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360 Articles

ExxonMobil/XTO Doubles Permian Footprint with $6.6 Billion Acquisition of Bass Family Assets

ExxonMobil/XTO Doubles Permian Footprint with $6.6 Billion Acquisition of Bass Family Assets

ExxonMobil now has 6 billion BOE of resources in the Permian, with 3.4 billion BOEs in the Delaware ExxonMobil Corporation (ticker: XOM) announced that the company will more than double its Permian Basin resources to 6 billion BOE through the acquisition of companies owned by the Bass family of Fort Worth, Texas. The Permian assets purchased from the Bass family[Read More…]

Noble Energy Jumps to Second-Largest Southern Delaware Player with $3.2 Billion Acquisition

Noble Energy Jumps to Second-Largest Southern Delaware Player with $3.2 Billion Acquisition

Noble Energy purchases Clayton Williams Energy for $3.2 billion, inclusive of debt; NBL’s new full company production for 2020 is expected to reach 600 MBOEPD assuming $50 oil Noble Energy (ticker: NBL) announced Monday that the company has purchased Clayton Williams Energy (ticker: CWEI) in a cash and stock deal valued at $2.7 billion, plus the assumption of approximately $500[Read More…]

WPX Gobbles Up 120,000 Delaware Acres, Ups Drilling Program with $775 Million Acquisition

WPX Gobbles Up 120,000 Delaware Acres, Ups Drilling Program with $775 Million Acquisition

WPX Energy acquires 6.5 MBOEPD of production and 120,000 net acres in the Delaware Basin WPX Energy (ticker: WPX) announced today that the company has acquired Panther Energy Company II, LLC and Carrier Energy Partners, LLC, expanding its footprint in the Delaware Basin. The acquisitions includes approximately 6.5 MBOEPD (55% oil) of existing production from 23 producing wells (17 horizontals),[Read More…]

Permian Growth Underpinned 117% Surge in Deal Value in 2016: PLS

Permian Growth Underpinned 117% Surge in Deal Value in 2016: PLS

2017 M&A Market “Primed for Growth” 2016 merger and acquisition activity for the upstream energy sector in the United States more than doubled to $69 billion in 385 deals, according to market research firm PLS. Deal value increased 117% over 2015, which saw $32 billion transacted in 285 deals. $85 billion was transacted in 437 deals during the much higher-priced[Read More…]

SM Energy Sharpens Midland Focus with Announced Sale of Eagle Ford Assets for $800 Million

SM Energy Sharpens Midland Focus with Announced Sale of Eagle Ford Assets for $800 Million

SM Energy announces sale of non-operated Eagle Ford assets for $800 million Denver-based SM Energy (ticker: SM) announced Tuesday that the company has divested its non-operated Eagle Ford assets for $800 million. SM has entered into a definitive agreement with a subsidiary of Venado Oil and Gas, LLC, an affiliate of KKR (ticker: KKR) for the sale of SM’s third[Read More…]

Preparing a horizontal drilling rig - Oil & Gas 360

U.S. Upstream Oil & Gas M&A Nearly Doubles in 2016 as Operators Flock to the Permian

Permian basin and Russia split M&A surge Upstream oil and gas merger and acquisition (M&A) activity took a deep dive following the crash in oil prices in late 2014. A combination of crude oil shedding more than half its value with lingering industry uncertainty over where prices would be going forward left many wary about buying or selling assets. But[Read More…]

December 21, 2016 - 5:10 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
Chesapeake Energy Sells Second Haynesville Position for $465 Million

Chesapeake Energy Sells Second Haynesville Position for $465 Million

Combined Haynesville divestitures have raised $915 million for Chesapeake Energy Oklahoma City-based Chesapeake Energy (ticker: CHK) announced Tuesday that the company has signed an agreement to sell the second of two non-core positions in the Haynesville. The northern Louisiana assets will be sold to an affiliate of Covey Park Energy, a private energy company, for $435 million, according to Chesapeake.[Read More…]

December 21, 2016 - 2:03 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
Total Buys 23% of Tellurian with $207 Million Investment

Total Buys 23% of Tellurian with $207 Million Investment

Total + Tellurian to develop integrated gas project together Total (ticker: TOT) is acquiring approximately 23% of Tellurian Investments, an early stage U.S. LNG export project that was founded by former Cheniere Energy (ticker: LNG) CEO Charif Souki and former BG COO Martin Houston. The transaction is at $5.85 per share for an amount of $207 million. Driftwood LNG is Tellurian’s planned LNG[Read More…]

