A&D DEAL SHEET |
|||||
|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| E&P | 3/18/21 | Ineos E&P AS | Hess Corp. | $150 |
To purchase Hess Denmark ApS, which holds a 61.5% interest in the South Arne Field offshore in the Danish North Sea; Production net to Hess averaged 5,800 boe/d in 4Q 2020. (Expected to close 3Q 2021) |
| S&S | 3/22/21 | Argonaut Private Equity; American Well Services | Pioneer Natural Resources Co. | N/A |
Acquired Pioneer Well Services, a subsidiary of Pioneer Natural Resources that provides well service rigs for workover or completions operations and wellsite support services in the Permian Basin, which will now d/b/a American Well Services in partnership with Nichols Oil Tools. |
| Renew | 3/22/21 | Eni SpA | FRI-EL Greenpower SpA | N/A |
To buy biogas producer FRI-EL Biogas Holding, which owns 21 plants generating electricity from biogas and a plant for processing OFMSW in Italy. |
| Mid | 3/22/21 | Oasis Midstream Partners LP | Oasis Petroleum Inc. | $510 |
To purchase Oasis' remaining interests in Bobcat DevCo LLC and Beartooth DevCo LLC plus eliminate IDRs from its capital structure in exchange for $229 MM in cash and 14.8 million OMP common units. (Expected to close March 2021) |
| E&P | 3/23/21 | LOLA Energy LLC; LOLA Energy III LLC | Undisclosed | N/A |
Acquired 100% of equity membership interests of an E&P company with operations in Butler County, PA, rebranded as LOLA Energy PetroCo LLC; roughly 22,000 net mineral acres of oil and gas leases in the NGL-rich window of the Marcellus and Burkett shale within the Appalachian Basin. |
| E&P | 3/24/21 | Aker BP ASA | Eni SpA | N/A |
Purchased a 50% stake in a UK North Sea license, known as P2511 and located on the maritime border between Norway and Britain; Eni will remain the operator. |
| Mid | 3/24/21 | Tall Oak Midstream LLC; Tailwater Capital LLC | Canyon Midstream Partners LLC | N/A |
Purchased Redcliff Midstream, a provider of gas gathering, treating and processing services throughout the northern region of the STACK play; includes more than 200 miles of gathering pipeline, a network of field compression stations and cryogenic gas processing plant across Woodward, Dewey, Blaine and Canadian counties, OK. |
| E&P | 3/24/21 | Validus Energy | Ovintiv Inc. | $880 |
Purchased Redcliff Midstream, a provider of gas gathering, treating and processing services throughout the northern region of the STACK play; includes more than 200 miles of gathering pipeline, a network of field compression stations and cryogenic gas processing plant across Woodward, Dewey, Blaine and Canadian counties, OK. |
| S&S | 3/25/21 | Noble Corp. | Pacific Drilling Co. LLC | N/A |
To acquire Houston-based Pacific Drilling in an all-stock transaction giving Pacific Drilling shareholders roughly 25% equity ownership of the pro-forma company. (Expected to close April) |
| E&P | 3/25/21 | PGNiG SA | INEOS Groupo Ltd. | $615 |
To buy INEOS E&P Norge AS, which includes all of INEOS’ oil and gas interests in production, licenses, fields, facilities and pipelines, on the Norwegian Continental Shelf. |
| E&P | 3/29/21 | Denbury Inc. | Devon Energy Corp. | $20 |
Bought a nearly 100% working interest (approximately 83% net revenue interest) in the Big Sand Draw and Beaver Creek oil fields located in Freemont County, WY, with net production of about 2,800 boe/d (85% oil); includes two cash payments of $4 million each contingent on the price of WTI. (Closed March 3; PSA announced December 2020) |
| Renew | 3/31/21 | Enverus | Energy Acuity | N/A |
Acquired Denver-based provider of information and intelligence on renewable power and clean energy markets with a product suite that includes comprehensive and high-quality datasets covering power generation and grid infrastructure. |
