Here’s a snapshot of recent energy deals including a $312 million sale by Hess in the Bakken plus Saudi Aramco signs a $12.4 billion pipeline deal.
The recently announced agreement by Pioneer Natural Resources to acquire DoublePoint Energy, with multiple private equity sponsors, also adds further indications of a shift toward private upstream activity, analyst says.
Rice Acquisition Corp. agreed to a business combination worth over $1 billion with Aria Energy and Archaea Energy, both of which are leaders in the U.S. landfill gas and renewable natural gas sectors.
Here’s a snapshot of recent energy deals including two large Permian Basin deals including the surprise $6.4 billion acquisition of DoublePoint Energy by Pioneer Natural Resources.
DoublePoint Energy will add 97,000 acres to Pioneer’s holdings in the Permian Basin and analysts at Cowen & Co. praised the deal, saying it “undoubtedly fits like a glove within PXD’s Midland Basin acreage.”
The acquisition of privately held oil and gas companies by mature operators, like Pioneer Natural Resources’ recent multibillion-dollar agreement to acquire DoublePoint Energy, should help alleviate concerns that U.S. shale could again oversupply the market and crash prices, says analyst.
Whitecap’s indirect acquisition of Kicking Horse consists of 34.5 million Whitecap common shares and CA$56 million in cash, along with the assumption of net debt estimated at CA$54 million as of Feb. 28.
Pioneer Natural Resources said the acquisition of DoublePoint Energy will increase Pioneer’s acreage position to greater than 1 million net acres in the Permian Basin with no exposure to federal lands.
Here’s a snapshot of recent energy deals including Ovintiv’s Eagle Ford Shale exit through the $880 million sale of its South Texas assets to Validus Energy plus the all-stock merger of Noble Corp. with Houston-based Pacific Drilling.
A stabilizing and upward trending oil price should support A&D transactions in 2021, fueled by M&A pushing assets into play. And a surprising amount of capital is hunting in the middle market arena.