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  1. ExxonMobil to buy Bass family’s Permian assets for up to $6.6 billion

    ExxonMobil Corp. has agreed to acquire companies primarily focused on New Mexico’s Delaware basin from the Bass family of Fort Worth in a deal that could total $6.6 billion. The companies, which include operating entity BOPCO LP, hold about 275,000 acres of leasehold and production of more than 18,000 net boe/d, of which 70% is liquids. The Permian basin encompasses about 250,000 acres of the total leasehold, the bulk of which is in contiguous, held-by-production units in the Delaware basin. The companies also hold producing acreage in other areas in the US. The deal covers an estimated resource in the Delaware basin of 3.4 billion boe, of which 75% is liquids, more than doubling ExxonMobil’s Permian resource to 6 billion boe. ExxonMobil’s unconventional liquids portfolio is managed by subsidiary XTO Energy Inc., which is currently producing 140,000 net boe/d from the basin. “By utilizing ExxonMobil’s technological strength coupled with its unconventional development capabilities we can drill the longest lateral wells in the Permian basin, reducing development costs and increasing reserve capture,” said Darren W. Woods, ExxonMobil’s newly appointed chairman and chief executive officer. He succeeded Rex Tillerson this month after his nomination for US Secretary of State ( OGJ Online, Dec. 15, 2016 ). ExxonMobil will make an upfront payment of $5.6 billion in ExxonMobil shares, and a series of additional contingent cash payments totaling up to $1 billion, to be paid beginning in 2020 and ending no later than 2032 commensurate with the development of the resource. The Bass family comprises brothers Sid, Edward, Robert, and Lee, who together inherited and built on oil assets owned by uncle and Texas wildcatter Sid Richardson. Robert is founder and leader of private equity firm Oak Hill Capital Partners. ExxonMobil’s purchase is the second announced in as many days by a US onshore producer for Permian-focused firms. Noble Energy Inc. on Jan. 16 said it has agreed to acquire Midland, Tex.-based Clayton Williams Energy Inc. for $2.7 billion in cash and stock ( OGJ Online, Jan. 16, 2017 ). Contact Matt Zborowski at matthewz@ogjonline.com .

    Online Articles

    Online Articles

    Tue, 17 Jan 2017

  2. Sanchez, Blackstone team to buy Anadarko Eagle Ford acreage for $2.3 billion

    Sanchez Energy Corp., Houston, and funds managed by private equity firm Blackstone Energy Partners LP have entered a 50-50 partnership and agreed to acquire working interest in 318,000 gross operated acres in the western Eagle Ford shale of South Texas from Anadarko Petroleum Corp., The Woodlands, ...

    Online Articles

    Online Articles

    Fri, 13 Jan 2017

  3. WPX grabs more Delaware basin acreage in $775-million deal

    WPX Energy Inc., Tulsa, has agreed to acquire 18,100 net acres in Reeves, Loving, Ward, and Winkler counties in Texas from private equity backed firms Panther Energy Co. II LLC and Carrier Energy Partners LLC for $775 million in cash.

    Online Articles

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    Fri, 13 Jan 2017

  4. Indiana Commission Okays AEP Sale of 1,096-MW Lawrenceburg Plant

    This is the only Indiana plant in a package of three gas-fired power plants and one coal-fired plant that American Electric Power plans to sell to Lightstone.

    Online Articles

    Online Articles

    Mon, 9 Jan 2017

  1. Indiana commission OKs AEP sale of 1,096 MW power plant

    Online Articles

    Online Articles

    Tue, 10 Jan 2017

  2. FERC approves NextEra takeover of Texas transmission company Oncor

    This deal is for transmission only and doesn't include power plants

    Online Articles

    Online Articles

    Mon, 9 Jan 2017

  3. Lucas Energy enters Permian, changes name

    Lucas Energy Inc., Houston, has agreed to partner with a private Houston-based oil and gas holding company in the Permian basin of Texas, and will change its name to Camber Energy Inc. to reflect the firm’s new operational focus.

    Online Articles

    Online Articles

    Thu, 5 Jan 2017

  4. 2017 primed for growth after 117% surge in 2016 U.S. oil and gas M&A activity

    PLS, a leading Houston-based oil and gas research firm, announced that M&A activity for the upstream energy sector in the U.S. more than doubled in 2016 to $69 billion in 385 deals as the industry quickly adapted a $50 oil price environment.

    Online Articles

    Online Articles

    Thu, 5 Jan 2017

  5. Baker Hughes, private equity to form land pressure pumping firm

    Oil field services firm Baker Hughes Inc. (BHI), Houston private equity firm CSL Capital Management LLC, and West Street Energy Partners LP (WSEP), a fund managed by the merchant banking division of Goldman Sachs, have agreed to form a pure-play North American land pressure pumping company.

    Online Articles

    Online Articles

    Wed, 30 Nov 2016

  6. Diamondback boosts Delaware basin position with $2.4-billion purchase

    Diamondback Energy Inc., Midland, Tex., has agreed to acquire Austin-based Brigham Resources Operating LLC and Brigham Resources Midstream LLC for $2.43 billion. It’s Diamondback’s second deal for southern Delaware basin acreage since it entered the area earlier this year.

    Online Articles

    Online Articles

    Thu, 15 Dec 2016

  7. First Reserve-based Tri-Point makes acquisitions

    Tri-Point has acquired three companies that specialize in oil and gas production and processing equipment and associated services.

    Online Articles

    Online Articles

    Mon, 5 Dec 2016

  8. Advent takes charge of V.Group

    Advent International has agreed to acquire a controlling interest in offshore vessel management and support services provider V.Group from OMERS Private Equity .

    Online Articles

    Online Articles

    Tue, 6 Dec 2016

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