Shell’s agreement to divest its entire Appalachia shale position is part of the European major’s strategy to focus on the development of higher-margin, light tight oil assets, Shell Upstream Director Wael Sawan says. (Source: Shutterstock.com; Image of Shell Tower Business Center by MajestiX B / Shutterstock.com)
A&D DEAL SHEET |
|||||
|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| E&P | 4/20/20 | Kimbell Royalty Partners LP | Springbok Energy Partners LLC; Natural Gas Partners LP | $123.1 |
Acquired the mineral and royalty interests held by NGP-backed Springbok and its affiliates, adding interests in the Permian's Delaware Basin, Eagle Ford Shale, Bakken, Haynesville, Stack Play and D-J Basin; consideration comprised of $95 MM cash and Kimbell stock. (Completed; PSA announced January 2020) |
| E&P | 4/23/20 | Total SA | Tullow Oil Plc | $575 |
To buy Tullow’s roughly 33.3% stake in the Uganda Lake Albert onshore development project including the East African Crude Oil Pipeline. (Expected to close 2H 2020) |
| E&P | 4/27/20 | Hilcorp Energy Co. | BP Plc | $5,600 |
Renegotiated structure and phasing of payments for purchase of BP’s entire upstream and midstream business in AK; includes 26% WI and operatorship of Prudhoe Bay plus the Trans Alaska Pipeline System. (Expected to close June) |
| Mid | 4/29/20 | Ontario Power Generations Inc. | TC Energy Corp. | $2,870 |
Bought the 683-MW Halton Hills power plant, the 900-MW Napanee generating station that is nearing completion and TC Energy's 50% stake in the 550-MW Portlands Energy Centre, all located in Ontario, Canada. (Completed; PSA announced July 2019) |
| Mid | 4/30/20 | Macquarie Capital Principal Finance | Multifuels Midstream Group LLC; Warren Equity Partners | N/A |
Acquired a majority stake in Multifuels Midstream Group LLC, a differentiated power and utility infrastructure platform focused on lateral natural gas pipelines and related assets in the US. |
| S&S | 4/30/30 | Intrepid Directional Drilling Specialists Ltd. | Gyrodata Inc. | N/A |
Purchased Gyrodata’s directional drilling business, including personnel and high-performance drilling motors and MWD tools. |
| S&S | 5/1/20 | KPS Capital Partners LP | Baker Hughes Co. | N/A |
To acquire the Lufkin rod lift solutions business headquartered in Missouri City, TX. (Expected to close mid-year 2020) |
| S&S | 5/3/20 | KLX Energy Services Holdings Inc. | Quintana Energy Services Inc. | N/A |
To merge in an all-stock merger to form company providing production, completion and drilling solutions in all major US onshore oil and gas basins. (Expected to close 2H 2020) |
| E&P | 5/4/20 | National Fuel Gas Co. | Royal Dutch Shell Plc | $541 |
To buy Shell's Appalachia shale position of upstream and midstream assets; includes roughly 450,000 net leasehold acres across PA with about 350 producing Marcellus and Utica wells located in Tioga County. (Expected to close July 31) |
| E&P | 5/4/20 | HighPeak Energy Inc. | Pure Acquisition Corp. | N/A |
To merge in a business combination with blank-check company Pure Acquisition forming a Midland Basin pure-play with 51,000-net-acre position primarily in Howard County, TX, more than 90% operated and anticipated net production of about 12,000 boe/d (more than 80% oil). (Expected to close 3Q 2020) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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