A&D DEAL SHEET |
|||||
|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| Renew | 5/24/22 | Chevron Corp. | Talos Energy Inc.; Carbonvert Inc. | N/A |
Acquired stake through an expanded JV to develop the Bayou Bend CCS offshore carbon capture and sequestration hub near Beaumont and Port Arthur, TX; equity interests in the JV would be 25% Talos (operator), 25% Carbonvert and 50% Chevron. (Completed; PSA announced May 3, 2022) |
| Renew | 5/24/22 | TotalEnergies SE | Clearway Energy Group; Global Infrastructure Partners (GIP) | $1,600 |
To acquire 50% of San Francisco-based Clearway Energy Group, the fifth largest US renewable energy player with a 25 GW pipeline of renewable and storage projects across 34 states. |
| Mid | 5/25/22 | Canes Midstream LLC; EIV Capital LLC; Denham Capital Management LP | Cogent Midstream LLC; EnCap Flatrock Midstream LLC | N/A |
Acquired Dallas-based Cogent Midstream and its footprint in the southern Midland Basin that includes 520 MMcf/d of processing capacity, over 800 miles of pipelines, 42 compressor stations, a crude oil gathering system and substantial acreage dedications. |
| Mid | 5/25/22 | Crestwood Equity Partners LP | First Reserve Corp. | $320 |
To purchase 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. (Expected to close 3Q 2022) |
| Mid | 5/25/22 | Crestwood Equity Partners LP | Sendero Midstream Partners LP; Energy Capital Partners | $600 |
To acquire 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. (Expected to close 3Q 2022) |
| Mid | 5/25/22 | EnLink Midstream LLC | Crestwood Equity Partners LP | $275 |
To buy 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. (Expected to close 3Q 2022) |
| E&P | 5/27/22 | Houston American Energy Corp. | Hupecol Meta LLC | N/A |
Bought additional interest in Hupecol Meta LLC, owner of the 639,405 gross acre CPO-11 block in the Llanos Basin in NE Colombia where the Venus Exploration area is located. |
| Mid | 6/1/22 | Delek Logistics Partners LP | 3Bear Energy LLC | $624.7 |
Acquired 100% membership interests in 3Bear Delaware Holding - NM LLC, an indirect subsidiary that holds crude oil and gas gathering, processing and transportation businesses, as well as water disposal and recycling operations in the Delaware Basin in NM within the Permian Basin. (Completed; PSA announced April 2022) |
| E&P | 6/1/22 | Tullow Oil Plc | Capricorn Energy | $827 |
To buy Capricorn Energy, formerly known as Cairn Energy, in an all-stock to create a leading African energy company with assets across Africa including in Ghana, Egypt, Gabon and Ivory Coast. |
| E&P | 6/1/22 | Undisclosed | Rio Grande E&P LLC; Intrepid Investment Management LLC | N/A |
Purchased conventional S TX assets and unconventional Lower Eagle Ford Shale assets primarily located in Webb and Zapata counties, TX to two separate undisclosed buyers. |
| E&P | 6/7/22 | Andros Minerals LLC; Andros Capital Partners LLC | Undisclosed | $122 |
To purchase a portfolio of mineral and royalty interests located in the Eagle Ford Shale and Permian’s Midland Basin and Delaware Basin. |
| E&P | 6/7/22 | Northern Oil and Gas Inc. | Undisclosed | $175 |
To acquire nonoperated interests in the Williston Basin primarily located in Dunn, McKenzie and Williams counties, ND; includes approximately 3,500 acres, 9.2 net producing wells, 2.6 net wells-in-process and 14.9 net engineered economic undeveloped locations. (Expected to close August) |
| E&P | 6/7/22 | Sitio Resources Corp.; Kimmeridge Management Co. LLC | Desert Peak Minerals; Falcon Minerals Corp. | N/A |
Acquired 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 140,000 NRAs, 105,000 of which are located in the Permian Basin, and projected production of 13,500-14,500 boe/d for 1H 2022. (Completed; PSA announced January 2022) |
| E&P | 6/8/22 | Devon Energy Corp. | Rimrock Oil and Gas LLC; Warburg Pincus LLC | $856 |
To acquire 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. (Expected to close 3Q 2022) |
| Mid | 6/9/22 | Matador Resources Co. | Summit Midstream Partners LP | $75 |
To purchase the Lane Gathering and Processing System in Eddy and Lea counties, NM, in the Permian within the northern Delaware Basin. |
| E&P | 6/10/22 | Undisclosed | Unit Corp.; Unit Petroleum Co. | $56 |
To buy Unit Corp.’s Gulf Coast oil and gas properties. (Expected to close July 1) |
| E&P | 6/13/22 | Cenovus Energy Inc. | BP Plc | CA$1,200 |
To buy BP’s 50% nonoperated interest in the Sunrise oil sands project in northern Alberta, Canada; total consideration includes CA$600 MM in cash, a CA$600 MM contingent payment and Cenovus’s 35% position in the undeveloped Bay du Nord project offshore Newfoundland and Labrador. (Expected to close 3Q 2022) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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