In its most recent partnership with EnCap, the Sabalo management team built a position in the Midland Basin of over 21,000 net acres, which it sold to Laredo Petroleum for $715 million in July.
Buyout firms have sold around $2.6 billion worth of Canadian oil and gas producers so far this year, the highest level since at least 2010, according to IHS Markit.
Here’s a snapshot of recent energy deals including Shell’s U.S. shale exit through the $9.5 billion cash sale of its Permian Basin position to ConocoPhillips.
After patiently waiting through the shale land rush, Enverus’ Andrew Dittmar says ConocoPhillips is picking up prime real estate in the Permian Basin with its blockbuster purchase from Shell.
Northern Oil and Gas bid about $170 million for a nonoperated working interest in Comstock Resources’ Bakken assets, sources say.
The acquisition of Double Drop Resources significantly expands Lagoon Water Midstream’s operations and establishes it as a multibasin water management company.
The sale of all its Texas and New Mexico fluid management and saltwater disposal well assets completes Key Energy Services’ exit from this line of business in these states.
Shell reached an agreement for the sale of its Permian Basin business to ConocoPhillips for $9.5 billion in cash, confirming rumors the supermajor was considering exiting the key shale asset.
The Pioneer acquisition adds 135 gross operated locations in Glasscock County, Texas, doubling Laredo Petroleum’s high-margin, oil-weighted inventory in the Midland Basin, according to the company release.