Volatility to Slow Upstream M&A After $17B in Q1 Dealmaking—Enverus
Upstream deal markets are heading into territory reminiscent of the conditions seen in the first half of 2020, said Andrew Dittmar, Enverus’ principal M&A analyst.
Trio Petroleum Deal Marks Entry into Canada’s Heavy Oil Region
California’s Trio Petroleum will acquire producing wells in the Lloydminster, Saskatchewan heavy oil region in a deal valued at roughly $1.38 million.
Gibson, Baytex Energy Enter Infrastructure Partnership in Duvernay
Baytex Energy, in partnership with Gibson Energy, is building midstream infrastructure in the Pembina Duvernay play that is expected to be completed by fourth-quarter 2025.
Whitecap, Veren Enter $10.4B Merger of Western Canadian Basin E&Ps
Whitecap Resources and Veren Inc. will create the largest light oil and condensate producer in the Alberta Montney and Kaybob Duvernay in an all-share combination valued at CA$15 billion (US$10.43 billion).
Obsidian to Sell Cardium Assets to InPlay Oil for US$225MM
Calgary, Alberta-based Obsidian Energy is divesting operated assets in the Cardium to InPlay Oil for CA$320 million in cash, equity and asset interests. The company will retain its non-operated holdings in the Pembina Cardium Unit #11.
PrairieSky Buys Canadian Mineral Interests in Deals Totaling $57MM
PrairieSky Royalty Ltd. acquired royalty interests in December and January deals in Alberta and Saskatchewan, Canada.
Ovintiv Closes Montney Acquisition, Completing $4.3B in M&A
Ovintiv closed its $2.3 billion acquisition of Paramount Resource’s Montney Shale assets on Jan. 31 after divesting Unita Basin assets for $2 billion last week.
Shell, Canadian Natural Resources to Swap Oil Sands, CCS Interests
In a swap transaction, Canadian Natural Resources Ltd. will own 100% interest in the Athabasca Oil Sands Project after acquiring a 10% interest from Shell Canada Ltd. in exchange for a 10% interest in carbon capture and storage facilities.
Ovintiv Closes $2B Uinta Sale to FourPoint Resources
Ovintiv is exiting Utah’s Uinta Basin in a $2 billion sale to FourPoint Resources, which will take over some of the play’s highest quality acreage.
Riverstone’s Leuschen Plans to IPO Methane-Mitigation-Focused SPAC
The SPAC will be Riverstone Holdings co-founder David Leuschen’s eighth, following the Permian Basin’s Centennial Resources, the Anadarko’s Alta Mesa Holdings and the Montney’s Hammerhead Resources.