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[Editor's note: A version of this story appears in the March 2021 issue of Oil and Gas Investor magazine. Subscribe to the magazine here.]
Deals closed from July 1-Dec. 31, 2020. Deals closed in first-half 2020 were listed in the September 2020 issue.
All deals, updated in real time, are now available at HartEnergy.com/ad-transactions.
RELATED:
Oil and Gas Investor A&D Market Update: A New Breed of Buyer
U.S. E&P Acquisitions & Divestitures |
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| Deal No. | Estimated Value ($MM) |
Buyer/ Surviving Entity |
Seller/Acquired or Merged Entity |
Month Deal Closed |
Comments |
| 1 | $13,000 | Chevron Corp. | Noble Energy Inc. | 10 |
Acquired in all-stock transaction Houston-based Noble, which has U.S. shale assets in the Permian, Denver-Julesburg and Eagle Ford basins, a publicly traded midstream business and international positions in the Eastern Mediterranean and offshore West Africa; includes assumption of $8 billion in debt. |
| 2 | $5,600 | Hilcorp Energy Co. | BP Plc | 12 |
Bought bp’s entire upstream and midstream business in Alaska; includes 26% working interest and operatorship of Prudhoe Bay plus the Trans Alaska Pipeline System. PSA announced August 2019. |
| 3 | $1,330 | Orion Mine Finance | Occidental Petroleum Corp. | 12 |
Bought Wyoming, Colorado and Utah land grant assets covering approximately 4.5 million mineral acres and 1 million fee surface acres; doesn't include cash flow from currently producing oil and gas properties on the position and mineral acres derived from the land grant in Colorado. |
| 4 | $830 | Kalnin Venture LLC; Banpu Pcl | Devon Energy Corp. | 10 |
Acquired Devon’s Barnett position, which includes more than 320,000 gross acres and 4,200 producing wells in North Texas that average 597 MMcfe/d of net production in 3Q 2019; proved reserves YE 2018 were about 4 Tcfe; amended terms made April 14 includes lower cash closing payment and addition of contingency payments. |
| 5 | $735 | EQT Corp. | Chevron Corp. | 11 |
Acquired Appalachia upstream and midstream assets; includes 335,000 total net acres in the Marcellus Shale with net production of about 450 MMcfe/d plus 31% ownership interest in Laurel Mountain Midstream. |
| 6 | $541 | National Fuel Gas Co. | Royal Dutch Shell Plc | 7 |
Bought Shell's Appalachia shale position of upstream and midstream assets; includes roughly 450,000 net leasehold acres across Pennsylvania with about 350 producing Marcellus and Utica wells in Tioga County. |
| 7 | $505 | BHP Group Plc | Hess Corp. | 11 |
Acquired Hess' stake comprising a 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico. |
| 8 | $466 | San Juan Offshore LLC; Lime Rock Partners LLC | Arena Energy LP | 10 |
Purchased U.S. Gulf of Mexico operator through a prepackaged plan of reorganization in partnership with Lime Rock Partners and Arena management team. |
| 9 | $402 | Sixth Street Partners LLC | Antero Resources Corp. | 6 |
Bought ORRI in Antero's Appalachian Basin position located across West Virginia and Ohio; includes $300 million at closing and up to an additional $102 million consisting of two contingent payments over the next year. |
| 10 | $335 | Castleton Resources LLC; Castleton Commodities International LLC; Tokyo Gas Co. Ltd. | Range Resources Corp. | 8 |
Purchased North Louisiana Terryville Field asset covering about 140,000 net acres with stacked pay potential for the Lower Cotton Valley and producing about 160 MMcfe/d; agreement includes an additional $90 million contingent on future commodity prices. |
| 11 | $220 | J.P. Morgan | Antero Resources Corp. | 8 |
Purchased through volumetric production payment comprising dry gas producing properties in West Virginia within the Appalachian Basin; effective date of July 1 with a seven-year term ending June 30, 2027. |
| 12 | $213 | Southwestern Energy Co. | Montage Resources Corp. | 11 |
Acquired company in all-stock deal, adding 325,000 net acres in Appalachia’s Utica and Marcellus shale plays across Ohio, Pennsylvania and West Virginia. |
| 13 | $140 | Kimmeridge Energy Management Co. LLC | Callon Petroleum Co. | 10 |
Bought ORRI in substantially all Callon-operated oil and gas leaseholds in the Permian Basin and Eagle Ford Shale; consists of a 2% (on an 8/8ths basis) ORRI, proportionately reduced to Callon’s NRI. |