December 20, 2016 - 11:54 am 360 Articles, Closing Bell Story, LNG, Mergers & Acquisitions
Diamondback Energy Doubles Down in the Delaware with $2.4 Billion Acquisition

Diamondback Energy Doubles Down in the Delaware with $2.4 Billion Acquisition

Diamondback Energy acquires Brigham Resources for $2.4 billion Diamondback Energy (ticker: FANG) announced late Wednesday that the company has entered into a definitive purchase agreement to acquire all leasehold interests and related assets of Brigham Resources Operating, LLC and Brigham Resources Midstream, LLC  for an aggregate purchase price of $2.4 billion. The deal consists of $1.6 billion in cash and 7.7 million shares of Diamondback[Read More…]

December 15, 2016 - 4:59 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
Callon Petroleum Adds Fourth Core Delaware Position with $615 Million Acquisition

Callon Petroleum Adds Fourth Core Delaware Position with $615 Million Acquisition

New Delaware Basin acreage holds base inventory of 206 net wells and is producing 1.9 MBOEPD; 36% of drilling locations targeting 10,000 foot Wolfcamp laterals Callon Petroleum Company (ticker: CPE) announced late Tuesday that the company will add 27,552 gross (16,098 net) acres in the Delaware Basin to its assets following the close of a $615 million acquisition from American[Read More…]

December 14, 2016 - 4:57 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
Patterson-UTI Energy Inc. and Seventy Seven Energy to Merge

Patterson-UTI Energy Inc. and Seventy Seven Energy to Merge

Service Company Makes Big Push into Land Drilling High Spec Rigs and Pressure Pumping Patterson-UTI Energy Inc. (ticker: PTEN) and Seventy Seven Energy Inc. (ticker: SVNT) today jointly announced that they have entered into a definitive merger agreement in which PTEN will buy SVNT through an all-stock transaction. Both companies build and operate high-spec rigs. The combined company will be called Patterson-UTI, with[Read More…]

Precision Drilling Trades its Coil Tubing Business for a Service Rig Business

Precision Drilling Trades its Coil Tubing Business for a Service Rig Business

Precision Drilling announces swap with Essential Energy Services Calgary-based Precision Drilling Corp. (ticker: PDS) announced Tuesday that the company will swap its Canadian Coil Tubing operations for Essential Energy Services’ (ticker: ESN) service rig business. In addition to the swap of assets, Precision will make a cash payment of $12 million to Essential, the company said in a press release.[Read More…]

December 13, 2016 - 6:42 pm 360 Articles, Canada, Closing Bell Story, Mergers & Acquisitions
Source: Rosneft

Russia Sells 19.5% Stake in Rosneft to Glencore for $11.3 Billion

Rosneft sale relieves budget pressures Russia has sold a 19.5% stake in Rosneft, the world’s largest-listed oil company and a state-controlled asset, for €10.5 billion ($11.3 billion) President Vladimir Putin announced on television with Rosneft CEO Igor Sechin. The stake was sold to a consortium made up of Swiss mining company and commodity trader Glencore (ticker: GLEN) and Qatar Investment[Read More…]

December 8, 2016 - 6:27 pm 360 Articles, Closing Bell Story, Mergers & Acquisitions
Chesapeake Selling First of Two Haynesville Positions for $450 Million

Chesapeake Selling First of Two Haynesville Positions for $450 Million

Haynesville transaction takes tally to $2 billion in gross divestitures in 2016 for Chesapeake Energy Oklahoma City-based Chesapeake Energy Corp. (ticker CHK) announced that the company signed an agreement to sell a portion of its Haynesville shale acreage and producing assets in northern Louisiana to a private company for approximately $450 million. Included in the sale are approximately 78,000 net[Read More…]

December 5, 2016 - 5:12 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
SM Energy Closes Williston Divestiture, Bolts-On More Midland Assets

SM Energy Closes Williston Divestiture, Bolts-On More Midland Assets

SM Energy closes $765.8 million Williston Basin divestiture SM Energy (ticker: SM) announced Thursday after market close that the company has completed its previously announced divestiture of its Williston Basin assets located outside of Divide County, North Dakota to Oasis Petroleum (ticker: OAS). Net cash proceeds from the deal amount to $765.8 million, according to the company’s press release. Third[Read More…]

