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 25 – July 29.

Deal stats

 

Announced deals YTD

Deals in play*

Region

Value ($M)

Count

Value ($B)

Count

Permian

$6,863

57

~$2

7

Mid-Continent

$3,452

28

~$2

8

Gulf Coast

$1,589

29

~$5

12

Rockies

$2,923

41

~$3

8

Ark-La-Tex

$5,490

11

~$2

6

Eastern

$1,774

15

~$3

8

Gulf of Mexico

$7

7

~$10

12

Alaska

$152

3

-

-

West Coast

$2

3

-

-

Multi Region

$581

13

~$1-2

4

Total

$22,832

207

~$29

65

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

*Only includes packages valued >$100M

Deal flow
Upstream

  • Whiting Petroleum Corp. has divested its Permian assets in the North Ward Estes field for $300 million. The transaction includes 62,900 net acres in Ward Co., and Winkler Co., TX, with production of 8.6 MBOE/d (EOR project is primarily from the Yates formation).
  • Rimrock Resource Operating LLC, backed by Post Oak Energy Capital and Ceja Corp., has acquired SCOOP assets from Merit Energy in Oklahoma for $150 million. The transaction includes 24,500 net SCOOP acres with production of 2.1 MBOE/d.
  • Halcon Resources files for court approval of prepackaged restructuring plan. Under the restructuring plan, Halcon will eliminate ~$1.8 billion in long-term debt and will reduce annual interest expense by more than $200 million.
  • ArcLight Capital Partners LLC closed a $150 million commitment to back Logos Resources which recently completed the acquisition of San Juan Basin assets consisting of ~129,000 net acres and net production of ~38 MMcf/d.
  • Atlas Resource Partners entered into restructuring support agreement with stakeholders. The agreement will reduce the partnership’s debt by ~$900 million and interest expense by $80 million per year.

OFS

  • Solstad Offshore ASA and REM Offshore ASA have entered into a merger agreement. REM Offshore shareholders will receive 0.0696 Solstad Offshore shares for each REM Offshore share. REM operates through three segments namely, Platform Supply Vessel, Offshore Construction Vessel and Construction Subsea Vessel.

Midstream

  • Marubeni Corp. and Toho Gas Co Ltd., through a newly formed 50-50 JV company, have entered into an agreement to acquire 22.5% interest in Galp Gas Natural Distribuicao SA (GGND) from Galp Energia SGPS SA for $151.795 million. GGND Operates 12,500 km of gas distribution pipeline system which distributes 1.4 billion cubic meters of gas per annum.
  • Shell Midstream Partners LP and Phillips 66 Partners LP have agreed to acquire 2.62% stake and 2.5% stake in Explorer Pipeline Co., respectively. Explorer Pipeline owns and operates 1,830 mile refined products pipeline system which transports gasoline, diesel, fuel oil and jet fuel from Gulf Coast to Midwest across 70 cities in 16 states.

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