| 14 | $130 | Tapstone Energy LLC | Chesapeake Energy Corp. | 10 |
Bought some of Chesapeake’s Midcontinent assets as part of a bankruptcy auction; includes 752,000 net acres. |
| 15 | $130 | Undisclosed | EOG Resources Inc. | 9 |
Bought Marcellus Shale asset, gaining 40 MMcf/d. |
| 16 | $115.5 | Zarvona Energy LLC | Approach Resources Inc. | 9 |
Purchased company assets through bankruptcy auction; includes leasehold within the Permian's Midland Basin largely located in the Wolfcamp Shale in West Texas. |
| 17 | $95.5 | Pegasus Resources LLC; EnCap Investments LP | Black Stone Minerals LP | 7 |
Purchased 57% undivided interest across parts of Delaware Basin and 32% undivided interest across parts of Midland Basin position in the Permian. |
| 18 | $91 | Presidio Petroleum LLC; Morgan Stanley Energy Partners | Templar Energy LLC; Ares Management Corp. | 8 |
Purchased company through bankruptcy auction; includes about 273,000 net acres in western Anadarko Basin of Midcontinent region spanning Texas and Oklahoma including STACK play. |
| 19 | $88 | Ensign Natural Resources LLC; Reliance Industries Ltd. | Newpek LLC | 8 |
Purchased Eagle Ford Shale and Edwards acreage in South Texas; ensign portion includes about 5,700 net acres in Bee, DeWitt, Karnes and Live Oak counties and 2,200 boe/d net production. |
| 20 | $65 | Talos Energy Inc. | Castex Energy LLC; Riverstone Holdings LLC | 8 |
Acquired 16 U.S. Gulf of Mexico Shelf area assets averaging 6,400 boe/d (15% oil, 85% natural gas), including operatorship of 11 fields in which WI was previously acquired. |
| 21 | $60 | Terra Energy Partners LLC | Ursa Resources Group LLC | 12 |
Purchased assets from bankrupt Ursa Piceance Holdings and various subsidiaries. |
| 22 | $54.4 | Undisclosed | Black Stone Minerals LP | 7 |
Bought mineral and royalty interests in specific tracts in Midland County, Texas, in the Permian Basin. |
| 23 | $50 | Mesquite Energy Inc. | Gavilan Resources LLC; The Blackstone Group Inc. | 10 |
Purchased Eagle Ford Shale company via bankruptcy auction. |
| 24 | $46.6 | Ameredev Texas LLC | Lilis Energy Inc. | 12 |
Purchased Lilis Energy's roughly 20,000-acre position in the Permian's Delaware Basin through a court-supervised sales process. |
| 25 | $30 | Undisclosed | Callon Petroleum Co. | 11 |
Bought nonop assets in Permian Basin and Eagle Ford Shale, gaining 1,600 boe/d (55% oil). |
| 26 | $24 | Continental Resources Inc.; Franco-Nevada Corp. | Undisclosed | 9 |
Purchased SCOOP/STACK mineral interests. |
| 27 | $23 | Undisclosed | Riviera Resources Inc. | 9 |
Bought interest in North Louisiana properties, including 100 wells averaging 16 MMcfe/d. |
| 28 | $20.5 | Undisclosed | Harvest Oil & Gas Corp. | 10 |
Purchased Appalachian Basin assets representing substantially all of the assets of Harvest in a cash and stock transaction; includes assets in the Utica Shale located across Ohio, Pennsylvania and West Virginia. |
| 29 | HighPeak Energy Inc. | Pure Acquisition Corp. | 8 |
Acquired through a business combination with blank-check company Pure Acquisition forming a Midland Basin pure-play with a 51,000-net-acre position primarily in Howard County, Texas; 90% operated, 12,000 boe/d (80% oil). |
|
| 30 | Maverick Natural Resources LLC; EIG Global Energy Partners | FourPoint Energy LLC | 12 |
Acquired company with assets in Western Anadarko Basin in an all-equity merger, creating a subsidiary named Unbridled Resources LLC. |
|
| 31 | Petroleum Independent & Exploration LLC | Empire Petroleum Corp. | 8 |
Formed joint venture to develop East Texas properties comprising workover/recompletion programs to potentially uplift field production in the Fort Trinidad Field asset in Houston and Madison counties. |
|
| 32 | Posse Resources LLC | Live Oak Resources Partners LLC | 8 |
Purchased Live Oak Fund I's remaining assets consisting of roughly 4,800 net royalty acres (normalized to 1/8 royalty) located in North Louisiana with production across the Haynesville Shale, Bossier and Cotton Valley formations. |
|
| 33 | Tokyo Gas Co. Ltd. | Castleton Resources LLC; Castleton Commodities International LLC | 8 |
