A&D DEAL SHEET |
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|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| E&P | 12/29/21 | Undisclosed | Diversified Energy Co. Plc; Oaktree Capital Management LP | $72.8 |
Purchased 22,729 net acres of predominantly undeveloped Haynesville Shale leasehold in Harrison, Leon, Panola, Robertson and Rusk counties, TX, and 38 gross wells producing approximately 1,700 net Mcf/d as of November, net to Diversified. (Completed; PSA announced November 2021) |
| E&P | 12/30/21 | FireBird Energy LLC | Chevron Corp. | N/A |
Acquired 21,000 net acres (99% operated) in the western Midland Basin of the Permian across Ector, Midland, Crane, and Upton counties, TX. |
| Mid | 12/31/21 | Southwest Gas Holdings Inc. | Dominion Energy Inc.; Questar Pipeline LLC | $1,975 |
Bought Questar Pipelines, a Rocky Mountain energy hub with 2,160-miles of highly contracted, FERC-regulated interstate natural gas pipelines providing transportation and underground storage services in UT, WY and Co; includes assumption of $430 MM of debt. (Completed; PSA announced October 2021) |
| E&P | 12/31/21 | Dorchester Minerals LP | Undisclosed | $29 |
Bought mineral and royalty interests representing approximately 4,600 net royalty acres located in 27 counties across NM, OK, TX & WY. (Completed; PSA announced November 2021) |
| E&P | 12/31/21 | Southwestern Energy Co. | GEP Haynesville LLC; GeoSouthern Energy Corp.; GSO Capital Partners LP | $1,850 |
Acquired GEP Haynesville, the third largest private Haynesville operator, in a cash-and-stock transaction; includes 226,000 net effective acres with estimated net resource potential of 6 Tcfe, approximately 700 MMcf/d of production and 700 locations. (Completed; PSA announced November 2021) |
| E&P | 1/4/22 | Lime Rock Resources LP | Abraxas Petroleum Corp. | $87.2 |
Acquired the Williston Basin properties of Abraxas consisting of approximately 3,500 acres in McKenzie County, ND. |
| E&P | 1/4/22 | Lime Rock Resources LP | Undisclosed | $271.3 |
Bought Austin Chalk and Eagle Ford properties on approximately 46,000 highly contiguous net acres located in Burleson, Milam and Robertson counties, TX, from a private seller; properties produced approximately 7,700 boe/d as of the closing of the acquisition. |
| S&S | 1/4/22 | Milestone Environmental Services LLC | Undisclosed | N/A |
Bought an active slurry injection facility in the E TX Haynesville Shale with two injection wells, located in Shelby County; includes two additional permits for energy waste landfills in TX, one in the Haynesville and the other in the Permian Basin. |
| Mid | 1/4/22 | UGI Corp.; UGI Energy Services LLC | Stonehenge Energy Holdings LLC; Stonehenge Appalachia LLC | $190 |
To purchase 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. (Expected to close by Jan. 31) |
| E&P | 1/5/22 | UpCurve Energy Partners II LLC | Undisclosed | N/A |
Purchased roughly 2,000 additional net acres in Reeves County, TX, within the southern Delaware Basin of the Permian; includes about 2,000 boe/d of production. |
| E&P | 1/6/22 | Rising Phoenix Royalties | Undisclosed | N/A |
Bought 98 net royalty acres within the Marcellus Shale in the Appalachian Basin in Washington County, PA, operated by Range Resources. |
| 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) |
| E&P | 1/10/22 | W&T Offshore Inc. | ANKOR E&P Holdings Corp.; KOA Energy LP | $47 |
To acquire 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%. (Expected to close 1Q 2022) |
| 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. |
| 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) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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