Clarification: The company purchased by Patterson-UTI is NexTier Oilfield Solutions.
This is one of the largest oilfield services deals in recent memory with your Hart Energy LIVE A&D Minute. With a combined value of $5.4 billion, Patterson-UTI and NexTier Oilfield Solutions will merge. [The company will] have services capabilities in the most active U.S. shale basins and operate as Patterson-U TI energy when the deal closes later this year.
The Permian is still the place for deals for E&Ps. D-J Basin player Civitas Resources is entering the Permian through deals with two private equity backed E&Ps, adding 68,000 net acres in both the Midland and Delaware Basins in deals worth $4.7 billion.
Meanwhile, Earthstone Energy is expanding its Delaware Basin position with a deal to acquire Novo Oil & Gas, which adds around 11,300 net acres to their portfolio. Northern Oil and Gas is also getting in on the action with a deal to acquire a third of Novo's working interests. I guess our NAPE man on the street coverage via The Pulse was right on the nose with Permian being very active in M&A and we're only midway through the year.
That's your A&D Minute from Hart Energy Studios. Watch new A&D Minute episodes every Wednesday with our A&D Watch newsletter. Sign up at hartenergy.com/transactions.
Recommended Reading
APA Curtails Natgas, NGL Output Amid Low Waha Prices
2024-10-10 - Apache parent APA Corp. curtailed more natural gas and NGL output than previously anticipated as it realized just $0.15/Mcf in the U.S.
US NatGas Prices Jump 7% to 1-Yr High on Surprise Storage Draw, Colder Forecasts
2024-11-21 - The U.S. Energy Information Administration said utilities pulled 3 Bcf of gas from storage during the week ended Nov. 15.
As US Ethane Production Soars to Record High, Low Prices Expected
2024-10-29 - Tied to natural gas production, which has suffered from weak demand, ethane is also headed for bearish prices, according to an analyst.
US NatGas Prices Slide 2% as Mild Weather Keeps Storage Injections High
2024-11-07 - U.S. natural gas futures have fallen on forecasts for weather to remain mild through late November.
US Natural Gas Prices Hold Near 12-week High on Rising Outages
2024-09-24 - U.S. natural gas futures held near a 12-week high as some Gulf Coast oil and gas producers cut output ahead of a possible hurricane.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.