A&D DEAL SHEET |
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|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| Mid | 2/14/22 | EverWind Fuels LLC | NuStar Energy LP | $60 |
To buy a 7.8 million-barrel storage terminal located at Point Tupper on the Strait of Canso, near Port Hawkesbury, Nova Scotia. (Expected to close 1H 2022) |
| E&P | 2/15/22 | Earthstone Energy Inc. | Chisholm Energy Holdings LLC; Warburg Pincus LLC | $604 |
Acquired 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). (Completed; PSA announced December 2021) |
| E&P | 2/16/22 | Crescent Energy Co.; KKR & Co. Inc. | Verdun Oil Co. II LLC; EnCap Investments LP | $815 |
To buy in an all-cash transaction 145,000 contiguous net acres (>85% HBP) and over 400 producing vertical and horizontal wells, primarily located in Duchesne and Uintah counties, UT. (Expected to close 1H 2022) |
| E&P | 2/17/22 | ConocoPhillips Co. | Origin Energy Ltd. | $1,645 |
Purchased 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. (Completed; PSA announced December 2021) |
| Mid | 2/17/22 | Enterprise Products Partners LP | Navitas Midstream Partners LLC; Warburg Pincus LLC | $3,250 |
Acquired The Woodlands, TX-based Navitas backed by Warburg Pincus; includes approximately 1,750 miles of pipelines and over 1 Bcf/d of cryogenic natural gas processing capacity in the Midland Basin of the Permian. (Completed; PSA announced January 2022) |
| E&P | 2/21/22 | Undisclosed | APA Corp. | $805 |
To purchase mineral rights in the Delaware Basin in the Permian with about 7,000 boe/d of production. (Expected to close February) |
| Mid | 2/22/22 | Clearfork Midstream LLC; EnCap Flatrock Midstream LLC | Azure Midstream Energy LLC | N/A |
Acquired Azure Midstream, which has a natural gas gathering and treating platform spanning the core areas of the Haynesville Shale formation and includes more than 500 miles of pipeline and 1.2 Bcf/d of treating capacity across systems in N LA and E TX. (Completed; PSA announced January 2022) |
| E&P | 2/22/22 | HighPeak Energy Inc. | Undisclosed | N/A |
To buy through a series of agreements entered during 1Q 2022 various oil and gas properties contiguous to its Flat Top operating area within the Midland Basin in Borden and Howard Cos., TX, which in the aggregate, consist of approximately 9,500 net acres, associated estimated production of 2,500 boe/d, 40 additional horizontal drilling locations and more; combined purchase price is up to 7.73 million shares of HighPeak common stock and $4 million in cash. (Expected to close 1Q or 2Q 2022) |
| Mid | 2/22/22 | Kinetik Holdings Inc.; EagleClaw Midstream Ventures LLC | Altus Midstream Co.; APA Corp. | N/A |
Acquired Altus Midstream in an all-stock business creating the largest pure-play midstream company in the Permian Basin focused primarily in the southern Delaware Basin in W TX. (Completed; PSA announced October 2021) |
| E&P | 2/25/22 | Seplat Energy Plc | Exxon Mobil Corp. | $1,280 |
To buy Exxon Mobil Nigerian offshore shallow-water business, which includes the Mobil Development Nigeria and Mobil Exploration Nigeria equity ownership of Mobil Producing Nigeria Unlimited with more than 90 shallow-water and onshore platforms and 300 producing wells. |
| Renew | 2/28/22 | Chevron Corp. | Renewable Energy Group Inc. | $3,000 |
To buy biodiesel maker Renewable Energy Group based in Ames, IA, in an all-cash transaction. (Expected to close 2H 2022) |
| E&P | 2/28/22 | PDC Energy Inc. | Great Western Petroleum LLC | $1,300 |
To acquire the privately held D-J Basin operator owned by affiliates of EIG, TPG Energy Solutions LP and The Broe Group; includes 54,000 net acres in the Wattenberg primarily in Adams County, CO, about 55,000 boe/d (42% oil / 67% liquids) of PDP and 315 operated locations. (Expected to close 2Q 2022) |
| E&P | 2/28/22 | WhiteHawk Energy LLC | Undisclosed | $52.5 |
To buy minerals and royalty assets covering 475,000 gross unit acres located in SW PA primarily focused in Washington and Greene counties. |
| E&P | 3/1/22 | Civitas Resources Inc.; Kimmeridge Energy Management Co. LLC | Bison Oil & Gas LLC; Carnelian Energy Capital Management LP | $300 |