December 2, 2016 - 3:23 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
Centennial Resource Development Equity Private Placements Now Total $910 Million

Centennial Resource Development Acquires 35,000 Delaware Basin Acres

$855 million purchase gives Centennial about 77,000 acres in one of America’s hottest oil plays Denver-based Centennial Resource Development (ticker: CDEV) announced Monday that it has agreed to acquire 100% of the leasehold interests and related upstream assets from Silverback Exploration. Privately-held Silverback’s 35,000 net acres (44,000 gross) of Delaware Basin assets directly offset Centennial’s existing acreage, and are currently[Read More…]

November 28, 2016 - 4:44 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
ETP Simplifies Structure with $20 Billion Sunoco Acquisition

ETP Simplifies Structure with $20 Billion Sunoco Acquisition

Continuing the recent trend of multibillion-dollar mergers in the midstream sector, Sunoco Logistics Partners L.P. (ticker: SXL) and Energy Transfer Partners, L.P. (ticker: ETP) announced that they have entered into a merger agreement in which Sunoco will acquire ETP in a unit-for-unit transaction worth $20 billion. CEO Kelcy Warren is seeking to merge the two pipeline arms of his Energy Transfer group in[Read More…]

Concho Resources Increases Delaware Acreage with $430 Million Acquisition

Concho Resources Increases Delaware Acreage with $430 Million Acquisition

Concho Resources doubles long-lateral inventory with Red Hills bolt-on Concho Resources Inc. (ticker: CXO) announced Monday that the company has added approximately 24,000 gross (16,400 net) acres to its norther Delaware Basin assets through a $430 million deal with an undisclosed seller. The acquired acreage is producing approximately 2.5 MMBOEPD (69% oil) and doubles the company’s long-lateral drilling inventory in[Read More…]

November 21, 2016 - 12:15 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
TransCanada Closes $3.5 Billion Common Share Offering

TransCanada Closes $3.5 Billion Common Share Offering

Proceeds to help TransCanada fund acquisition of Columbia Pipeline Group TransCanada Corporation (ticker: TRP) completed its public offering of Common Shares. The Offering was announced on November 1, 2016 when TransCanada entered into an agreement with a syndicate of underwriters led by TD Securities, BMO Capital Markets and RBC Capital Markets under which they agreed to purchase from TransCanada and sell[Read More…]

Earthstone Energy Transforms itself with “Up-C” Midland Transaction

Earthstone Energy Transforms itself with “Up-C” Midland Transaction

Earthstone targets continued growth of operated asset base in the Permian basin Earthstone Energy, Inc. (ticker: ESTE) and Bold Energy III LLC, a portfolio company of EnCap Investments L.P., have entered into a definitive contribution agreement under which Earthstone will acquire all of the outstanding membership interests of Bold, inclusive of producing assets and undeveloped acreage, in an “Up-C” transaction, Earthstone[Read More…]

November 8, 2016 - 6:26 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
Tamarack Valley Makes $408 Million Transformative Acquisition, Targets Production to Grow by 57%

Tamarack Valley Makes $408 Million Transformative Acquisition, Targets Production to Grow by 57%

Tamarack Valley expects production of 19.5 MBOEPD at its midpoint in 2017 after closing deal Tamarack Valley Energy (ticker: TVE) announced Wednesday that the company has entered into an agreement to acquire all of the issued and outstanding common shares of privately held, Calgary-based operator Spur Resources. With the addition of Spur’s Viking formation assets, Tamarack expects pro forma production[Read More…]

November 2, 2016 - 6:40 pm 360 Articles, Canada, Closing Bell Story, Mergers & Acquisitions
Baker HuGE:  Oilservice Leader Baker Hughes and GE Oil and Gas to Combine as $32 Billion Company

Baker HuGE: Oilservice Leader Baker Hughes and GE Oil and Gas to Combine as $32 Billion Company

Consolidation Will Create a Services Company “Ideally Positioned to Grow in any Market” Baker Hughes (ticker: BHI) will merge with GE’s (ticker: GE) oil and gas segment, forming a new company called Baker Hughes, A GE Company, with $32 billion in revenues, the two companies announced today. Today’s news follows the unraveling of BHI’s attempted merger with Halliburton (ticker: HAL)[Read More…]

