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 24 – October 28.

Deal stats

 

US announced deals YTD

US deals in play*

Region

Value ($MM)

Count

Value ($B)

Count

Permian

$18,735

117

~$4

14

Mid-Continent

$4,964

62

$1-2

6

Gulf Coast

$2,748

68

~$6

10

Rockies

$4,683

75

$2-3

6

Ark-La-Tex

$5,497

21

$2

6

Eastern

$4,978

25

$2

8

Gulf of Mexico

$2,432

81

~$10

12

Alaska

$232

4

-

-

West Coast

$597

13

-

-

Multi Region

$989

22

$2

3

Total

$45,855

488

~$31

65

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

*Only includes packages valued >$100 million

Deal flow

Upstream

  • EQT Corp. has entered into an agreement to acquire Trans Energy Inc and certain Marcellus acreage from affiliates of Republic Energy Ventures LLC for $513 million. The transaction includes 42,600 net acres with production of  ~42 MMcfe/d.
  • EQT Corp. has entered into an agreement with Antero Resources Corp., to acquire Marcellus acreage for $170 million. The transaction includes 17,000 net acres with production of ~2 MMcfe/d. In total, EQT Corp. has acquired Marcellus acreage worth $683 million.
  • Clayton Williams Energy Inc. has entered into an agreement to sell substantially all of its Giddings area assets in East Central Texas for $400 million. The transaction includes 160,000 net acres (~65% developed) with production of 3.9 MBOE/d.
  • Carrizo Oil & Gas Inc. has entered into an agreement to acquire Eagle Ford assets from Sanchez Energy Corp. for ~$181 million. The transaction includes 15,000 net acres located primarily in the Eastern portion of the Cotulla area with production of ~3.1 MBOE/d.

Midstream

  • Energy Transfer Partners LP (ETP) has entered into an agreement to acquire 100% stake in PennTex Midstream Partners LLC for $733.09 million. ETP will pay $320 million in cash and $320 million in ETP shares. The net deal value including cash, shares, debt of $99 million and working capital surplus of $5.91 million, is $733.09 million. PennTex Midstream owns a gathering pipeline, residue gas pipeline, and Lincoln Parish and Mt Olive NGL processing plants, located primarily in the Terryville Complex in Lincoln Parish, Louisiana.
  • American Midstream Partners LP has entered into a unit-for-unit agreement to acquire JP Energy Partners LP for $301.49 million. American Midstream will pay $152.36 million in shares. The net deal value including shares, debt of $158 million and working capital surplus of  ~$8.87 million, is $301.49 million. JP Energy holds crude oil pipelines and storage, refined products terminals and storage, and NGL distribution assets in the Permian basin.

 

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