1Derrick US M&A weekly update

1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of December 5th to December 9th.

Deal stats

 

US Announced Deals YTD

US Deals In Play*

Region

Value ($mn)

Count

Value ($bn)

Count

Permian

$22,629

145

~$5

16

Mid-Continent

$4,954

76

$1-2

6

Gulf Coast

$2,896

81

~$9

11

Rockies

$5,564

87

$5

7

Ark-La-Tex

$6,949

30

<$1

3

Eastern

$5,102

33

$2

8

Gulf of Mexico

$2,432

82

~$10

12

Alaska

$232

5

-

-

West Coast

$611

15

-

-

Multi Region

$1,506

25

$2

3

Total

$52,875

579

~$36

66

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

*Only includes packages valued >$100 million

Deal flow

Upstream

  • Chesapeake Energy has entered into an agreement to sell one of its two Haynesville packages for ~$450 million. The assets cover ~78,000 net acres in Northern Louisiana, with current production of ~30 MMcf/d from 250 producing wells. 1Derrick has identified the buyer as Indigo Minerals LLC. Currently, Chesapeake is marketing a second package covering ~50,000 net acres in the Northeastern part of its Haynesville operating area, which is also expected to be sold during Q1-2017. Post-transactions, Chesapeake will retain ~250,000 net acres in its core Haynesville operating area.
  • Gulfport Energy Corp. has entered into an agreement to acquire Utica dry gas acreage for ~$87 million. The assets cover ~12,600 net acres near or adjacent to Gulfport’s existing acreage in Northern Monroe Co., OH.
  • Shell has entered into an agreement to sell 20% interest in Kaikias and Circius fields to Mitsui Oil Exploration Co. Kaikias and Circius fields are located in water depths of 1,300 meters, close to Shell’s existing deep water infrastructure in the Mississippi Canyon.
  • On 6-Dec-2016, PDC Energy completed the previously announced acquisition of Delaware basin acreage from Kimmeridge for $1.51 billion.

Midstream

  • On 9-Dec-2016, Cheniere Energy terminated negotiations to acquire remaining 19.9% stake in Cheniere Energy Partners LP Holdings LLC for $2.46 billion. Cheniere Energy determined that no definitive agreement could be reached with the conflicts committee, even after raising the share exchange ratio offer.

 

 

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