1Derrick US M&A weekly update

1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of August 1– August 5.

Deal stats

 

Announced deals YTD

Deals in play*

Region

Value ($M)

Count

Value ($B)

Count

Permian

$6,871

62

~$2

7

Mid-Continent

$3,760

32

~$2

8

Gulf Coast

$2,021

31

~$4-5

10

Rockies

$3,095

44

~$3

7

Ark-La-Tex

$5,490

14

~$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

$23,753

224

~$28

62

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

*Only includes packages valued >$100 million

Deal flow
Upstream

  • Newfield Exploration Co. has entered into two separate agreements to divest substantially all of its unconventional assets in the Eagle Ford Shale to Protege LLC, and the conventional gas assets in South and West Texas to an undisclosed buyer for $390 million. The transaction includes ~77,500 net acres with production of ~12.7 MBOE/d.
  • Continental Resources Inc. has entered into an agreement to sell certain non-strategic SCOOP acreage in Oklahoma for $281 million. The transaction includes ~29,500 net acres, primarily on the eastern side of SCOOP with production of 550 BOE/d.
  • SM Energy Co. has entered into definitive agreements to sell two separate packages of non-core assets in Williston basin and New Mexico for $172.5 million. The transaction includes ~79,000 net acres with proved reserves of 9.5 MMBOE and production of 3.3 MBOE/d.
  • Jones Energy has announced that it has entered into an agreement to acquire Panhandle assets in the Anadarko basin for $27.1 million. Derrick has identified the seller as EOG Resources Inc., advised by Meagher Energy Advisors. The transaction includes ~26,000 net acres with production of 850 BOE/d.
  • WPX Energy Inc. has acquired additional assets in the Delaware basin. Derrick has identified the seller as Mack Energy Corp., advised by UBS Investment Bank. The transaction includes ~7,800 net acres with production of 425 BOE/d.

OFS

  • Transocean Ltd. has agreed to acquire the remaining ~29% stake in Transocean Partners LLC for $176.63 million. Transocean Partners holds 51% interest in three ultra-deepwater drilling rigs namely, Discoverer Inspiration, Discoverer Clear Leader and Development Driller III.

Midstream

  • Enbridge Energy Partners LP (EEP) and Marathon Petroleum Corp., through a newly formed JV, have entered into an agreement to acquire 49% interest in Bakken Holdings Co LLC from an affiliate of Energy Transfer Partners LP and Sunoco Logistics Partners LP. Bakken Holdings owns 75% interest in each of Dakota Access LLC and Energy Transfer Crude Oil Co LLC.
  • EnLink Midstream Partners LP and EnLink Midstream LLC, through their subsidiary, and an affiliate of Natural Gas Partners LLC (NGP) have formed a JV to operate and expand EnLink Midstream Partners' natural gas, NGLs and crude oil gathering and processing assets in Delaware basin. The JV will hold Cryogenic natural gas processing plant with inlet capacity of ~35 MMcf/d located in Loving county, Texas in the Delaware basin.

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