A&D DEAL SHEET |
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|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| Mid | 1/10/22 | Enterprise Products Partners LP | Navitas Midstream Partners LLC; Warburg Pincus LLC | $3,250 |
To acquire The Woodlands, TX-based Navitas backed by Warburg Pincus; includes approximately 1,750 miles of pipelines and over 1 Bcf/d of cryogenic natural gas processing capacity in the Midland Basin of the Permian. (Expected to close 1Q 2022) |
| Mid | 1/10/22 | Targa Resources Corp. | Stonepeak Partners LP | $925 |
To buy back the interests in its development company JVs used to fund the development of key downstream projects; includes interest in the Grand Prix NGL Pipeline and Gulf Coast Express Pipeline, which both serve Permian Basin producers, as well as Targa’s Train 6 fractionator in Mont Belvieu, TX. (Expected to close Jan. 14) |
| Renew | 1/11/22 | Exxon Mobil Corp. | Biojet AS | N/A |
Purchased a 49.9% stake in Norwegian biofuels company Biojet, which plans to develop up to five facilities to produce biofuels from forestry and wood-based construction waste with commercial production expected to begin in 2025. |
| E&P | 1/12/22 | Falcon Minerals Corp. | Desert Peak Minerals; Kimmeridge Energy Management Co. LLC | $1,900 |
To acquire in all-stock merger creating a mineral and royalty company with a significant Permian and Eagle Ford footprint and an enterprise value of $1.9 B; combined assets include over 139,000 NRAs, 105,000 of which are located in the Permian Basin, and projected production of 13,500-14,500 boe/d for 1H 2022. (Expected to close 2Q 2022) |
| E&P | 1/17/22 | Vista Oil & Gas | Wintershall Dea | $140 |
To buy Wintershall Dea’s stake in two concessions in Argentina’s Vaca Muerta Shale oil deposit. |
| Mid | 1/18/22 | Clearfork Midstream LLC; EnCap Flatrock Midstream LLC | Azure Midstream Energy LLC | N/A |
To acquire Azure Midstream, which has a natural gas gathering and treating platform spanning the core areas of the Haynesville Shale formation and includes more than 500 miles of pipeline and 1.2 Bcf/d of treating capacity across systems in N LA and E TX. (Expected to close 1Q 2022) |
| E&P | 1/18/22 | Undisclosed | Colgate Energy Partners III LLC | $230 |
Bought approximately 6,000 net acres in Ward County, TX, within the Delaware Basin of the Permian. |
| S&S | 1/19/22 | Novi Labs Inc. | ShaleProfile BV | N/A |
Purchased energy data analytics provider ShaleProfile based in the Netherlands. |
| E&P | 1/20/22 | Colgate Energy Partners III LLC | Undisclosed | $190 |
Purchased approximately 22,000 net acres directly offset Colgate’s existing position in the northern Delaware Basin of the Permian in Eddy and Lea counties, NM; includes 750 boe/d of estimated average net production and over 200 “high-quality locations.” (Completed; PSA announced November 2021) |
| E&P | 1/20/22 | Evolution Petroleum Corp. | Foundation Energy Management LLC | $25.9 |
Acquired 50% of certain interests held by Foundation within the Williston Basin in Billings, Golden Valley and McKenzie Cos, ND; includes 2.3 million boe (80% oil, 9% NGL) of long-life producing reserves and a joint development agreement. |
| Mid | 1/24/22 | Enerflex Ltd. | Exterran Corp. | $735 |
To acquire Houston-based Exterran through an all-stock transaction creating an integrated global provider of energy infrastructure with a roughly $1.5B enterprise value. (Expected to close 2Q or 3Q 2022) |
| E&P | 1/25/22 | Chesapeake Energy Corp. | Chief Oil & Gas LLC; Tug Hill Inc. | $2,600 |
To acquire Chief E&D Holdings LP and associated nonoperated interests held by affiliates of Tug Hill in exchange for $2B cash and about 9.44MM commons hares; includes 113,000 net acres producing 835 MMcf/d. (Expected to close 1Q 2022) |
| E&P | 1/25/22 | Continental Resources Inc. | Chesapeake Energy Corp. | $450 |
