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 8 – August 12.

Deal stats

 

Announced deals YTD

Deals in play*

Region

Value ($M)

Count

Value ($B)

Count

Permian

$7,851

65

~$2

8

Mid-Continent

$4,203

35

~$2

8

Gulf Coast

$2,022

32

~$5

11

Rockies

$3,095

49

~$3

7

Ark-La-Tex

$5,490

16

~$2-3

7

Eastern

$1,774

15

~$3

8

Gulf of Mexico

$7

7

~$10

12

Alaska

$152

3

-

0

West Coast

$2

3

-

0

Multi Region

$581

13

~$2

4

Total

$25,177

238

~$30

65

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

*Only includes packages valued >$100M

Deal flow
Upstream

  • SM Energy Co. has entered into an agreement to acquire Permian assets from Rock Oil Holdings LLC backed by Riverstone Holdings LLC, for $980 million. The transaction includes 24,783 net contiguous acres located in Howard Co., TX, with production of 4.9 MBOE/d.
  • Chesapeake Energy Corp. has entered into agreements to convey its Barnett Shale assets in North-Central Texas to Saddle Barnett Resources LLC and to simultaneously terminate associated midstream commitments to Williams Partners. Saddle Resources is backed by First Reserve. The transaction includes ~215,000 net acres located in Tarrant Co., and Johnson Co., TX, with proved reserves of 81 MMBOE and production of 65 MBOE/d.
  • Sabine Oil & Gas Corp. announced that its Chapter 11 Plan of Reorganization has gone effective and the company has emerged from bankruptcy as a private company. The balance sheet restructuring involved a debt-for-debt exchange, a debt-to equity conversion, and the issuance of warrants to purchase stock.

OFS

  • Hi-Crush Partners LP has entered into an agreement to acquire Hi­-Crush Blair LLC from Hi-Crush Proppants LLC for ~$169.87 million. Hi-Crush Partners will pay $75 million in cash and issue shares worth $94.87 million. Hi­-Crush Blair holds 1,285 acres of Northern White sand reserves and produces 20/100 mesh frac sand.

Midstream

  • PBF Logistics LP has signed an LoI to acquire 50% interest in Torrance Valley Pipeline Company LLC, a wholly owned subsidiary of PBF Energy Inc for $175 million. The transaction includes 189 mile Torrence Valley Pipeline system in California with capacity of ~110 Mbbl/d and primary crude gathering and transportation lines.
  • Bellatrix Exploration completed the previously announced sale of a 35% interest in Alder Flats to Keyera Partnership for $86.52 million.

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