Acquisitions and Divestitures (A&D)

Source: Reuters

Shale driller CrownRock CEO has potential to reshape Texas politics with potential $10 billion Oxy sale

World Oil


(Bloomberg) – Oil tycoon Tim Dunn has spent millions to try to influence Texas to lean toward his conservative politics. Now, as he considers bids for his drilling company that’s said to be valued at more than $10

Source: World Oil

Occidental jet visits Warren Buffett’s hometown amidst potential $10 billion shale deal

World Oil


(Bloomberg) – Occidental Petroleum Corp.’s private jet touched down in Omaha this week, home to its biggest investor Warren Buffett, as Chief Executive Officer Vicki Hollub considers a shale oil deal worth at least $10 billion.

The plane …

SilverBow Resources announces closing of Chesapeake acquisition and provides updated 2023 guidance & preliminary 2024 outlook

SilverBow Resources announces closing of Chesapeake acquisition and provides updated 2023 guidance & preliminary 2024 outlook

Oil and Gas 360


11/30/2023 – Completed transformational acquisition of Chesapeake’s remaining South Texas assets

Preliminary 2024 outlook of 551-611 MMcfe/d; liquids to comprise ~40% of production mix

Anticipated 2024 capex of $550-$580 million supports 3-rig drilling program

The Company

Source: Oil Price

U.S. investment firm EIG closes in on a multi-billion-dollar LNG acquisition

Oil Price


EIG Global Energy Partners expects to announce soon a deal of several billion U.S. dollars to buy an LNG asset in addition to a stake in an Australian project, EIG chief executive officer R. Blair Thomas said in …

Baytex Energy sells Canadian oil assets for $113 million

Baytex Energy sells Canadian oil assets for $113 million

World Oil


(WO) – Baytex Energy Corp. has entered into a definitive agreement to sell some of its Viking assets located at Forgan and Plato in southwest Saskatchewan, effective October 1, 2023, for $153.8 million. Production from the assets is …

NOG announces bolt-on acquisitions; expands northern Delaware position and enters Ohio Utica shale in Appalachia

NOG announces bolt-on acquisitions; expands northern Delaware position and enters Ohio Utica shale in Appalachia

Oil and Gas 360


HIGHLIGHTS

  • Bolt-on acquisitions of core non-operated working interest properties in the Northern Delaware and Appalachian Basins for a combined initial purchase price of $170 million in cash and 107,657 shares of common stock, subject to typical
Source: Reuters

Potential Chesapeake-Southwestern merger gains support from top investor Kimmeridge

World Oil


(Bloomberg) — Kimmeridge Energy Management Co., which is among the most active and outspoken U.S. oil and gas investors, said a merger of Chesapeake Energy Corp. and Southwestern Energy Co. would create one of the industry’s most sought-after …

Source: White Hawk Energy

WhiteHawk Energy to acquire Marcellus gas assets in $54 million deal

World Oil


(WO) — WhiteHawk Energy LLC has announced the acquisition of additional Marcellus Shale natural gas mineral and royalty assets for a total purchase price of $54 million. The acquisition increases WhiteHawk’s mineral and royalty ownership in its existing …

Source: Reuters

Chevron takeover of Hess resurrects multi-billion dollar tax shield

Yahoo Finance


Chevron’s deal to buy Hess HES.N will unlock $15 billion worth of tax benefits that had once been relegated to the accounting dustbin, as the combined company takes advantage of Hess’s past losses to cut future payments, according …

Source: World Oil

Mach Natural Resources acquires Oklahoma oil, gas assets for $815 million

World Oil


(WO) – Mach Natural Resources LP signed an agreement with Paloma Partners IV, LLC, to acquire certain interests in oil and gas properties, rights and related assets located in Oklahoma for a total cash consideration of $815 million. …

Source: Reuters

Crescent Point expands Canadian shale presence with $1.5 billion Hammerhead acquisition

Yahoo Finance


Source: Reuters

Kinder Morgan strikes $1.82-billion deal for Texas natural gas pipelines

Oil Price


Kinder Morgan will buy the natural gas pipeline portfolio of NextEra Energy Partners in Texas, paying $1.82 billion for the assets. The pipeline network has a throughput capacity of 4.9 billion cu ft daily, Kinder Morgan said in …

Cureton Midstream announces sale to Williams

Cureton Midstream announces sale to Williams

Oil and Gas 360


November 2, 2023 —Tailwater Capital LLC (“Tailwater”), an energy and growth infrastructure private equity firm, and a fund managed by the Private Equity Group of Ares Management (“Ares”), a leading global alternative investment manager, today announced …

Source: Reuters

Exxon completes $4.9 billion Denbury acquisition

Oil Price


ExxonMobil said on Thursday it had completed the acquisition of carbon solutions provider Denbury in an all-stock transaction valued at $4.9 billion, which makes the U.S. supermajor the holder of the largest owned and operated CO2 pipeline network …

Source: Reuters

US Senator Schumer, other senators urge FTC to probe Exxon, Chevron mega-deals

Nasdaq


Rewrites throughout to add discussion of higher prices, adds quote and other signatories in paragraphs 3-4, Exxon comment in paragraphs 8-9.  U.S. Senate Majority Leader Charles Schumer and 22 other Democratic senators wrote to the U.S. Federal Trade Commission …

