A&D DEAL SHEET |
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|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| E&P | 12/7/21 | Crescent Energy Co.; KKR & Co. Inc. | Contango Oil & Gas Co.; Independence Energy LLC | N/A |
Acquire Fort Worth, TX-based Contango in an all-stock combination creating Crescent Energy, a platform targeting acquisitions of low-decline, producing upstream oil and natural gas assets with an enterprise value of about $5.7 billion. (Completed; PSA announced June 2021) |
| E&P | 12/7/21 | Kimbell Royalty Partners LP | Undisclosed | $57 |
Purchased a multibasin mineral and royalty portfolio including over 26,000 gross producing wells concentrated in the Permian Basin (39%), Midcontinent (31%) and Haynesville Shale (14%). (Completed; PSA announced November 2021) |
| S&S | 12/8/21 | ChampionX Corp. | Group 2 Technologies LLC | N/A |
Acquired Houston-based Group 2 Technologies, a provider of novel, patented extended-release chemistries that significantly lengthen treatment lifetimes of production chemicals, enhancing customer operations. |
| S&S | 12/8/21 | ChampionX Corp. | Tomson Technologies LLC | N/A |
Acquired Houston-based Tomson a commercial research laboratory providing a wide range of services including advanced research and development, advanced product development support, chemical performance studies, and project-based development and support services. |
| E&P | 12/8/21 | ConocoPhillips Co. | Origin Energy Ltd. | $1,645 |
To purchase an additional 10% shareholding interest in Australia Pacific LNG as part of its preemption right; ConocoPhillips currently holds a 37.5% APLNG shareholding interest and would own 47.5% of APLNG upon closing. |
| E&P | 12/8/21 | Diversified Energy Co. Plc; Oaktree Capital Management LP | Tapstone Energy LLC | $419 |
Bought upstream assets, field infrastructure, equipment and facilities in the Midcontinent region of OK; includes about 660 net operated wells producing roughly 12,000 boe/d (over 80% natural gas and NGL). (Completed; PSA announced October 2021) |
| E&P | 12/8/21 | MedcoEnergi | ConocoPhillips Co. | $1,355 |
To buy ConocoPhillips’ 54% interest in the Indonesia Corridor Block PSC and a 35% shareholding interest in the Transasia Pipeline Co.; includes about 50,000 boe/d of production and year-end 2020 proved reserves of 85 million boe. |
| E&P | 12/9/21 | BCE-Mach LLC; Mach Resources LLC; Bayou City Energy Management LLC | Undisclosed | $66.5 |
To acquire, in separate transactions, additional working interest across 61 wells it operates in Kingfisher County, OK, in the STACK play and 66,000 net acres in the Mississippi Lime play with 193 operated wells primarily located in Barber County, KS, plus 16 disposal wells and corresponding gathering system. (Expected to close 1Q 2022) |
| E&P | 12/9/21 | PHX Minerals Inc. | Undisclosed | $5.8 |
To acquire 426 total net royalty acres in the Haynesville Shale within Caddo Parish, LA, from two private sellers. (Expected to close December 2021) |
| S&S | 12/13/21 | Select Energy Services Inc. | HB Rentals LC | N/A |
Purchased the Superior Energy Services subsidiary that operates a leading rentals and accommodations company with current operations in the Permian, Haynesville, Midcontinent, Northeast and Rockies regions. |
| S&S | 12/13/21 | Select Energy Services Inc. | Nuverra Environmental Solutions Inc. | $45 |
To buy the Houston-focused energy-focused environmental solutions company, providing comprehensive, full-cycle environmental solutions for E&P companies operating across the U.S., including in the Bakken, Haynesville, Marcellus and Utica shale plays. (Expected to close 1Q 2022) |
| S&S | 12/14/21 | Kimray Inc. | Control Equipment Inc. | N/A |
Purchased Texas-based Control Equipment, which serves as Kimray's largest distributor with offices in Cleburne, Lubbock, Odessa, Pampa and Wichita Falls. |
| Renew | 12/14/21 | Royal Dutch Shell Plc; Shell New Energies US LLC | Savion LLC; Macquarie Group Ltd. | N/A |
To buy 100% of Savion, a U.S.-based solar and energy storage developer with a pipeline of more than 18 GW of solar and energy storage projects with over 100 projects under development in 26 states. (Expected to close by year-end 2021) |
| E&P | 12/15/21 | PrairieSky Royalty Ltd. | Heritage Royalty LP | CA$728 |
Purchased over 1.9 million acres of royalty lands throughout Alberta, Saskatchewan and Manitoba plus over 1.7 million net acres of fee simple mineral title lands and extensive seismic assets complementary to the royalty lands; includes current estimated royalty production of 2,700 boe/d (92% liquids). (Completed; PSA announced November 2021) |
| E&P | 12/15/21 | Tamarack Valley Energy Ltd. | Crestwynd Exploration Ltd. | CA$184.7 |
To acquire privately held pure-play Clearwater oil producer Crestwynd; includes 99,360 net acres and 209 gross (153.7 net) drilling locations plus 9.6 million boe of proved plus probable reserves. (Expected to close February 2022) |
| E&P | 12/16/21 | Earthstone Energy Inc. | Chisholm Energy Holdings LLC; Warburg Pincus LLC | $604 |
To acquire privately held Permian Basin operator with approximately 36,100 net acres and a drilling inventory of 414 gross (237 net) operated identified locations in the northern Delaware Basin in Eddy and Lea Cos., NM; current net production is about 13,500 boe/d (61% oil, 79% liquids). |
| E&P | 12/17/21 | Brigham Minerals Inc. | Undisclosed | $95.6 |
Acquired 8,400 net royalty acres in the D-J Basin primarily in Weld County, CO, including 10.37 net producing wells, 1.6 net PUDs and 1.5 net drilling permits. (Completed; PSA announced November 2021) |
| Mid | 12/20/21 | BP Plc | BP Midstream Partners LP | $723 |
To acquire all outstanding common units of BP Midstream Partners not already owned directly or indirectly by BP, representing roughly 47.8 million common units, in an all-stock transaction. (Expected to close 1Q 2022) |
| E&P | 12/21/21 | Aker BP | Lundin Energy | $13,900 |
To buy the oil and gas business of Sweden’s Lundin Energy, forming the second-largest listed petroleum firm on the Norwegian Continental Shelf. |
| E&P | 12/21/21 | Continental Resources Inc. | Pioneer Natural Resources Co. | $3,250 |
Acquired Pioneer’s Delaware Basin position in the Permian covering approximately 92,000 net acres in Pecos, Reeves, Ward and Winkler Cos. in W TX with net production of approximately 50,000 boe/d and over 650 gross operated locations in Third Bone Spring/Wolfcamp A and B. (Completed; PSA announced November 2021) |
| 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. |
| 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) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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