1Derrick US M&A weekly update

1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of April 11-April 15.

Deal stats

 

Announced deals YTD

Deals in play*

Region

Value ($M)

Count

Value ($B)

Count

Permian

$1,035

18

~$2

9

Mid-Continent

$1,140

10

$1-2

6

Gulf Coast

$383

15

$4-5

10

Rockies

$1,882

16

$2-3

9

Ark-La-Tex

$420 

6

$1-2

4

Eastern

$616

7

$5

12

Gulf of Mexico

 

4

~$9

11

Alaska

 $152

1

<$0.5

1

West Coast

 $2

3

 

-

Multi Region

$208

4

~$10

6

Total

$5,838

84

~$35-40

68

Source: 1Derrick’s Global M&A Database (www.1Derrick.com)

*Only includes packages valued >$100M

Deal flow
Upstream

  • Marathon has agreed to divest its Wyoming assets to Merit Energy Co for $870 million. The assets sold include waterflood developments in the Big Horn and Wind River basins, with ~16.5 MBOE/d of production during Q1-2016. The transaction also includes the 570 mile Red Butte pipeline.
  • Marathon has also sold 10% interest in the Shenandoah discovery in GoM, operated gas assets in Piceance basin and certain undeveloped acreage in Permian basin, for $80 million.
  • Rice Energy has entered into a stalking horse asset purchase agreement (under section 363 of the US Bankruptcy Code) with Alpha Natural Resources, to acquire Marcellus and Utica assets for $200 million. The assets are located in Greene Co., PA, and cover 27,400 net undeveloped acres (deep Utica rights on 23,500 acres) and 3,200 gross fee acres. Alpha and certain of its wholly owned subsidiaries filed for voluntary petitions on 3-Aug-2015, to reorganize under Chapter 11 of the US Bankruptcy Code.
  • Forestar has agreed to divest its Bakken/Three Forks assets in North Dakota for $50 million. The assets include 8,100 net acres and ~130 producing wells.
  • Chevron has sold 19 GoM shelf fields to Cox Oil Offshore. The fields hold 170 active wells, 70 platforms, 70 caissons and other structures. The 19 fields sold are not a part of the 27 GoM shelf fields recently put on the market by Chevron.

 

 

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