| E&P | 3/31/21 | Harbour Energy Ltd; Chrysaor Holdings Ltd.; EIG Global Energy Partners | Premier Oil Plc | $2,700 |
Acquired Premier Oil through a reverse takeover set to create the British North Sea’s largest oil and gas producer; Premier’s approximately US$2.7 billion of total gross debt and certain hedging liabilities will be repaid and cancelled on completion. (Completed; PSA announced October 2020) |
| E&P | 3/31/21 | Surge Energy US Holdings Co. | Grenadier Energy Partners LLC; EnCap Investments LP; Kayne Anderson Capital Advisors LP | $420 |
Bought Midland Basin leasehold interest and producing wells in Howard County, TX, in the Permian covering approximately 18,010 net acres, an operated inventory of approximately 120 future drilling locations and average production of about 9,000 boe/d (75% oil). (Completed; PSA announced January 2021) |
| S&S | 4/1/21 | American Industrial Partners | Ingersoll Rand Inc. | $300 |
Purchased a majority interest (55%) in the high pressure solutions segment of Ingersoll Rand, which provides manufacturing, service and repair of high-pressure pumps and related consumables in the upstream oil and gas market. (Completed; PSA announced February 2021) |
| E&P | 4/1/21 | Earthstone Energy Inc. | Tracker Resource Development III LLC; Sequel Energy Group LLC; EnCap Investments LP | $126.5 |
To acquire privately held operated assets located in the Midland Basin comprising about 20,300 net acres (100% HBP, 100% operated) in Irion County, TX, 7,800 boe/d (21% oil / 59% liquids) current net production from 71 wells (30 horizontal / 41 vertical), an inventory of 49 Earthstone-identified horizontal Wolfcamp locations and a $153 MM PDP PV-10 with reserves of approximately 19.8 MMboe. |
| E&P | 4/1/21 | National Energy Services Reunited Corp. | Action Energy Co. WLL | $50 |
To buy specific oilfield service lines of Action Energy, one of the leading indigenous oilfield services companies in Kuwait with multiple oilfield services contracts across both drilling and production operations. (Expected to close 2Q 2021) |
| E&P | 4/1/21 | Pioneer Natural Resources Co. | DoublePoint Energy LLC; Double Eagle Energy Holdings LLC; FourPoint Energy LLC | $6,400 |
To acquire the leasehold interests and related assets of DoublePoint Energy covering roughly 97,000 net acres in the Midland Basin in a cash and stock transaction that includes the assumption of $900 MM of debt and liabilities. (Expected to close 2Q 2021) |
| Mid | 4/5/21 | KKR & Co. Inc. | Sempra Energy | $3,370 |
To buy 20% stake in new Sempra Energy business platform, Sempra Infrastructure Partners. |
| S&S | 4/5/21 | NOW Inc. | GR Energy Services | N/A |
Purchased substantially all of the assets used in connection with GR Energy Services’ Flex Flow business, predominantly relating to the rental, sale and service of surface-mounted horizontal pumping systems and horizontal jet pumping systems. (Completed; PSA announced March 2021) |
| E&P | 4/5/21 | Whitecap Resources Inc. | Kicking Horse Oil & Gas Ltd.; Quantum Energy Partners | CA$300 |
To buy Calgary, Alberta-based Kicking Horse, a portfolio company of Quantum Energy Partners with properties in the Western Canadian Sedimentary Basin focused in the liquids-rich fairway of the Alberta Montney, in a stock-and-cash deal. (Expected to close by May 31) |
| E&P | 4/6/21 | ARC Resources Ltd. | Seven Generations Energy Ltd. | CA$2,700 |
Acquired Calgary, Alberta producer Seven Generations; includes 528,000 net acres in the Montney Shale with 180-185 Mboe/d of 2021 production. (Completed; PSA announced February 2021) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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