A&D DEAL SHEET |
|||||
|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| Mid | 5/16/22 | Diamondback Energy Inc. | Rattler Midstream LP | $575.2 |
To purchase to acquire all of the publicly held common units representing the LP interests in Rattler not already owned by Diamondback and its subsidiaries in exchange for 0.113 of a share of common stock in Diamondback. (Expected to close 3Q 2022) |
| S&S | 5/16/22 | Diversified Energy Co. Plc | Nick’s Well Plugging LLC | N/A |
Purchased OH-based NWP, a well-established plugging service provider with a combined 50-plus years of oil and gas experience, including plugging oil and gas wells across Appalachia. |
| E&P | 5/16/22 | Granite Ridge Resources Inc.; Executive Network Parntering Corp. (ENPC) | Grey Rock Investment Partners | $1,300 |
To acquire oil and gas assets in the Permian Basin, Bakken, Eagle Ford Shale, D-J Basin and Haynesville Shale plays to form Granite Ridge Resources through a business combination. |
| Mid | 5/17/222 | ArcLight Capital Partners LLC | Targa Resources Corp. | $857 |
Purchased a wholly-owned subsidiary of Targa Resources that owns a 25% equity interest in Gulf Coast Express Pipeline, a premier, natural gas pipeline with 2.02 Bcf/d of capacity operated by Kinder Morgan and provides critical residue gas takeaway service from the Permian Basin to key US Gulf Coast end-markets. |
| S&S | 5/17/22 | Helix Energy Solutions Group Inc. | Alliance Energy Group | $120 |
To acquire 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. (Expected to close mid-2022) |
| E&P | 5/19/22 | BKV Corp. | Exxon Mobil Corp. | $750 |
To acquire Exxon Mobil’s operated and nonoperated Barnett Shale gas assets in N TX with additional payments contingent on future natural gas prices. (Expected to close 2Q 2022) |
| E&P | 5/19/22 | Centennial Resource Development Inc. | Colgate Energy Partners III LLC | $3,900 |
To acquire in a merger of equals transaction Midland, TX-based Colgate Energy to create the largest pure-play E&P company in the Delaware Basin of the Permian with approximately 180,000 net leasehold acres and 135,000 boe/d of current production. |
| Mid | 5/20/22 | Blackstone Credit | EIG Global Energy Partners | N/A |
Purchased a 49% stake in Elba Liquefaction Co., an LNG facility operated by Kinder Morgan in GA. |
| S&S | 5/20/22 | Park Energy Services LLC; Rock Hill Capital | Great Texas Compression LLC | N/A |
Purchased substantially all the assets of San Antonio-based Great Texas Compression, a provider of natural gas compression services in S TX. |
| 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) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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