1Derrick US M&A weekly update

1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of July 4 – July 8.

Deal stats

 

Announced deals YTD

Deals in play*

Region

Value ($M)

Count

Value ($B)

Count

Permian

$4,176

47

~$2

9

Mid-Continent

$3,219

22

~$2

7

Gulf Coast

$1,582

22

~$5

12

Rockies

$2,915

35

~$3

8

Ark-La-Tex

$5,403

11

~$2

6

Eastern

$1,666

14

~$3

8

Gulf of Mexico

$7

7

~$9

11

Alaska

$152

3

-

-

West Coast

$2

3

-

-

Multi Region

$540

10

~$8

5

Total

$19,661

174

~$34

66

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

*Only includes packages valued >$100M

Deal flow
Upstream

  • Riverstone Energy Ltd. (REL) and affiliates of Riverstone Holdings LLC have entered into an agreement to acquire majority stake in Centennial Resources Development LLC from NGP Energy Capital and certain other related co-investment funds. The investment by REL alone is expected to be $175 million. Centennial Resources holds assets in Delaware basin, West TX.

Midstream

  • Southern Company has entered into an agreement to acquire 50% interest in Southern Natural Gas (SNG) pipeline system from Kinder Morgan Inc. for ~$1.47 billion. SNG is a 7,600-mile pipeline system connecting natural gas supply basins in Texas, Louisiana, Mississippi, Alabama and the Gulf of Mexico to markets in Louisiana, Mississippi, Alabama, Florida, Georgia, South Carolina and Tennessee.
  • Resolute has entered into a series of related agreements with an undisclosed Permian Basin midstream company pursuant to which Resolute and an existing minority interest holder will sell the gas gathering and water handling systems in its Appaloosa and Mustang project areas in Reeves Co., TX, for consideration of up to $110 million.

 

 

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