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  1. 1Derrick US M&A weekly update

    US M&A Weekly Update (January 2nd to January 6th) Deal stats   US announced deals YTD US deals in play* Region Value ($MM) Count Value ($B) Count Permian $2.5 2 ~$3 16 Mid-Continent - - $1-2 6 Gulf Coast $800 1 ~$8 9 Rockies $31 2 $5 6 Ark-La-Tex - - <$1 2 Eastern $30 1 $2 7 Gulf of Mexico - - ~$10 12 Alaska - - - - West Coast - - - - Multi Region   1 <$1 1 Total $863 7 ~$30 59 Source : Ajit Thomas , 1Derrick’s Global M&A Database ( www.1Derrick.com ) *Only includes packages valued >$100 million Deal flow Upstream Venado Oil and Gas LLC, an affiliate of KKR, has agreed to acquire non-operated Eagle Ford assets, including interest in related midstream assets, from SM Energy for $800 million. The transaction includes ~37,500 net acres primarily in Dimmit Co., TX, with production of ~27.26 MBOE/d in Q3-2016, and 12.5% interest in Springfield gathering system. PDC Energy disclosed it acquired additional bolt-on Delaware basin acreage from Fortuna Resources Holdings LLC, backed by Och-Ziff Capital, for ~$118 million. The transaction closed on 30-Dec-2016 and included ~4,500 net acres in  Culberson Co., and Reeves Co., TX. The bolt-on acreage is contiguous with the Central acreage block acreage acquired from Kimmeridge for $1.51 billion in Aug-2016. Rex Energy Corp. has entered into an agreement to divest Utica assets in the Warrior South area in Ohio to Antero Resources Corp for ~$30 million. The assets sold include ~4,100 net acres in Guernsey Co., Noble Co., and Belmont Co., OH, with current production of 9 MMcfe/d. On 6-Jan-2017, Kimbell Royalty Partners LP filed a registration statement for its proposed Initial Public Offering. Kimbell owns mineral and royalty interests in ~4.5 million gross acres in 20 states, including ownership in more than 48,000 gross producing wells (~29,000 wells in the Permian basin). On 3-Jan-2017, Enerplus completed the previously announced sale of non-operated Fort Berthold assets in North Dakota for $292 million. Oilfield services On 6-Jan-2017, C&J Energy Services successfully completed its financial restructuring and emerged from Chapter 11 , by eliminating ~$1.4 billion of debt from its balance sheet.   Midstream DCP Midstream Partners LP (DPM) has acquired all of the assets and debt of DCP Midstream LLC , a 50-50 JV between Phillips 66 and Spectra Energy. DPM issued ~31.1 million shares valued at $1.125 billion. The net deal value including shares, debt of $3.15 billion and cash of $424 million contributed by DCP Midstream is $3.851 billion. DCP Midstream owns 40 gas processing plants with net processing capacity of 4.2 Bcf/d, 3 fractionators, 50,000 miles of gas pipelines and 200 miles of NGL pipelines across the DJ basin, Permian basin and Midcontinent region.   Tallgrass Energy Partners LP has acquired Tallgrass Terminals LLC and Tallgrass NatGas Operator LLC from Tallgrass Development LP for $140 million. Tallgrass Terminals owns Buckingham terminal in Northeast Colorado, Sterling terminal in Colorado and 20% interest in Deeprock Development terminal with combined operational storage capacity of 3.6 MMbbl. Tallgrass NatGas operates Rockies Express pipeline (REX) and receives an annual fee equivalent to 1% of REX's EBITDA. On 1-Jan-2017, Tesoro Logistics completed the previously announced acquisition of Robinson Lake and Belfield processing plants and related gathering systems from Whiting Petroleum, MDU Resources and GBK Investments LLC for $700 million. Downstream On 3-Jan-2017, Delek increased its offer to Alon USA shareholders from 0.44 to 0.504 Delek shares per Alon USA share. In total, Delek will now issue 19.27 million shares valued at $464 million to acquire the remaining 52.8% stake in Alon USA. The aggregate deal value including shares, debt of $282.93 million and working capital surplus of $20.59 million for 52.8% stake, is ~$726 million.    

