A&D DEAL SHEET
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Sector |
Date Announced |
Buyer |
Seller |
Value (US$MM) |
Comments |
|
Mid |
6/10/19 |
Bridger Pipeline LLC |
Phillips 66 Co. |
N/A |
Formed 50/50 JV to build the $1.6 B Liberty pipeline to transport crude from the Rockies and Bakken to Gulf Coast markets. |
|
E&P |
6/10/19 |
CNOOC Ltd. |
Encana Corp. |
N/A |
To divest its China assets by terminating its PSC covering offshore operations and handing over operations to CNNOC. (Expected to close July 31) |
|
E&P |
6/10/19 |
Comstock Resources Inc. |
Covey Park Energy LLC; Denham Capital Management LP |
2,200 |
To acquire the Dallas-based privately held independent backed by Denham Capital with properties in the Haynesville and Bossier shale plays of N LA and E TX; includes assumption of debt and retirement of preferred units. (Expected to close by July 31) |
|
Mid |
6/10/19 |
Hartree Bulk Storage LLC; Hartree Partners LP; Oaktree Capital Management LP |
Martin Midstream Partners LP |
215 |
To buy Gulf Coast natural gas storage assets with 50 billion cubic feet of working capacity in N LA and MS. (Expected to close 2Q 2019) |
|
Mid |
6/10/19 |
Plains All American Pipeline LP |
Phillips 66 Co. |
N/A |
Formed 50/50 JV to construct the $2.5 B Red Oak pipeline transporting Permian crude from Cushing, OK, to TX Gulf Coast markets. |
|
E&P |
6/11/19 |
Occidental Petroleum Corp. |
Amerisur Resources Plc |
N/A |
Bought 50% participation interest in four E&P blocks in the jungle region of the Putumayo province in southern Colombia through a partnership. |
|
Down |
6/11/19 |
PBF Energy Inc. |
Royal Dutch Shell Plc; Shell Oil Products US |
1,000 |
To purchase the 157,000 bbl/d Martinez oil refinery located in N CA. (Expected to close 2H 2019) |
|
E&P |
6/12/19 |
Prime Rock Resources LLC; Lime Rock Partners |
New Dawn Energy LLC |
N/A |
Formed JV to jointly develop about 120,000 net acres contributed by each company in central LA targeting the Austin Chalk covering Allen, Avoyelles, Beauregard, Rapides and Vernon parishes, primarily in the legacy Masters Creek Field. |
|
Mid |
6/13/19 |
Engie SA; Caisse de Dépôt et Placement du Québec (CDPQ) |
Petróleo Brasileiro SA (Petrobras) |
8,690 |
Bought a 90% stake in Petrobras' TAG pipeline unit, which accounts for 47% of Brazil's entire gas infrastructure. (Completed; PSA announced April 2019) |
|
E&P |
6/13/19 |
Sequitur Energy Resources LLC; Sequitur Permian LLC |
Callon Petroleum Co. |
320 |
Purchased Ranger operating position within the Midland Basin of the Permian comprising 85% WI in 9,850 net Wolfcamp acres averaging about 4,000 boe/d (52% oil) of production; purchase price includes contigency payments tied to oil prices of up to $60 MM. (Completed; PSA announced April) |
|
S&S |
6/17/19 |
C&J Energy Services Inc. |
Kean Group Inc. |
745.7 |
To acquire Keane through a merger of the Houston-based pressure pumpers; C&J and Keane shareholders to own roughly 50% of the combined company. (Expected to close 4Q 2019) |
|
Mid |
6/17/19 |
Canadian Pension Plan Investment Board (CPPIB) |
The Williams Cos. Inc. |
1,340 |
Formed JV to consolidate Williams midstream operations in the western Marcellus and Utica basins of OH; includes CCPIB purchase of a 35% ownership stake in the combined Ohio Valley Midstream and Utica East Midstream systems. (Completed; agreement announced March 2019) |
|
E&P |
6/17/19 |
ConocoPhillips Co.; ConocoPhillips Alaska |
Caelus Energy LLC; Caelus Natural Resources Alaska LLC |
N/A |
To acquire 100% of the Nuna discovery comprised of 11 tracts covering 21,000 acres within the AK North Slope region. |
|
S&S |
6/18/19 |
Profire Energy Inc. |
Millstream Energy Products Ltd. |
2.5 |
To buy privately-held Canadian company Millstream that develops |
|
E&P |
6/19/19 |
Chisholm Oil and Gas LLC; Apollo Global Management LLC |
Gastar Exploration LLC; Ares Management Corp. |
N/A |
To acquire Houston-based Gastar through a merger agreement; combined company to hold roughly 165,000 net acres in the OK Stack Play, primarily in Kinfisher County, with net production of about 20,000 boe/d. (Expected to close 3Q 2019) |
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Source: HartEnergy.com |
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For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
Emily Patsy can be reached at epatsy@hartenergy.com.
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