1Derrick US M&A weekly update

1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of June 6 to June 10.

Deal stats

 

Announced deals YTD

Deals in play*

Region

Value ($M)

Count

Value ($B)

Count

Permian

$1,906

35

~$3

11

Mid-Continent

$2,329

20

~$3

7

Gulf Coast

$1,566

18

~$5

11

Rockies

$2,702

27

~$4

12

Ark-La-Tex

$5,403

11

~$3

7

Eastern

$1,626

13

~$5

12

Gulf of Mexico

$5

6

~$9

11

Alaska

$152

2

<$0.5

1

West Coast

$2

3

-

-

Multi Region

$395

9

~$9

6

Total

$16,085

144

~$42

78

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

*Only includes packages valued >$100M

Deal flow
Upstream

  • Antero Resources Corp. has entered into an agreement to acquire acreage in the Appalachian basin in West Virginia from Southwestern Energy for $450 million. The acreage covers ~55,000 net acres located primarily in Wetzel Co., Tyler Co., Doddridge Co., WY. The assets hold Proved Reserves of 11 bcfe and Net production is 14 MMcfe/d.
  • Devon Energy Corp. has entered into an agreement to divest its East Texas assets for $525 million. The assets hold Proved Reserves of ~87 MMboe as of Dec-2015 and Net production averaged 22 Mboe/d during Q1-2016 (~5% oil).
  • Devon Energy Corp. has entered into an agreement to sell non-core Granite wash assets in the Anadarko basin for $310 million. The assets hold Proved Reserves of ~31 MMBOE and Net production averaged 14 Mboe/d during Q1-2016.
  • Devon Energy Corp. has entered into an agreement to sell its ORRI across 11,000 net acres in the Northern Midland basin for $139 million. The current production associated with the assets is ~1 Mboe/d.

In total, Devon has agreed to sell non-core assets worth $974 million through these three transactions.

  • Crestview Partners III LP and its affiliated funds, will invest up to $150 million in W Energy, a newly formed company to acquire exploration and production assets in the Bakken shale play. 

Oilfield services

  • Ocean International Capital has offered to acquire and delist Otto Marine Ltd. for ~US$225 million. Ocean International has offered to acquire Otto shares at S$0.32 in cash. Otto Marine owns, operates and charters a fleet of offshore support and subsea vessels.
  • Seventy Seven Energy Inc. has filed a pre-packaged plan of reorganization under Chapter 11 of the US Bankruptcy Code. The plan provides for conversion of ~$1.1 billion outstanding debt to equity.

 

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