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 9 - May 13.

Deal stats

 

Announced deals YTD

Deals in play*

Region

Value ($M)

Count

Value ($B)

Count

Permian

$1,472

31

~$2

9

Mid-Continent

$2,022

18

~$3

7

Gulf Coast

$391

17

~$5

11

Rockies

$2,590

23

~$4

12

Ark-La-Tex

$478

10

~$2-3

5

Eastern

$1,135

11

~$5

12

Gulf of Mexico

$5

6

~$9

11

Alaska

$152

2

<$0.5

1

West Coast

$2

3

 

-

Multi Region

$331

8

~$11

7

Total

$8,577

129

~$40-45

75

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

*Only includes packages valued >$100 million

Deal flow

Upstream

  • Tanos Energy (backed by Quantum Energy Partners) acquired Ark-La-Tex assets from ConocoPhillips and Fidelity Exploration and Production. The transaction includes 140,000 net acres and production of 95 MMcfe/d from 4,200 wells.
  • Black Stone Minerals LP has entered into an agreement to acquire 4,800 gross acres in the Wattenberg field in Colorado for $35 million. The acreage is prospective for Niobrara and Codell formations, and the production during the next 12 months is expected to be 700 boe/d.
  • Chaparral Energy has filed petitions for relief under Chapter 11 of the United States Bankruptcy Code. Chaparral will work to reduce its bondholder debt by ~$1.2 billion, through a debt to equity swap.
  • Jones Energy is actively looking at M&A opportunities in the Mid-Continent region, based on its Q1-2016 results conference call.
  • Gary Evans, ex-Magnum Hunter CEO, has started a new venture, Energy Hunter Resources Inc., to acquire oil and gas assets in the Eagle Ford and Permian basin.

Oilfield services

  • RockPile Energy Services LLC, a subsidiary of Triangle Petroleum Corp., has retained PJT Partners to assist in evaluating strategic alternatives. (Triangle PR)

Midstream

  • Williams filed a third lawsuit seeking a declaratory judgment and injunction preventing Energy Transfer Equity (ETE) from terminating the merger agreement. Kelcy Warren, CEO, ETE, in response said that the lawsuits have contributed to the delay of SEC’s review of the prospectus and that Williams has taken steps to limit ETE’s communication with its board members. Warren also added that ETE intends to cooperate and comply with obligations under the merger agreement.  

Deals in play

  • EXCO Resources has formed a Special Committee to evaluate strategic alternatives. EXCO’s primary assets are located in East Texas/North Louisiana and target the Haynesville and Bossier shales. EXCO also holds Eagle Ford and Marcellus Shale assets. (EXCO PR)
  • Newfield Exploration Co. has retained Scotia Waterous and Bank of Montreal to assist in the sale of its Eagle Ford, Williston basin and Uinta basin assets. (Bloomberg)
  • EnCap Investments LP has retained Jefferies Group to assist in the sale of its portfolio company PayRock Energy LLC. PayRock Energy holds STACK assets, primarily in Canadian Co., and Kingfisher Co., OK. (Bloomberg)

 

 

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