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 18 to July 22.

Deal stats

 

Announced deals YTD

Deals in play*

Region

Value ($M)

Count

Value ($B)

Count

Permian

$6,451

53

~$2

8

Mid-Continent

$3,219

25

~$2

6

Gulf Coast

$1,589

27

~$5

12

Rockies

$2,923

40

~$3

8

Ark-La-Tex

$5,403

10

~$2

6

Eastern

$1,774

15

~$3

8

Gulf of Mexico

$7

7

~$10

12

Alaska

$152

3

-

-

West Coast

$2

3

-

-

Multi Region

$540

11

~$8

5

Total

$22,059

194

~$34

68

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

*Only includes packages valued >$100M

Deal flow
Upstream

  • Silver Run Acquisition Corp. has signed an agreement to acquire Centennial Resource Production for $1.74 billion. Silver Run will acquire 89.1% stake and NGP retains the balance 10.9% stake in Centennial. At completion, Silver Run is expected to be renamed as Centennial Resource Development Corp. Centennial holds 42,500 net acres primarily in Reeves Co., and Ward Co., TX, with production of 7.212 MBOE/d. The aggregate firm value of $1,735.1 million when ascribed to Proved Reserves (both PD/PDNP and PUD) of 48.637 MMBOE yields a metric of $35.67/BOE.
  • Contango Oil & Gas Co. has entered into an agreement to acquire 41% WI in Southern Delaware basin acreage for $20 million. The assets cover ~5,000 net undeveloped acres and are located in Western Pecos Co., TX.
  • Pantheon Resources Plc has entered into an agreement to acquire an additional 8% WI in Eagle Ford assets located in Polk Co., TX from Vision Gas Resources LLC.
  • Sanchez Production Partners LP has divested its operated assets in Oklahoma and Kansas. The transaction includes assets in the Cherokee basin, the Woodford Shale in the Arkoma basin and the Central Kansas Uplift.
  • C&J Energy files for bankruptcy to cut $1.4 billion in debt.

Oilfield services

  • US Silica Holdings Inc. has entered into an agreement to acquire NBR Sand unit from New Birmingham Inc. for ~$210 million. US Silica will pay ~$119.7 million in cash and ~$90.3 million in restricted stock. The unit operates a sand mine and processing plant in Tyler, Texas, which serves producers in Eagle Ford, Haynesville and Permian basin.

Midstream

  • Pampa Energia SA has entered into an agreement to divest its 50% stake in Compania de Inversiones de Energia (CIESA) to Grupo Inversor Petroquimica SL (subsidiary of Grupo Inversor Petroquimica), and WST SA and PCT LLC (subsidiaries of Grupo Werthein) for $241 million. CIESA holds 51% stake in Transportadora de Gas del Sur SA (TGS). The buyers will effectively acquire 25.5% stake in TGS. Primarily engages in natural gas transportation, processing and marketing in Argentina.

 

 

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