A&D DEAL SHEET |
|||||
|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| Mid | 7/11/22 | Crestwood Equity Partners LP | First Reserve Corp. | $320 |
Purchased First Reserve’s 50% equity interest in Crestwood Permian Basin Holdings LLC (CPJV) for $320 MM in Crestwood common units plus the assumption of asset level debt; pro forma, First Reserve will own approximately 10% of Crestwood’s common units outstanding. (Completed; PSA announced May 2022) |
| Mid | 7/11/22 | Crestwood Equity Partners LP | Sendero Midstream Partners LP | $600 |
Acquired Sendero Midstream Partners in the Delaware Basin in Eddy County, NM, including 350 MMcf/d of processing capacity, approximately 140 miles of natural gas gathering lines and more than 53,000 hp of field gathering compression. (Completed; PSA announced May 2022) |
| Mid | 7/11/22 | EnLink Midstream LLC | Crestwood Equity Partners LP | $275 |
Bought Crestwood’s legacy, noncore Barnett Shale assets including the Alliance System, the Lake Arlington System and the Cowtown System, representing a full exit from the Barnett Shale. (Completed; PSA announced May 2022) |
| Renew | 7/12/22 | Equinor ASA | East Point Energy LLC | N/A |
To buy Charlottesville, VA-based battery storage developer with a 4.1 GW current pipeline of early to mid-stage battery storage projects focused on the US East Coast. (Expected to close 3Q 2022) |
| E&P | 7/13/22 | Tellurian Inc.; Tellurian Production LLC | EnSight Energy Partners LP | $132.5 |
To purchase the natural gas assets of EnSight IV Energy Partners LLC and EnSight Haynesville Partners LLC located in the core of the Haynesville Shale in DeSoto, Bossier, Caddo, and Webster parishes, LA; includes about 5,000 net acres, 30 gross drilling locations and roughly 45 MMcf/d (100% natural gas) of current net production with 108 Bcf of proved reserves. (Expected to close 3Q 2022) |
| Mid | 7/14/22 | ConocoPhillips Co. | Sempra | N/A |
To acquire a 30% direct equity holding in Port Arthur Liquefaction Holdings LLC and an LNG offtake equivalent to approximately 5 mtpa from the Port Arthur LNG project in Jefferson County, TX; includes options to for Phase 2 of the Port Arthur project as well as Energia Costa Azul LNG Phase 2 Project in Mexico and future low-carbon projects that could include CCS projects in TX or LA. |
| E&P | 7/14/22 | VAALCO Energy Inc. | TransGlobe Energy Corp. | $307 |
To acquire Calgary, Alberta-based TransGlobe in a stock-for-stock strategic business combination transaction expected to crease African-focused E&P company with assets will be located in prolific and established basins in Egypt, Gabon and Equatorial Guinea plus Canada. |
| S&S | 7/18/22 | Precision Drilling Corp. | High Arctic Energy Services Inc. | CA$38.2 |
To buy High Arctic’s well servicing business and associated rentals assets. (Expected to close July) |
| Mid | 7/20/22 | Harvest Midstream Co. | BlackRock Real Assets | N/A |
Purchased the remaining interest in Arrowhead Gulf Coast Holdings LLC, making Harvest the sole owner of the company; include 300 miles of pipelines and terminal assets in southern LA. |
| E&P | 7/21/22 | Devon Energy Corp. | RimRock Oil & Gas LLC | $865 |
Acquired the leasehold interest and related assets of RimRock Oil and Gas, a Warburg Pincus portfolio company focused in the Williston Basin; includes 38,000 net acres and 15,000 boe/d (78% oil) of production. (Completed; PSA announced June 2022) |
| Mid | 7/25/22 | Shell USA Inc.; Shell Plc | Shell Midstream Partners LP | $1,960 |
To purchase all remaining interests in Shell Midstream Partners held by the public at $15.85 per public common unit in cash; currently owns roughly 68.5% of Shell Midstream Partner common units. (Expected to close 4Q 2022) |
| E&P | 7/26/22 | Sitio Royalties Corp. | Momentum Minerals LLC; Apollo Global Management LLC | $224 |
Bought over 12,200 net royalty acres in the Permian Basin. (Completed; PSA announced June 2022) |
| S&S | 7/27/22 | Diversified Energy Co. Plc | Contractor Services Inc. of West Virginia (ConServ) | N/A |
Purchased the well services and plugging assets of Contractor Services Inc. (ConServ) of WV in the Appalachian Basin. |
| E&P | 7/28/22 | Diversified Energy Co. Plc | ConocoPhillips Co. | $240 |
To purchase OK and TX assets within the Midcontinent region comprising interest in roughly 1,500 producing wells across 250,000 net acres with 60% operated production; net production is about 9,000 boe/d (90% natural gas and NGL). (Expected to close September) |
| E&P | 7/28/22 | Journey Energy Inc. | Enerplus Corp. | CA$140 |
To buy certain Canadian assets located in Alberta including Ante Creek and Medicine Hat operations along with its broad interests in the West Five and West Six areas of Alberta. (Expected to close 3Q 2022) |
| S&S | 8/1/22 | Undisclosed; Local management tream | Baker Hughes Co. | N/A |
To buy out Baker Hughes’ oilfield services business in Russia for undisclosed terms. (Expected to close 2H 2022) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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