Acquired a majority stake in Castleton Resources by increasing its ownership in the Houston-based E&P company to about 70% from 46%. |
|
| 34 | Undisclosed | Sumitomo Corp. | 9 |
Purchased 30% stake in Marcellus Shale project, which is currently owned and operated by PennEnergy Resources. |
|
| 35 | U.S. Energy Development Corp. | Royal Dutch Shell Plc | 9 |
Formed joint venture through the $8.5 million purchase of an interest in Columbia Project development within the Permian Basin in Loving County, Texas, targeting the Wolfcamp Shale. |
|
Pending Deals (as of Jan. 1, 2021) |
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| 36 | $13,300 | ConocoPhillips Co. | Concho Resources Inc. |
To acquire Permian pure-play in all-stock deal; includes roughly 800,000 gross (550,000 net) acres in Delaware and Midland sub-basins, approximately 326 Mboe/d. This deal closed in January. |
|
| 37 | $7,600 | Pioneer Natural Resources Co. | Parsley Energy Inc.; Quantum Energy Partners |
To acquire Permian pure-play in all-stock deal including assumption of $3.1 billion debt; gaining 248,000 net acres in Midland and Delaware sub-basins, approximately 111 Mbbl/d of oil. This deal closed in January. |
|
| 38 | $5,750 | Devon Energy Corp. | WPX Energy Inc.; EnCap Investments LP |
To acquire Permian and Williston basins-focused company in allstock transaction including $3.2 billion debt, gaining 207 Mboe/d. This deal closed in January. |
|
| 39 | $2,200 | Diamondback Energy Inc. | QEP Resources Inc. |
To acquire company in all-stock deal including $1.6 billion debt; gaining 49,000 net acres in Permian Basin, 94,610 net acres in Williston Basin, 76.7 Mboe/d. Expected to close 1Q or 2Q 2021. |
|
| 40 | $862 | Diamondback Energy Inc. | Guidon Operating LLC; Blackstone |
To purchase northern Midland Basin operator; includes 32,500 net acres, 17,900 boe/d. Expected to close in February. |
|
| 41 | $376 | Bonanza Creek Energy Inc. | HighPoint Resources Inc. |
To acquire company, gaining 58,300 net acres in Weld County, Colo., in Denver-Julesburg Basin, 30.9 Mboe/d. Expected to close 1Q 2021. |
|
| 42 | $189.5 | Earthstone Energy Inc. | Independence Resources Management LLC; Warburg Pincus LLC |
To buy Midland Basin operator, gaining 43,400 net acres, approximately 8.8 Mboe/d. This deal closed in January. |
|
| 43 | $58 | Contango Oil & Gas Co. | Undisclosed |
Bought assets in the Big Horn, Permian and Powder River Basins via a bank-owned liquidation of assets. This deal closed in February. |
|
| 44 | $47 | Gondola Resources LLC | SandRidge Energy Inc. |
To buy North Park Basin asset comprising 93,000 net acres targeting multiple Niobrara benches in Jackson County, Colo. Expected to close 1Q 2021. |
|
| 45 | $38 | Penn Virginia Corp. | Rocky Creek Resources LLC; Juniper Capital Advisors LP |
To acquire Juniper portfolio company with about 4,100 net acres in Texas Eagle Ford Shale in Lavaca and DeWitt counties. This deal closed in January. |
|
| 46 | $20 | Denbury Inc. | Devon Energy Corp. |
To buy a nearly 100% working interest (83% NRI) in Big Sand Draw and Beaver Creek oil fields in Freemont County, Wyo., adding 2,800 boe/d (85% oil) net. Expected to close 1Q 2021. |
|
| 47 | Contango Oil & Gas Co. | Mid-Con Energy Partners LP |
To buy company in all-stock merger; includes conventional assets in Oklahoma and Wyoming, gaining approximately 3.5 Mboe/d (2Q 2019). This deal closed in January. |
||
| 48 | Undisclosed | EP Energy Corp. |
To purchase southern Midland Basin assets focused on the Wolfcamp Shale in Crocket, Irion, Reagan and Upton counties in Texas. Expected to close in January. |
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Deals shown are those closed during second-half 2020, involving U.S.-based assets or companies only, and having values of approx. $20 million or more. Deals are ranked in descending estimated dollar value, when available, and then alphabetically when no value was made public or when the deal was significant but valued at less than $20 million. Deals shown as pending may have since closed.
The next E&P A&D list, covering Jan. 1-June 30, 2021, will appear in the September 2021 issue of Oil and Gas Investor.
Details on all deal-making, updated in real time, are available at Hart Energy’s online database of transactions.
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