Acquired D-J Basin operator Bison II in an all-cash transaction that includes assumption of $176MM in debt and other liabilities; Bison II holds leases covering roughly 40,000 net acres, production of about 9,000 boe/d (75% oil and 90% liquids) and 102 gross locations. (Completed; PSA announced February 2022) |
| Mid | 3/1/22 | Pembina Pipeline Corp. | KKR & Co. Inc. | CA$11,400 |
To form JV through combination of Western Canadian gas processing assets; includes Pembina's field-based natural gas processing assets, the Veresen Midstream business and Energy Transfer Canada. (Expected to close 2Q or 3Q 2022) |
| Mid | 3/1/22 | Pembina Pipeline Corp.; KKR & Co. Inc. | Energy Transfer LP | CA$1,600 |
To acquire the remaining 51% interest in Energy Transfer Canada, which is one of Alberta’s largest licensed gas processors with natural gas gathering and transportation infrastructure assets in the Western Canadian Sedimentary Basin. (Expected to close 3Q 2022) |
| E&P | 3/1/22 | Petrus Resources Ltd. | Undsiclosed | CA$14.4 |
To acquire in an all-stock transaction a privately owned limited partnership and its general partner focused in Petrus’ core area, Ferrier, Alberta; includes a contiguous, high working interest, Cardium land position in Ferrier. (Expected to close March) |
| E&P | 3/2/22 | Dorchester Minerals LP | Undisclosed | N/A |
To purchase mineral and royalty interests of approximately 3,600 net royalty acres located in 13 counties across CO, LA, OH, OK, PA, WV, WY, in exchange for 570,000 common LP units of Dorchester. (Expected to close March) |
| E&P | 3/2/22 | MedcoEnergi | ConocoPhillips Co. | $1,355 |
Bought 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. |
| Renew | 3/3/22 | Greenbacker Renewable Energy Co. LLC | BlackRock Inc. | N/A |
Purchased a 49% financial interest from BlackRock Global Renewable Power Fund II in the 150-MW operating Aurora solar portfolio comprising 16 solar projects in the Minneapolis-St. Paul area in MN. |
| E&P | 3/3/22 | IOG Resources LLC; First Reserve Corp. | Tier 1 Merced Holdings LLC | N/A |
Purchased producing oil and gas assets in the Delaware Basin in the Permian consisting of nonoperated wellbores primarily located in Eddy and Lea Cos., NM, with about 3,800 boe/d of net production; operators include Devon Energy, ConocoPhillips and Marathon Oil. |
| E&P | 3/7/22 | Oasis Petroleum Inc. | Whiting Petroleum Corp. | $6,000 |
To combine 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. (Expected to close 2H 2022) |
| E&P | 3/7/22 | WildFire Energy LLC | MD America Energy LLC | N/A |
Acquired the Fort Worth, TX-based private E&P company with approximately 45,000 net acres, 200 operated wells and 3,200 boe/d (85% liquids) of production in the E TX Eagle Ford. |
| E&P | 3/8/22 | Greylock Energy LLC | Undisclosed | N/A |
Acquired roughly 290,000 gross acres and other assets, including 1,400 producing wells, in the Uinta and Green River basins in UT and WY. |
| E&P | 3/9/22 | Chesapeake Energy Corp. | Chief Oil & Gas LLC; Tug Hill Inc. | $2,600 |
Acquired Marcellus operator Chief E&D Holdings LP and associated nonoperated interests held by affiliates of Tug Hill in exchange for $2B cash and about 9.44MM commons hares; includes 113,000 net acres producing 835 MMcf/d. (Completed; PSA announced January 2022) |
| E&P | 3/9/22 | Petro-Hunt LLC |
Admiral Permian Resources LLC; Ares Management Corp. |
N/A |
Acquired predominantly operated oil and gas production and 21,430 net acres of leasehold in northwest Reeves and northeast Culberson Cos., TX, in the Delaware Basin of the Permian; current gross operated production is approximately 7,000 bbl/d of oil and 100 MMcf/d of gas. |
| S&S | 3/9/33 | Tidewater Inc. | Swire Pacific Offshore Holdings Ltd. | $190 |
To acquire all of the outstanding shares of Swire Pacific Offshore, a subsidiary of Swire Pacific Ltd., creating industry’s largest fleet of OSVs. (Expected to close 2Q 2022) |
| E&P | 3/11/22 | Azule Energy | BP Plc; Eni SpA | N/A |
Formed new 50/50 independent energy company Azule Energy through the combination of their oil and gas operations in Angola; expected to be Angola’s largest producer with stakes in 16 licenses and in the Angola LNG JV. |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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