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 18 - April 22.

Deal stats

 

Announced deals YTD

Deals in play*

Region

Value ($M)

Count

Value ($B)

Count

Permian

$1,336

24

~$2

9

Mid-Continent

$1,473

14

$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

$728

8

$5

12

Gulf of Mexico

 

5

~$9

11

Alaska

$152

1

<$0.5

1

West Coast

$2

3

 

-

Multi Region

$310

6

~$10

6

Total

$6,685

98

~$35-40

68

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

*Only includes packages valued >$100M

Deal flow
Upstream

  • Callon Petroleum has agreed to acquire acreage operated by Big Star Oil and Gas in the Midland basin, from BSM Energy LP, Crux Energy LP, and Zaniah Energy LP for $301 million. Callon will pay $220 million in cash and issue 9.3 million shares worth $81 million. The transaction covers ~14,089 net acres located primarily in Howard Co., TX, with production of 1.931 MBOE/d during Q1-2016.
  • Callon Petroleum and TRP Energy LLC (backed by Trilantic Capital Partners) have agreed to acquire ~4,745 net acres in Western Reagan Co., TX, from Permian Resources LLC (formerly a part of American Energy Partners). Callon and TRP have agreed to form an Area of Mutual Interest (AMI) on the acquired assets, where Callon will hold 55% interest. In exchange for the AMI transaction, TRP will receive 27.5% interest in the Garrison Draw field from Callon. The net cash consideration paid by Callon for all the transactions is $33 million.
  • Devon Energy has agreed to sell non-core assets in Northern Oklahoma to White Star Petroleum LLC (formerly a part of American Energy Partners) for $200 million. The assets hold 555 operated and non-operated Mississippi Lime and Woodford Shale horizontal wells, with associated production of 12.8 MBOE/d during Q1-2016.
  • Banpu Public Co Ltd has acquired 29.4% interest in the Chaffee Corners Joint Exploration Agreement (JEA) in Pennsylvania for $112 million. The JEA is located in the Northeast section of the Marcellus Shale belt, and covers 11,116 net acres. Banpu acquired Proved Reserves of 156 Bcf through this transaction.
  • Casillas Petroleum Resource Partners LLC, a JV of Casillas Petroleum Corp and Kayne Anderson Capital Advisors LP, has acquired SCOOP assets in Oklahoma from Chesapeake Energy Corp for $106 million. The assets cover 12,000 net acres in Garvin Co., Grady Co., and McClain Co., OK, and hold 260 producing wells.
  • Black Stone Minerals LP has entered into an agreement to acquire a diverse oil and gas mineral assets package spread across 20 states from Freeport-McMoRan Inc. for $102 million. Black Stone will acquire 126,000 net mineral acres located primarily in Texas, Louisiana and Arkansas. The transaction also includes 16,000 net NPRI acres and 11,000 net ORRI acres, with production of 850 BOE/d during Q4-2015.
  • Former Devon Energy senior analysts form a new oil and gas company, Senex Energy Partners LLC. Senex to cast a wide net for potential acquisition opportunities. (Senex Energy PR)

Midstream

  • Crestwood Equity Partners LP and Consolidated Edison Inc (Con Edison), have agreed to form Northeast pipeline and storage JV namely, Stagecoach Gas Services LLC. Crestwood will provide four natural gas storage facilities (Stagecoach, Thomas Corners, Steuben and Seneca Lake) and three natural gas pipelines (MARC I, North/South and East pipeline) to Stagecoach Gas. Con Edison will pay $975 million in cash for 50% interest in Stagecoach Gas.

 

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