1Derrick US M&A weekly update

1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of September 4 to September 8.

 

US Announced Deals YTD

US Deals In Play*

Region

Value ($mn)

Count

Value ($bn)

Count

Permian

$21,387

232

~$7

17

Mid-Continent

$3,817

114

~$3-$4

10

Gulf Coast

$5,537

78

~$4-$5

10

Rockies

$7,539

64

~$4

13

Ark-La-Tex

$803

37

~$1

4

Eastern

$10,942

36

~$3

11

Gulf of Mexico

         $13

16

~$10

10

Alaska

-

-

-

-

West Coast

$440

12

<$1

1

Multi Region

$409

14

~$8-$9

2

Total

$50,887

603

~$41

78

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

   *Only includes packages valued >$100 million

Deal flow

Upstream

  • Tellurian has entered into an agreement to acquire operated Haynesville acreage for $85.1 million. The transacted acreage includes ~9,200 net acres in Red River Pa., De Soto Pa., and Natchitoches Pa., LA, with net Production of 4 MMcfe/d or ~667 BOE/d. Tellurian reports the value of Production to be $5 million (at $7,500/Daily BOE or $1,250/Daily MCFE) and the value of Undeveloped Acreage to be $80.1 million (at $8,707/Acre).
  • Empire Petroleum has entered into a term sheet agreement to acquire East Haynesville and Oaks fields in Claiborne Pa., LA. The transaction includes 9,000 net HBP acres targeting the Lower and Upper Haynesville, Cotton Valley, Pettit and Smackover formations with current Production of ~400 BOE/d.
  • Nostra Terra Oil and Gas has acquired the remaining 12.5% non-operated interest in Pine Mills oil field in Texas from Hammerhead Management Partners. The transaction includes 300 net acres in Wood Co., TX, with net Production of 13.25 Bbl/d.
  • On 7-Sep-2017, Halcon Resources completed the previously announced sale of Williston basin assets to Bruin E&P Partners (portfolio company of Arclight Capital Partners) for $1.4 billion.
  • On 5-Sep-2017, Linn Energy announced that on 31-Aug-2017 it closed the previously announced transaction with Citizen Energy II to form Roan Resources.

Oil Field Services

  • Patterson-UTI Energy entered into an agreement to acquire Multi-Shot (doing business as MS Energy Services, backed by Denham Capital and NGP Energy Capital) on a debt-free basis. Patterson-UTI will pay $75 million in cash and issue ~8.8 million shares valued at ~$140 million, based on Patterson-UTI's closing share price of $15.94. The net deal value including cash, shares and working capital surplus of ~$30 million is $185 million. Multi-Shot provides directional drilling services in major onshore oil and gas basins in United States and operates through four divisions namely, directional, guidance, survey and wireline.

Downstream

  • On 5-Sep-2017, American Midstream Partners completed the previously announced sale of its propane marketing and services business to SHV Energy NV for $170 million.

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