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 13 – June 17.

Deal stats

 

Announced deals YTD

Deals in play*

Region

Value ($M)

Count

Value ($B)

Count

Permian

$2,763

37

~$2-3

10

Mid-Continent

$2,329

20

~$3

7

Gulf Coast

$1,566

18

~$5

12

Rockies

$2,818

30

~$4

11

Ark-La-Tex

$5,403

11

~$3

7

Eastern

$1,666

14

~$5

11

Gulf of Mexico

$5

6

~$9-10

11

Alaska

$152

2

<$0.5

1

West Coast

$2

3

 

-

Multi Region

$395

9

~$8-9

6

Total

$17,098

150

~$40

76

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

*Only includes packages valued >$100M

Deal flow
Upstream

  • Devon Energy has agreed to sell its non-core Northern Midland basin acreage to Pioneer Natural Resources for $435 million. The transaction includes 28,000 net acres (15,000 net acres in the Sale Ranch area), with current net production of 1 MBOE/d.
  • Devon Energy has also agreed to sell its non-core assets in the Southern Midland basin for $423 million. The assets have current production of 22 MBOE/d and Proved Reserves of 43 MMboe.
  • Natural Resource Partners LP (NRP) has entered into an agreement to divest its non-operated WI in the Williston basin assets to Lime Rock Resources IV-A LP for $116.1 million. The transaction includes 21,450 net acres with production of 3.451 MBOE/d during Q1-2016.
  • PDC Energy has entered into an agreement with Noble Energy to swap Niobrara acreage in Weld Co., CO. PDC will acquire ~13,500 net acres in the Bronco area in exchange for ~11,700 net acres in the Wells Ranch area.
  • TPG Special Situations Partners (TSSP) has agreed with Hunt Oil Co. to fund the development of its Midland basin acreage. TSSP has committed up to $400 million which is expected to take approximately three years to deploy. The development area includes ~18,000 net acres across Martin Co., Glasscock Co., Midland Co., and Upton Co., TX.

Deals in play

  • Anadarko Petroleum Corp. has retained EnergyNet Inc. to assist in the sale of operated and non-operated Austin Chalk and Eaglebine assets in Texas.

 

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