Manitok Energy Closes Cardium Acquisition, Increases Production 37%

Manitok Energy Closes Cardium Acquisition, Increases Production 37%

Manitok acquires 1.8 MBOEPD of producing assets Calgary-based Manitok Energy (ticker: MEI) announced today that the company closed its previously announced acquisition of certain assets of a private Alberta-based oil and gas company. Manitok believes the assets will produce an average of approximately 1,750 BOEPD (34% light oil and NGLs) in November, and are comprised of mature Cardium light oil[Read More…]

Yuma Completes All-Stock Merger with Davis Petroleum

Yuma Completes All-Stock Merger with Davis Petroleum

Davis merger improves Yuma’s liquidity, reserves, and daily production Houston-based Yuma Energy (ticker: YUMA) and privately held Davis Petroleum Acquisition Corp. jointly announced today that the merger of the two companies was approved by shareholders and completed. Davis will become a wholly-owned subsidiary of Yuma following the all-stock transaction, although Davis shareholders will control 61.1% of the combined company, with[Read More…]

Range Resources Increases Flexibility with North Louisiana Assets

Range Resources Increases Flexibility with North Louisiana Assets

Optionality in Capital Spending and Marketing a Key Benefit of Memorial Merger In its 3Q 2016 earnings call, Range Resources (ticker: RRC) CEO Jeff Ventura discussed the positive outlook for Range following the closing of its merger with Memorial Resources in September and the integration of  the Terryville complex of Northern Louisiana. Ventura highlighted five key positive attributes that the[Read More…]

EQT Beefs up its Core Marcellus Acreage and will Acquire Trans Energy

EQT Beefs up its Core Marcellus Acreage and will Acquire Trans Energy

$683 million Bolt-on Acquisition adds 59,600 net acres in Wet Gas Window EQT Corporation (ticker: EQT), announced that it would acquire 59,600 net acres and 44 MMcfe of natural gas production in two related transactions in the core Marcellus. Both transactions are expected to close by year-end 2016 and will be financed with cash. The company will acquire 42,600 net[Read More…]

Source: BP

A $2 Billion MLP: American Midstream Partners – JP Energy Merger

ArcLight Capital Partners combines two of its sponsored MLPs into one entity American Midstream Partners (ticker: AMID) announced that it will merge with JP Energy Partners (ticker: JPEP) in a unit-for-unit deal, forming an MLP with a $2 billion enterprise value, according to the company’s press release Monday. Both companies are sponsored by ArcLight Capital Partners, which will combine the[Read More…]

October 24, 2016 - 5:45 pm 360 Articles, Closing Bell Story, Mergers & Acquisitions, MLPs
Shell Divests Shale Assets in Western Canada for $1 Billion

Shell Divests Shale Assets in Western Canada for $1 Billion

Shell sells non-core assets to Tourmaline Oil Corp. for US$1.04 billion Royal Dutch Shell (ticker: RDSA) announced that its Canadian subsidiary has sold approximately 206,000 net acres of oil and gas properties, three 100%-operated gas plants and 719 kilometers (447 miles) of pipelines for US$1.04 billion (C$1.37 billion). The consideration is comprised of US$758 million in cash and shares in[Read More…]

October 21, 2016 - 4:56 pm 360 Articles, Canada, Closing Bell Story, E&P, Mergers & Acquisitions
FERC Approves $5.2 billion Talen Energy-Riverstone Merger

FERC Approves $5.2 billion Talen Energy-Riverstone Merger

Talen-Riverstone merger is awaiting NRC approval The Federal Energy Regulatory Commission (FERC) issued an order approving the proposed merger of Talen Energy Corporation (ticker: TLN) with an affiliate of Riverstone Holdings LLC, a private equity firm. FERC said that the merger would not have a detrimental effect on competitive wholesale power markets but the agency did issue certain conditions. Under[Read More…]

SM Energy, Oasis Announce $2.4 Billion in Deals

SM Energy, Oasis Announce $2.4 Billion in Deals

SM Energy adds 35,700 acres in the Midland for $1.6 billion SM Energy Company (ticker: SM) announced Tuesday that it has entered into a definitive purchase agreement to acquire 35,700 net acres in Howard and Martin Counties in West Texas, expanding the company’s Midland Basin footprint to approximately 82,450 net acres. The acquired acreage complements, and is partially contiguous to,[Read More…]

October 18, 2016 - 5:49 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions