A&D DEAL SHEET |
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|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| E&P | 6/27/22 | Sitio Royalty Corp. | Foundation Minerals; Quantum Energy Partners | $323 |
Purchased over 19,700 net royalty acres in the Permian Basin. |
| E&P | 6/27/22 | Sitio Royalty Corp. | Momentum Minerals LLC; Apollo Global Management | $224 |
To buy over 12,200 net royalty acres in the Permian Basin. (Expected to close 3Q 2022) |
| E&P | 6/28/22 | Earthstone Energy Inc. | Titus Oil & Gas Production LLC; NGP Energy Capital Management LLC | $627 |
To acquire the Permian Basin NM assets of Titus Oil & Gas Production LLC and Titus Oil & Gas Production II LLC and their affiliates located in the northern Delaware Basin in Eddy and Lea Cos. (Expected to close 3Q 2022) |
| Renew | 6/28/22 | Equinor ASA; SSE Plc | Energy Capital Partners | $418.7 |
To buy UK-based power company Triton Power from PE firm Energy Capital Partners; includes key plant Saltend Power Station and plans for the CCGT power plant to use hydrogen. (Expected to close September 2022) |
| E&P | 6/28/22 | Whitecap Resources Inc. | Exxon Mobil Corp.; Imperial Oil Ltd. | CA$1,900 |
To purchase XTO Energy Canada ULC, jointly owned by Imperial and ExxonMobil Canada; includes 567,000 net acres in the Montney Shale, 72,000 net acres in the Duvernay Shale and additional acreage with net production of 140 MMcf/d of natural gas and about 9,000 bbl/d of crude, condensate and NGL. (Expected to close 3Q 2022) |
| E&P | 6/28/22 | S.T.L. Resources LLC | Tilden Marcellus LLC | $26 |
Purchased shale natural gas assets previously owned by Tilden Marcellus through a Chapter 11 bankruptcy auction; includes 100% WI and operatorship of natural gas wells across about 24,000 net mineral acres in Tioga and Potter Cos., PA, located in the Marshlands Field in the core of the Marcellus and Utica shale dry gas fairway. |
| E&P | 6/29/22 | Shell Plc | Equinor ASA | N/A |
To buy a 51% interest and operatorship in the North Platte deepwater development project, to be renamed Sparta, in the Garden Banks area of the US Gulf of Mexico. |
| E&P | 6/30/22 | Citizen Energy LLC | Bricktown Energy; Red Bluff Resources | N/A |
Purchased substantially all of the oil and gas properties of Red Bluff Resources and Bricktown Energy adding 80,000 net acres, 13,000 boe/d (56% liquids) plus 200 operated and 739 nonoperated wells located in the Midcontinent region. |
| E&P | 6/30/22 | HighPeak Energy Inc. | Hannathon Petroleum LLC | $346.5 |
Acquired the Howard County, TX, assets of Hannathon Petroleum LLC and other nonoperated working interest owners in the Permian Midland Basin largely contiguous to HighPeak’s existing Signal Peak position; consideration comprised of $237 MM in cash and 3.5 MM shares of HighPeak common stock, where were both reduced prior to closing. (Completed; PSA announced April 2022) |
| E&P | 6/30/22 | Ranger Oil Corp. | Undisclosed | $46 |
To purchase through three, separate bolt-on acquisitions additional working interests in existing Ranger-operated wells along with contiguous producing assets and undeveloped acreage with production of 1,600 boe/d (~79% oil / 92% liquids), primarily associated with low-decline, legacy wells. (Expected to close by July 5) |
| E&P | 7/1/22 | Chord Energy Corp. | Whiting Petroleum Corp.; Oasis Petroleum Inc. | $6,000 |
Combined and in exchange Whiting shareholders will receive 0.5774 shares of Oasis common stock and $6.25 in cash for each share of Whiting common stock owned; combined company will have an enterprise value of roughly $6 B and operate 972,000 net acres with production of 167,800 boe/d in the Williston Basin. (Completed; PSA announced March 2022) |
| S&S | 7/5/22 | Helix Energy Solutions Group Inc. | Alliance Energy Group | $120 |
Acquired 100% of the equity interests of the Alliance group of companies in the US Gulf of Mexico for $120 MM of cash at closing, plus the potential for post-closing earnout consideration payable in 2024. (Completed; PSA announced May 2022) |
| E&P | 7/5/22 | Ring Energy Inc. | Stronghold Energy II Holdings LLC; Warburg Pincus LLC | $465 |
To acquire Stronghold Energy II Operating LLC and Stronghold Energy II Royalties LP consisting of 37,000 net acres located primarily in Crane County, TX, in the Permian Basin’s Central Basin Platform; includes strong current net production of about 9,100 boe/d (54% oil, 75% liquids). (Expected to close 3Q 2022) |
| E&P | 7/5/22 | SilverBow Resources Inc. | Sundance Energy Inc. | $354 |
Acquired Sundance in a cash and stock transaction that includes up to an additional $15 million dollars of contingent payments based on future commodity prices; assets comprise 39,000 net acres in Atascosa, La Salle, McMullen & Live Oak Cos., TX of highly contiguous Eagle Ford acreage and net production of 11,100 boe/d (84% liquids / 65% oil). (Completed; PSA announced April 2022) |
| S&S | 7/5/22 | Varel Energy Solutions (VES) | Sledgehammer Oil Tools | N/A |
Purchased oilfield casing, cementing and completion product supplier Sledgehammer based in northern India. |
| E&P | 7/6/22 | Undisclosed | Ovintiv Inc. | $350 |
To acquire, separately, portions of Ovintiv’s assets located in the Bakken and Uinta basins; Bakken assets include about 88 wells, located mainly in Richland County, MT, and Uinta assets are mature waterflood assets including about 3,000 gross vertical wells. (Expected to close 3Q 2022) |
| E&P | 7/6/22 | Haymaker Minerals & Royalties III LLC: Denham Capital Management LP | Undisclosed | $100 |
Purchased a large-scale diversified mineral portfolio holding mineral and royalty interests in thousands of wells scattered across more than 30 counties and parishes in TX, LA, ND and MT. |
| E&P | 7/7/22 | Freehold Royalties Ltd. | Undisclosed | CA$155 |
To buy U.S. mineral title and royalty assets located in the Midland Basin of the Permian, predominantly in Howard County, TX, and Eagle Ford Shale in S TX; add roughly 1,100 boe/d in production volumes, 147,000 gross acres and 8,000 net royalty acres (90% mineral interests). (Expected to close by September) |
| E&P | 7/7/22 | Orion Diversified Holding Co. Inc. | Undisclosed | N/A |
Purchased royalty interest in the Hugoton Field is located on 160 acres in Greeley County, Kan., in the southwest corner of the state, with a 1.56% royalty interest. |
| 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) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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