1Derrick US M&A weekly update

1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of October 17 – October 21.

Deal stats

 

US announced deals YTD

US deals in play*

Region

Value ($mn)

Count

Value ($bn)

Count

Permian

$18,713

117

~$4

14

Mid-Continent

$4,964

61

$1-2

6

Gulf Coast

$2,158

64

~$6

11

Rockies

$4,658

73

$2-3

6

Ark-La-Tex

$5,497

21

$2

6

Eastern

$4,231

21

$2

8

Gulf of Mexico

$2,432

81

~$10

12

Alaska

$232

4

-

0

West Coast

$594

12

-

0

Multi Region

$989

22

$2

3

Total

$44,469

476

~$31

66

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

*Only includes packages valued >$100 million

Deal flow
Upstream

  • SM Energy has entered into an agreement to acquire Midland basin acreage in West Texas from QStar LLC, a portfolio company of EnCap Investments LP, and a related entity, for $1.6 billion. The transaction includes ~82% interest in 35,700 net acres located in Howard Co., and Martin Co., TX, with production of ~2.4 MBOE/d.
  • Oasis Petroleum Inc. has entered into an agreement with SM Energy to acquire assets in Williston basin for $785 million. The transaction includes ~55,000 net acres located primarily in McKenzie Co., and Williams Co., ND, with estimated Q4-2016 production of 12.4 MBOE/d.
  • Stone Energy Corp. has entered into an agreement to divest its Appalachia basin assets to TH Exploration III LLC, an affiliate of Tug Hill Inc. for $360 million. The transaction includes ~86,000 net acres located in the Appalachian regions of Pennsylvania and West Virginia.
  • On 17-Oct-2016, Casillas Petroleum completed the previously announced acquisition of SCOOP acreage from Continental Resources for $281 million.
  • On 19-Oct-2016, QEP Resources completed the previously announced acquisition of Permian assets from RK Petroleum Corp and its affiliates for $600 million.
  • On 19-Oct-2016, Rice Energy completed the previously announced acquisition of Vantage Energy Inc. for $2.1 billion.
  • Midstates Petroleum Co. has emerged from Chapter 11 bankruptcy protection and has eliminated ~$2 billion of debt.

Deals in play

  • Trail Ridge Energy Partners II LLC (backed by Trilantic Capital Partners and Riverstone Holdings) has retained Simmons & Co International to assist in the sale of certain operated and non-operated assets covering ~9,250 net acres in Midland basin.

OFS

  • Dril-Quip Inc. has entered into an agreement to acquire TIW Corp for ~$143 million. TIW provides drilling and completion solutions across North America, South America, Africa, Middle East, Europe and Asia.

Midstream

  • On 20-Oct-2016, DTE Energy completed the previously announced acquisition of Appalachian basin assets from M3 Midstream and Vega Energy Partners Ltd for $1.3 billion.

 

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