A&D DEAL SHEET |
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|---|---|---|---|---|---|
| Sector | Date Announced |
Buyer | Seller | Value (US$MM) |
Comments |
| E&P | 9/19/21 | Laredo Petroleum Inc. | Pioneer Natural Resources Co. | $230 |
To acquire for cash and stock approximately 20,000 net acres directly offsetting its existing Midland Basin leasehold in western Glasscock County, TX; includes 4,400 boe/d (59% oil, 82% liquids) of current production and 135 gross operated oil-weighted locations. (Expected to close October). |
| E&P | 9/20/21 | ConocoPhillips Co. | Royal Dutch Shell Plc | $9,500 |
To acquire Shell’s Permian business comprising approximately 225,000 net acres within the Delaware Basin located entirely in West Texas with current production of around 175,000 boe/d. (Expected to close 4Q 2021) |
| Mid | 9/20/21 | Lagoon Water Midstream LLC | Double Drop Resources LLC | N/A |
Bought Midland Basin water management company Double Drop Resources with assets capable of sourcing over 300,000 bbl/d of water for completion operations. |
| S&S | 9/21/21 | Water Energy Services LLC | Key Energy Services Inc. | N/A |
Purchased TX and NM fluid management and saltwater disposal well assets. |
| E&P | 9/22/21 | Kiwetinohk Resources Corp.; ARC Resources Ltd. | Distinction Energy Corp. | N/A |
Acquired Distinction, formerly Delphi Energy, with accumulated property in the Montney resource near Fox Creek, Alberta. |
| E&P | 9/24/21 | Freehold Royalties Ltd. | Undisclosed | $180 |
Bought a concentrated royalty land position in the core of the Eagle Ford oil basin across approximately 92,000 gross drilling unit acres in Karnes, Atascosa and Live Oak counties, TX, with an average royalty rate of approximately 1.8%. (Completed; PSA announced early September 2021) |
| E&P | 9/24/21 | PHX Minerals Inc. | Undisclosed | $7.2 |
Purchased certain mineral and royalty interests totaling approximately 817 net royalty acres in E TX and LA targeting the Haynesville play through two separate transactions. (Completed; PSA announced September 2021) |
| E&P | 9/27/21 | Undisclosed | Whiting Petroleum Corp. | $187 |
Bought Whiting’s entire D-J Basin position, including midstream assets, located in Weld County, CO; includes 67,278 net acres with daily production of approximately 7,100 boe/d (51% oil). (Completed; PSA announced July 2021) |
| E&P | 9/27/21 | Whiting Petroleum Corp. | Undisclosed | $271 |
Acquired 8,752 net acres in Mountrail County, ND, adjacent to existing operations in the Sanish Field within the Williston Basin, with net daily production of approximately 4,200 boe/d (80% oil). (Completed; PSA announced July 2021) |
| E&P | 9/28/21 | Crescent Pass Energy LLC | Armor Energy LLC; Undisclosed | N/A |
Purchased producing assets in the northern area of the Eagle Ford play from Armor Energy plus three bolt-on acquisitions in the Cotton Valley trend in E TX. |
| E&P | 9/28/21 | InPlay Oil Co. | Prairie Storm Resources Corp. | CA$45 |
To acquire the light-oil Cardium focused producer with operations primarily in the Willesden Green area of central Alberta. (Expected to close November) |
| E&P | 9/30/21 | PGNiG Upstream Norway AS | INEOS Energy | $615 |
Bought INEOS E&P Norge AS, which includes all of INEOS’ oil and gas interests in production, licenses, fields, facilities and pipelines, on the Norwegian Continental Shelf. (Completed; PSA announced March 2021) |
| E&P | 10/1/21 | Coterra Energy Inc.; Cabot Oil & Gas Corp. | Cimarex Energy Co. | $9,250 |
Acquired 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. (Completed; PSA announced May 2021) |
| S&S | 10/1/21 | Expro Group Holdings NV | Frank's International NV | N/A |
Acquired the Houston-based service company in an all-stock deal; combined company will assume the Expro Group name but also retain the Frank’s International brand name for its well construction solutions. (Completed; PSA announced March 2021) |
| S&S | 10/1/21 | Ranger Energy Services Inc. | Basic Energy Services Inc. | $36.6 |
Acquired as the selected winning bidder in a court-supervised bankruptcy sale process substantially all of Basic’s well servicing and completion and remedial segment assets outside of CA. (Completed; announced September 2021) |
| E&P | 10/1/21 | Viper Energy Partners LP; Diamondback Energy Inc. | Swallowtail Royalties LLC; Blackstone Energy Partners LP | $498 |
Purchased certain mineral and royalty interests including 2,302 net royalty acres primarily in the Northern Midland Basin, roughly 65% of which is operated by Diamondback Energy; transaction value is comprised of 15.25 MM units of Viper common stock and $225 MM of cash. (Completed; PSA announced August 2021) |
| E&P | 10/4/21 | Earthstone Energy Inc. | Undisclosed | $73.2 |
To acquire privately held operated assets located in the Midland Basin with average daily production of 4,400 boe/d (26% oil, 52% liquids) for September and associated reserves of approximately 13.3 MMboe (11% oil, 31% NGL, 58% natural gas) plus 10,000 net acres (100% operated; 67% HBP) in Irion County, TX. (Expected to close 4Q 2021) |
| Mid | 10/4/21 | Sentinel Midstream Texas LLC | ExxonMobil Pipeline Co. | N/A |
Formed Enercoast Midstream JV to serve as link for Permian, Gulf of Mexico and other barrels in the Houston crude oil market. |
| E&P | 10/4/21 | SilverBow Resources Inc. | Undisclosed | $33 |
Acquired oil and gas assets in the Eagle Ford from an undisclosed seller in an all-stock transaction; includes 45,000 total net acres across Atascosa, Fayette, Lavaca, Live Oak and McMullen Cos., TX and 1,580 boe/d (39% liquids) of net production. (Completed; PSA announced August 2021) |
| E&P | 10/4/21 | Stonepeak | Teekay LNG Partners LP; Teekay Corp. | $1,500 |
To acquire all the issued and outstanding common units in Teekay LNG, one of the world’s largest independent owners and operators of LNG carriers, for $17 per unit, representing an enterprise value of $6.2 B; excluding Teekay debt, the transaction is valued at roughly $1.5 B. (Expected to close year-end 2021) |
| E&P | 10/5/21 | Callon Petroleum Co. | Primexx Energy Partners Ltd. | $788 |
Acquired the private Permian operator in a cash-and-stock transaction; includes contiguous footprint of 35,000 net acres in Reeves County, TX, within the Delaware Basin and net production of about 18,000 boe/d (61% oil). (Completed; PSA announced August 2021) |
| Mid | 10/5/21 | Southwest Gas Holdings Inc. | Dominion Energy Inc. | $1,975 |
To buy Questar Pipelines, a Rocky Mountain energy hub with 2,160-miles of highly contracted, FERC-regulated interstate natural gas pipelines providing transportation and underground storage services in UT, WY and Co; includes assumption of $430 MM of debt. (Expected to close year-end 2021) |
| E&P | 10/5/21 | Undisclosed | Callon Petroleum Co. | $100 |
To purchase 22,000 net acres in northern La Salle and Frio counties, Texas, of Eagle Ford Shale acreage noncore to Callon averaging 1,900 boe/d (66% oil) of net production during 3Q 2021. (Expected to close November) |
For more up-to-date information on the latest deals visit Hart Energy’s online database of transactions.
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