1Derrick US M&A weekly update

1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of May 2 - May 6.

Deal stats

 

Announced deals YTD

Deals in play*

Region

Value ($M)

Count

Value ($B)

Count

Permian

$1,434

28

~$2

9

Mid-Continent

$2,021

17

$1-2

6

Gulf Coast

$391

17

$4-5

10

Rockies

$2,554

21

$2-3

9

Ark-La-Tex

$478

8

$1-2

4

Eastern

$1,135

11

~$5

12

Gulf of Mexico

 

5

~$9

11

Alaska

$152

1

<$0.5

1

West Coast

$2

3

 

-

Multi Region

$310

6

~$11

7

Total

$8,476

117

~$35-40

69

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

*Only includes packages valued >$100M

Deal flow

Upstream

  • Synergy Resources Corp. has entered into an agreement to acquire undeveloped acreage, operated producing assets and non-operated producing assets in the Wattenberg field in Colorado from Noble Energy and affiliates for $505 million. The transaction includes ~33,100 net acres in and around the city of Greeley in Weld Co., CO, with production of 2.4 MBOE/d during Q1-2016.
  • Newfield Exploration Co. has entered into a PSA to acquire additional STACK acreage in the Anadarko basin from Chesapeake Energy Corp. for $470 million, including $50 million for PDP Reserves and reimbursement for recent STACK wells which are being drilled and planned for completion. The transaction includes ~42,000 net acres in in Kingfisher Co., Blaine Co., Dewey Co., and Canadian Co., OK, with current production of 3.8 MBOE/d.
  • Statoil has entered into an agreement to divest its operated Marcellus assets in West Virginia to EQT Corp. for $407 million. EQT will acquire 62,500 net Marcellus acres (Deep Utica rights on 53,000 acres) in Wetzel Co., Tyler Co., Harrison Co., and Doddridge Co., WV, with current production of 50 MMcfe/d.
  • Ultra Petroleum and certain of its subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. (Ultra Form 8-K)
  • Matador is working on picking up additional interest from non-operated partners in the Delaware basin, based on Q1-2016 Results conference call. Matador is also interested in acquiring acreage adjacent to its assets and has a team which is looking at potential new areas for M&A.
  • Occidental Petroleum is actively looking to add resources in the Permian basin and EOR assets in Midland Basin and Central Basin Platform, based on Q1-2016 Results conference call. Vicki Hollub, Oxy’s CEO, said that EOR asset acquisitions would be easier as the gap between outlook for prices among the buyers and sellers is narrowing.

Downstream

  • Phillips 66 Partners LP has entered into an agreement to acquire the remaining 75% stake in Sweeny Frac LLC and 100% stake in Standish pipeline from Phillips 66 for $775 million. Sweeny Frac LLC owns the Sweeny Fractionator One facility and the Clemens Caverns storage facility in Texas. Standish refined products pipeline extends from the Ponca City refinery in Oklahoma to the North Wichita terminal in Kansas.

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