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 25 - May 1.

Deal stats

 

Announced deals YTD

Deals in play*

Region

Value ($M)

Count

Value ($B)

Count

Permian

$1,336

25

~$2

9

Mid-Continent

$1,550

15

$1-2

6

Gulf Coast

$391

16

$4-5

10

Rockies

$1,882

17

$2-3

9

Ark-La-Tex

$421

7

$1-2

4

Eastern

$728

10

$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

$6,771

105

~$35-40

68

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

*Only includes packages valued >$100M

Deal flow

Upstream

  • Range Resources has entered into an agreement to sell STACK assets in Blaine Co., Canadian Co., and Kingfisher Co., OK, for $77 million. The assets include 9,200 net acres and 5 MMcfe/d of production from 200 wells. Post transaction, Range will retain 19,000 net STACK acres in Central Oklahoma.
  • Midstates Petroleum has filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The filing will facilitate a pre-arranged restructuring of its balance sheet through a reorganization plan.

Oilfield services

  • Schlumberger Ltd. has agreed to acquire the XSR coiled tubing services segment from Xtreme Drilling and Coil Services Corp. for $162 million. Schlumberger will acquire 11 XSR coiled tubing units and associated intellectual property. Xtreme will retain the XDR Drilling Segment and its fleet of XDR rigs.
  • Halliburton and Baker Hughes have terminated the merger agreement citing challenges in obtaining regulatory approvals and general industry conditions that severely damaged the deal economics. Halliburton will pay Baker Hughes a termination fee of $3.5 billion by 4-May-2016. Halliburton had agreed to acquire Baker Hughes for ~$37.9 billion in Nov-2014.

Midstream

  • American Midstream Partners LP has acquired certain assets in Gulf of Mexico from Chevron and affiliates of ArcLight Capital Partners and American Midstream GP LLC for $225 million. American Midstream has acquired 49.7% interest in Destin pipeline, 16.7% interest in Tri-States pipeline and 25.3% interest in Wilprise pipeline, 66.7% interest in Okeanos pipeline, 60% in 60% interest in certain gathering pipelines and an additional 1% interest in Delta House FPS.

Downstream

  • Sempra Energy has signed a definitive agreement to sell EnergySouth Inc to The Laclede Group for $323 million. Laclede Group will acquire the utility businesses of EnergySouth which include Mobile Gas Service Corp and Willmut Gas & Oil Co. Mobile Gas and Willmut Gas distribute gas to 104,000 residential, commercial and industrial customers in Alabama and Mississippi. Sempra US Gas & Power will retain all the non-utility businesses of EnergySouth, which include Bay Gas Storage Co, Mississippi Hub LLC and Liberty Gas Storage LLC/Southern Gas Transmission.
  • PBF Logistics has completed the acquisition of East Coast terminals from Plains Products Terminals LLC, an affiliate of Plains All American Pipeline LP, for $100 million.

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