 |
KS |
To buy controlling stake in Tallgrass Energy comprised of 100% membership interest in its general partner and a 44% economic interest. (Expected to close 1Q 2019) |
E&P |
1/31/19 |
Talon Petroleum Ltd. |
EnCounter Oil Ltd. |
N/A |
UK |
To purchase 100% of private UK-based EnCounter Oil, which has assets in the UK North Sea. |
E&P |
2/1/19 |
Chesapeake Energy Corp. |
WildHorse Resource Development Corp. |
3,977 |
TX |
Acquired Houston-based WildHorse in a cash-and-stock merger; includes roughly 420,000 net acre position in the Eagle Ford Shale and Austin Chalk formations in S TX with 47,000 boe/d of production (88% liquids/73% oil). (Completed; PSA announced October 2018) |
E&P |
2/1/19 |
Entek Energy Ltd. |
Emerald House LLC; Elixir Petroleum Ltd. |
3 |
AK |
To buy Emerald, which has a position in AK's North Slope covering 35,423 acres. (Expected to close March) |
Mid |
2/4/19 |
First Infrastructure Capital Advisors LLC |
WhiteWater Midstream LLC; Denham Capital Management LP; Ridgemont Equity Partners |
N/A |
TX |
To acquire WhiteWater, including its 60% stake in Agua Blanca, a Delaware Basin intrastate natural gas pipeline system. (Expected to close 1Q 2019) |
Mid |
2/4/19 |
First Infrastructure Capital Advisors LLC |
WPX Energy Inc. |
N/A |
TX |
To acquire WPX’s 20% equity interest in WhiteWater Midstream’s Agua Blanca natural gas pipeline in the Delaware Basin. (Expected to close 1Q 2019) |
E&P |
2/4/19 |
Undisclosed |
WPX Energy Inc. |
N/A |
TX |
To purchase noncore Nine Mile Draw E&P assets in southern Reeves County, Texas, within the Delaware Basin of the Permian. (Expected to close 1Q 2019) |
S&S |
2/4/19 |
Upstream Energy |
Ecolab Inc. |
N/A |
MN |
To spin off its $2.4B oil-drilling chemicals business into a separate public company. (Expected to close mid-2020) |
E&P |
2/4/19 |
WPX Energy Inc. |
Undisclosed |
100 |
TX |
To buy 14,000 surface acres in WPX’s core Stateline development area within the Delaware Basin. |
Emily Patsy can be reached at epatsy@hartenergy.com.
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