A&D DEAL SHEET |
|||||
|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| E&P | 5/9/21 | Laredo Petroleum Inc. | Sabalo Energy LLC; EnCap Investments LP; Undisclosed | $715 |
To purchase the assets of Sabalo Energy and a nonoperating partner including roughly 21,000 contiguous net acres directly offsetting Laredo’s existing Howard County, TX, leasehold in the Midland Basin of the Permian; current production is about 14,500 boe/d (83% oil, three stream) and PDP reserves are approximately 30 million boe (73% oil, three stream). (Expected to close July 1) |
| E&P | 5/9/21 | Undisclosed; Sixth Street Partners LLC | Laredo Petroleum Inc. | $405 |
To buy operated PDP reserves in gas-weighted legacy assets in Reagan and Glasscock counties, TX, in the Permian Basin; comprises 37.5% of Laredo’s WI in the assets, wellbore WI only, and does not include undeveloped locations. (Expected to close July 1) |
| E&P | 5/10/21 | Bonanza Creek Energy Inc. | Extraction Oil & Gas Inc. | N/A |
To combine in an all-stock merger, forming Civitas Resources, with approximately 425,000 net acres in CO’s D-J Basin, a production base of 117,000 boe/d and aggregate enterprise value of $2.6 B. (Expected to close 3Q 2021) |
| E&P | 5/10/21 | Evolution Petroleum Corp. | Tokyo Gas Americas Ltd.; TG Barnett Resources LP | $19.6 |
Purchased nonoperated oil and gas assets in the Barnett Shale consisting of approximately 21,000 net acres across nine counties in the Barnett Shale Basin of N TX. (Completed; PSA announced March 2021) |
| Mid | 5/11/21 | Chevron Corp. | Noble Midstream Partners LP | $1,320 |
Bought any remaining Noble Midstream interests not already owned by Chevron and its affiliates (62.5% stake) in exchange for 0.1393 Chevron shares, valuing the Houston-based pipeline operator at $1.32 B. (Completed; PSA announced March 2021) |
| Renew | 5/12/21 | TGS-NOPEC Geophysical Co. ASA | 4C Offshore Ltd. | N/A |
Acquired Lowestoft, UK-based market intelligence and consultancy firm that provides research and insights to the offshore wind industry with almost 350 clients, serving 2,200 users. |
| E&P | 5/17/21 | BCE-Mach III LLC; Mach Resources LLC; Bayou City Energy Management LLC | Cimarex Energy Co. | N/A |
To buy producing properties within the Midcontinent region in western and southern OK and the TX Panhandle; includes two gas gathering and processing assets located in southern OK. (Expected to close June) |
| S&S | 5/17/21 | Ranger Energy Services Inc. | Patriot Completion Solutions LLC; White Deer Energy LP | N/A |
Purchased Denver-based Patriot, portfolio company of White Deer Energy LP focused on wireline evaluation and intervention services with a strong market presence in the Permian, Bakken, Denver-Julesburg and Powder River basins. |
| E&P | 5/18/21 | Empire Petroleum Corp. | XTO Holdings LLC; Exxon Mobil Corp. | $17.8 |
Bought producing oil and gas assets located in the Eunice Monument and nearby Arrowhead Grayburg fields in the Permian Basin’s Central Basin Platform in Lea County, NM; includes 48,000 HBP acres and 1,100 net boe/d of production (67% oil). |
| E&P | 5/18/21 | Topaz Energy Corp. | Cenovus Energy Inc. | CA$102 |
Purchased ORRI assets on approximately 192,000 gross acres in the Marten Hills Clearwater area of Alberta. |
| E&P | 5/18/21 | Topaz Energy Corp. | Tourmaline Oil Corp. | CA$245 |
To buy ORRI on approximately 535,000 gross acres in the NEBC Montney and WI ownership in Tourmaline’s Gundy infrastructure. (Expected to close July 1) |
| E&P | 5/19/21 | Validus Energy | Ovinitv Inc. | $880 |
Bought Ovintiv’s Eagle Ford Shale asset in S TX; FY 2021 volumes projected to average roughly 21,000 boe/d, including 14,000 bbl/d of crude and condensate. (Completed; PSA announced March 2021) |
| E&P | 5/20/21 | 89 Energy Holdings LLC; Kayne Anderson Capital Advisors LP | Casillas Petroleum Resources Partners LLC; Acacia Exploration Partners LLC; Native Oil & Gas LLC | N/A |
Acquired in an all-equity consolidation of three Kayne Anderson portfolio teams with assets across Oklahoma in the Anadarko Basin of the Midcontinent region including in the STACK shale play. |
| E&P | 5/20/21 | Royal Dutch Shell Plc | Malampaya Energy XP Pte Ltd. | $460 |
To buy Shell’s 45% stake in Service Contract 38 (SC38), a deepwater license offshore the Philippines which includes the producing Malampaya gas field. (Expected to close by year-end 2021) |
| E&P | 5/20/21 | Undisclosed | Oasis Petroleum Inc. | $481 |
To buy, in three separate transactions, Oasis’ Permian position consists of approximately 24,000 net acres in the core of the Delaware Basin in W TX producing about 7,200 boe/d; transactions include three $25 MM annual contingent payments if WTI averages over $60/bbl in each calendar year. (Primary transaction expected to close June 30; two smaller transactions have closed) |
| E&P | 5/21/21 | EnVen Energy Ventures LLC | BHP Group Plc | N/A |
Purchased BHP’s 35% ownership interest and acquired operatorship of the Neptune Field in the US GoM; boosts EnVen’s interest in Neptune to 65%. |
| E&P | 5/24/21 | Cabot Oil & Gas Corp. | Cimarex Energy Co. | $7,400 |
To acquire Denver-based Cimarex in an all-stock combination to add approximately 560,000 net acres in the Permian and Anadarko basins to Cabot’s approximately 173,000 net acres in the Marcellus Shale. (Expected to close 4Q 2021) |
| E&P | 5/24/21 | Hess Corp. | Cataleya Energy Ltd. | N/A |
Acquires an additional 5% WI in the Kaieteur Block offshore Guyana, increasing its interest to 20% from 15%. |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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