To purchase Chesapeake’s Powder River Basin position comprising approximately 172,000 net acres and 350 operated wells in SE WY average about 19,000 boe/d (58% oil and NGL) of 4Q 2021 production. (Expected to close 1Q 2022) |
| S&S | 1/27/22 | Evolution Well Services | Alliance OGP LLC | N/A |
Purchased the e-frac gas treating division of Alliance OGP. |
| E&P | 1/27/22 | OneEnergy Partners II Holdings LLC | Trainer Partners Ltd. | N/A |
Purchased all the partnership interests of Trainer Partners, family-run oil and gas company in the Permian Basin with a portfolio of minerals, overrides and nonoperated working interests across Lea and Eddy counties, NM; Gaines, Andrews, Hemphill and Midland counties, TX; and Roger Mills County, OK. |
| E&P | 1/27/22 | Rising Phoenix Royalties | Undisclosed | N/A |
Bought roughly 5 net royalty acres (49% oil / 51% natural gas) in the Woodford Basin operated by Ovintiv Inc. in Stephens County, OK. |
| E&P | 1/28/22 | Maverick Natural Resources LLC | ConocoPhillips Co. | $440 |
To buy certain producing properties in the Permian Basin spanning 144,500 net acres across the Central Basin Platform and Northwest Shelf in Andrews and Ector counties, TX, and Eddy and Lea counties, NM; assets are largely operated and HBP and average more than 11,000 boe/d (50% oil) of production. (Expected to close 2Q 2022) |
| E&P | 1/31/22 | Earthstone Energy Inc. | Bighorn Permian Resources LLC | $860 |
To acquire privately held Bighorn, which has approximately 110,600 net acres (98% operated, 93% working interest, 99% HBP) in the Midland Basin, primarily in Reagan and Irion counties, TX, and average production of 42,400 boe/d (25% oil, 57% liquids). (Expected to close 2Q 2022) |
| E&P | 2/1/22 | Civitas Resources Inc. | Bison Oil & Gas II LLC; Carnelian Energy Capital Management LP | $346 |
To acquire D-J Basin operator Bison II in cash-and-stock transaction that includes assumption of $176MM in debt and other liabilities; Bison II holds leases covering roughly 40,000 net acres, production of about 9,000 boe/d (75% oil and 90% liquids) and 102 gross locations. (Expected to close 1Q 2022) |
| Mid | 2/1/22 | Crestwood Equity Partners LP | Oasis Midstream Partners LP; Oasis Petroleum Inc. | $1,800 |
Acquired Oasis Petroleum’s midstream affiliate with assets are located in the heart of the oil-rich Bakken and Permian basins; equity and cash transaction includes assumption of $660 MM in outstanding debt. (Completed; PSA announced October 2021) |
| Mid | 2/1/22 | UGI Corp. | Stonehenge Energy Resources LP | $190 |
Purchased the Stonehenge Appalachia natural gas gathering system in Butler County, PA, comprising more than 47 miles of pipeline and associated compression assets and gathering capacity of 130 MMcf/d. (Completed; PSA announced January 2022) |
| E&P | 2/2/22 | W&T Offshore Inc. | Ankor E&P Holdings Corp. | $47 |
Acquired working interests in and operatorship of oil and gas producing properties in federal shallow waters in the central region of the US GoM; includes approximately 3,400 boe/d (74% oil) and average working interest of 80%. (Completed; PSA announced January 2022) |
| Mid | 2/3/22 | Undisclosed | Targa Resources Corp. | $857 |
To buy Targa’s 25% equity interest in the Gulf Coast Express Pipeline, a 2 Bcf/d natural gas pipeline transports natural gas from the Permian Basin to outside Corpus Christi on the TX Gulf Coast. |
| E&P | 2/8/22 | Whiting Petroleum Corp. | Undisclosed | $237 |
To buy nonoperated assets in the Williston Basin’s Sanish Field; includes 14,563 net acres in Mountrail County, ND, and about 4,500 boe/d (67% oil) of production. (Smaller transaction closed 4Q 2021, larger deal expected to close 1Q 2022) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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