    Online Articles

    Online Articles

    Mon, 9 Jan 2017

  2. EPA proposes adding gas processors to Toxic Releases Inventory rule

    The US Environmental Protection Agency proposed adding natural gas processing facilities, including those that extract gas liquids, to reporting requirements under Section 313 of the Emergency Planning and Community Right-to-Know Act (EPCRA), commonly known as the Toxics Release Inventory (TRI).

    Online Articles

    Online Articles

    Mon, 9 Jan 2017

  3. DCP Midstream, DCP Midstream Partners announce merger

    DCP Midstream LLC, the Denver-based 50-50 joint venture of Phillips 66 and Spectra Energy Corp., and DCP Midstream Partners LP (DMP) have signed a definitive merger agreement under which the companies will combine their businesses to form a new entity that, by late January, will be the largest NGL ...

    Online Articles

    Online Articles

    Fri, 6 Jan 2017

  4. US gas processing plants due new reporting rules, EPA says

    The US Environmental Protection Agency is planning to propose regulations that require natural gas processing plants to begin reporting toxic chemicals released from their sites for inclusion in the federal Toxics Release Inventory (TRI).

    Online Articles

    Online Articles

    Tue, 27 Oct 2015

  1. Statoil lets contract for Norwegian processing plants

    Online Articles

    Online Articles

    Fri, 19 Feb 2016

  2. Shell lets contract for Scottish gas processing plants

    Royal Dutch Shell PLC has renewed a contract with Wood Group PLC, Aberdeen, to provide industrial services to the company’s gas processing assets in Scotland.

    Online Articles

    Online Articles

    Mon, 28 Mar 2016

  3. Po Valley awarded production license for Teodorico field

    Po Valley Energy Ltd., Perth—with interests in northern Italy—has been awarded a preliminary production concession for its Teodorico gas field in the northern Adriatic Sea.

    Online Articles

    Online Articles

    Mon, 28 Nov 2016

  4. American Midstream, JP Energy to merge, form $2-billion MLP

    American Midstream Partners LP has agreed to acquire 100% of JP Energy Partners LP in a unit-for-unit merger, creating a $2-billion midstream master limited partnership (MLP) with primary operations in the Permian, Eagle Ford, Bakken, and Gulf of Mexico.

    Online Articles

    Online Articles

    Mon, 24 Oct 2016

  5. EPA releases final control techniques guidelines for existing oil and natural gas sources

    In its latest effort targeting emissions from the oil and gas industry, EPA recently released final Control Techniques Guidelines for reducing VOC emissions from existing oil and natural gas equipment and processes. The CTGs represent EPA’s Reasonably Available Control Technology recommendations ...

    Online Articles

    Online Articles

    Thu, 10 Nov 2016

  6. Howard Energy Partners secures $353M for Nueva Era Pipeline project

    Nueva Era Pipeline LLC, a Howard Midstream Energy Partners LLC subsidiary, has closed on $353.3 million in project financing for the construction of the Nueva Era pipeline project.

    Online Articles

    Online Articles

    Wed, 16 Nov 2016

  7. EPA guidelines aim to help curb oil, gas VOC releases in US Northeast

    The US Environmental Protection Agency issued final control techniques guidelines (CTGs) for reducing emissions of volatile organic compounds (VOCs) from existing oil and gas operations in Northeastern and Mid-Atlantic US states on Oct. 20. The CTGs are not regulations, but recommendations to state ...

    Online Articles

    Online Articles

    Fri, 21 Oct 2016

  8. American Midstream Partners to merge with JP Energy Partners

    American Midstream Partners LP and JP Energy Partners LP have executed a merger agreement to create a combined midstream platform.

    Online Articles

    Online Articles

    Mon, 24 Oct 2016

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