Pine Cliff Energy Ltd. announces strategic acquisition, new term debt facility and monthly dividend

Pine Cliff Energy Ltd. announces strategic acquisition, new term debt facility and monthly dividend

Oil and Gas 360


Calgary, Alberta–(Newsfile Corp. – October 31, 2023) – Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) (“Pine Cliff” or the “Company“) is pleased to announce that it has entered into a definitive …

Source: Reuters

Chevron expected to revitalize Bakken shale with Hess acquisition

Oil Price


Oil production in the Bakken shale play is set to increase after Chevron’s acquisition of Hess, although volumes are unlikely to hit the records seen before 2020, analysts have told Reuters. Last week, Chevron said it would buy …

Source: Reuters

Exclusive: ConocoPhillips weighs CrownRock bid to challenge rivals

Yahoo Finance


NEW YORK – ConocoPhillips is considering an offer for CrownRock LP, an energy producer in the west Texas area of the Permian basin, people familiar with the matter said, as consolidation in the sector picks up pace.

 …

Source: Reuters

Guyana government “very supportive” of Chevron megadeal, Hess CEO says

World Oil


(Bloomberg) – Guyana’s government is “very supportive” of Chevron Corp.’s deal to buy Hess Corp., which owns a large stake in the country’s oil developments, Chief Executive Officer John Hess said in an interview.

 

“We have spoken …

Source: Reuters

Chevron’s mega oil deal more expensive than Exxon’s

Yahoo Finance


Exxon Mobil’s $59.5 billion deal to acquire oil and gas producer Pioneer Natural Resources may have been larger than Chevron’s $53 billion agreement to buy Hess, but it is Chevron that is paying a loftier price tag.

Pioneer …

Source: Reuters

Saudi Prince says Exxon, Chevron megadeals show oil is here to stay

World Oil


(Bloomberg) – Oil is here to stay as U.S. majors strike blockbuster deals while Saudi policies are helping stabilize global crude markets, the kingdom’s energy minister said at the annual investment forum in Riyadh.

 

“It’s working,” Energy …

Source: Reuters

Chevron’s Hess acquisition delivers “richly-valued” oil independent

World Oil


(Bloomberg) – Chevron Corp.’s acquisition of Hess Corp. does more than give it a stake in the world’s fastest-growing oil field off the coast of Guyana and shale assets in the Bakken basin of North Dakota. It …

Source: World Oil

Value gap between European, U.S. oil majors “stubbornly wide” amidst Exxon, Chevron megadeals

World Oil


(Bloomberg) – Europe’s oil majors seem to finally be winning back investors by refocusing on their core business, yet the valuation gap with their dealmaking U.S. peers remains stubbornly wide. After companies such as bp Plc embraced net …

Source: Reuters

US energy M&A slows in Q3, but October’s mega deals to spark activity – Enverus

Nasdaq


Blockbuster takeovers by U.S. oil and gas majors Exxon and Chevron this month may spark further consolidation in the energy industry after a quieter third quarter for mergers and acquisitions in the sector, analytics firm Enverus said.

There were …

Source: Reuters

Analysis: Mega transatlantic oil mergers less likely after Exxon, Chevron deals

Yahoo Finance


LONDON – The prospect of Exxon Mobil or Chevron buying European majors has receded after the two leading U.S. oil companies announced major acquisitions focused on the Americas this month, investors said.

Speculation that Chevron and Exxon might …

Source: Reuters

Chevron to increase Guyana, Bakken shale production with $53 billion Hess acquisition

World Oil


(WO) — Chevron Corporation has entered into a definitive agreement with Hess Corporation to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53 billion, or $171 per share. Under the terms of …

Source: Reuters

Devon Energy considering U.S. shale M&A options with Marathon Oil, CrownRock

World Oil


(Bloomberg) – Devon Energy Corp., an Oklahoma City-based oil and gas company, is studying major acquisition targets as it seeks to gain scale in U.S. shale, according to people familiar with the matter. Devon has held preliminary talks …

Source: Reuters

An acquisition that would create America’s most valuable shale gas producer

Oil Price


Shale pioneer Chesapeake Energy has approached its peer Southwestern Energy for preliminary talks about a possible acquisition that would create America’s top shale gas producer by market value, Reuters reports, citing sources with knowledge of the matter.…

Source: Bloomberg

Shale drillers must merge with diversified companies to survive long term, Pioneer CEO says

World Oil


(Bloomberg) – The independent shale drillers that undermined OPEC’s decades-long grip on global oil markets soon will be a thing of the past as they merge with international giants, according to one of the industry’s founding members.

Pure-play …

Source: Reuters

Exxon’s historic purchase of shale driller Pioneer to usher in new era of oil mergers in Permian basin

World Oil


(Bloomberg) —Exxon Mobil Corp.’s $59.5 billion acquisition of Pioneer Natural Resources Co., the biggest U.S. energy deal in decades, is poised to usher in a new era of industry-shifting takeovers.

The shale sector is a hotbed …