A&D DEAL SHEET |
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|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| 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) |
| 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) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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