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 11 to September 15.

 

US announced deals YTD

US deals in play*

Region

Value ($mn)

Count

Value ($bn)

Count

Permian

$21,431

238

~$7

18

Mid-Continent

$3,817

115

~$3-$4

10

Gulf Coast

$5,537

79

~$4-$5

10

Rockies

$7,699

65

~$4

12

Ark-La-Tex

$803

37

~$1

4

Eastern

$10,942

37

~$3

11

Gulf of Mexico

         $13

17

~$10

10

Alaska

-

-

-

-

West Coast

$440

12

<$1

1

Multi Region

$409

14

~$8-$9

2

Total

$51,092

614

~$41

78

Deal flow

Upstream

  • Sabinal Energy (a portfolio company of Kayne Anderson) has acquired Central Basin Platform and Northern Shelf assets from Chevron. The transaction includes 66,500 net acres in Hockley Co., Terry Co., and Gaines Co., TX, with current Production of 7.5 MBOE/d.
  • Resolute Energy has agreed to divest ~63% operated interest in Aneth field EOR assets in the Paradox basin to Elk Petroleum for $160 million. Resolute Energy will receive an up-front consideration of $160 million and additional payments of up to $35 million in the next three years, contingent on oil prices. The Aneth field covers 28,330 net acres in San Juan Co., UT, with Production of 6.5 MBbl/d, effective 1-Oct-2017. Elk Petroleum reports the value of Production to be $160 million (at $27,000/Daily BOE).
  • Mosman Oil and Gas has acquired Welch Permian basin Project from Walsh Petroleum, Granite Pacific and Cornell Energy. The transaction includes 653 net HBP acres located in Dawson Co., TX, with current gross production of 34 Bbl/d.
  • Viking Energy Group has acquired 90% operated interest in four Eastern Kansas leases from MorMeg. The transaction includes 980 acres located in Anderson Co., KS.
  • GulfSlope Energy and Texas South Energy sign LoI to farm-out Gulf of Mexico assets.

Deals in play

  • Summit Petroleum has retained Simmons & Company International to assist in the divestiture of its Denali acreage in Midland basin. The package includes ~8,200 net contiguous acres in Upton Co., TX, targeting the Wolfcamp A, Wolfcamp B and Lower Spraberry formations.

Oilfield services

  • On 13-Sep-2017, Kirby announced the completion of the previously acquisition of Stewart & Stevenson.

Midstream

  • Enable Midstream Partners has agreed to acquire Align Midstream (backed by Tailwater Capital) for ~$300 million. Align Midstream owns and operates 190 miles of gathering pipelines across Rusk, Panola and Shelby counties in Texas and DeSoto parish in Louisiana, and a cryogenic processing plant with capacity of 100 MMcf/d in Panola, Texas.
  • On 14-Sep-2017, Caprock Midstream received $250 million of preferred equity investment from Global Infrastructure Partners Capital Solutions Fund. Caprock is a Delaware Basin focused company and plans to develop its existing Delaware Basin natural gas gathering and processing assets. 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...