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360 Articles

Aftershocks from Chevron-Anadarko: Experts Discuss What’s Next for U.S. Oil Companies

Aftershocks from Chevron-Anadarko: Experts Discuss What’s Next for U.S. Oil Companies

ConocoPhillips, Oxy, Apache, Noble Energy are the cleanest comps in upstream energy – John Gerdes Permian pure-plays Pioneer, Concho and Diamondback have the assets but will be tougher deals to do while trading at a premium to their peers – Noah Barrett Pioneer, Concho, Diamondback and Endeavor: at the end of the day they are inclined to be merged into[Read More…]

Which Companies are Attractive Enough to be the Next Oil Patch M&A Targets?

Which Companies are Attractive Enough to be the Next Oil Patch M&A Targets?

Oxy was actively looking, others are likely considering acquisitions By Richard Rostad, analyst, Oil & Gas 360 The logical question after a major oil and gas M&A deal like Chevron’s (ticker: CVX) announced acquisition of Anadarko Petroleum (ticker: APC) last week is “who’s next?” This question is pertinent because media reports suggested that Occidental Petroleum (ticker: OXY) also made an[Read More…]

Chevron CEO Michael Wirth Talks about what Chevron is Getting with the Acquisition of Anadarko

Chevron CEO Michael Wirth Talks about what Chevron is Getting with the Acquisition of Anadarko

Chevron (stock ticker: CVX, $CVX) Chairman and CEO Michael Wirth went on the morning cable business shows and hosted a conference call today, saying his company’s acquisition of Anadarko Petroleum (stock ticker: APC, $APC) is “the highest return investment dollar that we can spend.” During his company’s conference call, Wirth responded to analyst questions about plunking down $33 billion in[Read More…]

Making History: Third-Largest U.S. Oil & Gas Transaction Wakes Up U.S. E&P

Making History: Third-Largest U.S. Oil & Gas Transaction Wakes Up U.S. E&P

Breaking down the numbers By Richard Rostad, analyst, Oil & Gas 360 Chevron (ticker: CVX) uprooted the eerily quiet U.S. exploration and production M&A landscape today when it announced it had agreed to acquire Anadarko Petroleum (ticker: APC). The total deal value is $50 billion, making it the third-largest U.S. oil and gas transaction in history, and the largest since[Read More…]

Denbury, Penn Virginia Call Off Marriage – Back to Square One

Denbury, Penn Virginia Call Off Marriage – Back to Square One

Market conditions, shareholder opposition cited Denbury Resources Inc. (NYSE: DNR) and Penn Virginia Corporation (NASDAQ: PVAC) agreed to terminate the previously announced Denbury acquisition of Penn Virginia. Chris Kendall, Denbury’s President and CEO, commented, “While we firmly believed in the strategic merits of the combination with Penn Virginia, the difficult market conditions since announcement, combined with the opposition of certain[Read More…]

March 22, 2019 - 12:54 pm 360 Articles, Closing Bell Story, Mergers & Acquisitions
Goodnight-Midstream-TPG-Capital-Acquires-Goodnight-Midstream-from-Tailwater-Capital-and-Private-Investors-Oil-Gas-360

$930-Million Water Acquisition: TPG Capital Acquires Goodnight Midstream from Tailwater Capital, Private Investors

Transaction provides Goodnight Midstream access to $300 million incremental capital to accelerate growth TPG Capital, the private equity platform of global alternative asset firm TPG, has signed a definitive agreement to acquire a majority stake in Goodnight Midstream, a leading midstream produced water infrastructure company, from Tailwater Capital for approximately $930 million. TPG is acquiring the company from Tailwater Capital[Read More…]

Resolute Stockholders Approve Merger with Cimarex

Resolute Stockholders Approve Merger with Cimarex

Target for transaction closing date is Mar. 1, 2019 Resolute Energy Corporation (NYSE: REN) stockholders have voted to approve the adoption of the merger agreement between Resolute and Cimarex Energy Co., Resolute said in a statement. Resolute reported that 15,950,431 shares voted in favor of the proposal to adopt the merger agreement.  This represents approximately 85% of the total shares[Read More…]

February 22, 2019 - 5:02 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
Source: QEP Resources

Elliott Targets Permian with $2 Billion Buyout Offer

QEP offer represents 44% premium American oil and gas is once again being rocked by an activist investor, as Elliott Management has submitted a bid to acquire QEP Resources (stock ticker: QEP). Elliott is proposing to acquire QEP for $8.75/share in cash, $2.07 billion in total. Elliott is already a major owner of QEP, with 4.94% of the company. This[Read More…]

After Recent Oil & Gas M&A, Now Water Makes a $900-Million Splash

After Recent Oil & Gas M&A, Now Water Makes a $900-Million Splash

Seven water M&A deals have occurred over past month While mega deals among E&P companies has dominated recent M&A headlines, water infrastructure is changing hands at a very rapid pace. At least seven water M&A deals have been announced or closed in the past month. Only six E&P deals have been announced in the same period. Permian sees $560 million[Read More…]

Texas Feeding Frenzy Continues in $1.6 Billion Deal

Texas Feeding Frenzy Continues in $1.6 Billion Deal

Deal expands Cimarex’s Reeves County position The oil and gas M&A frenzy continues, as Cimarex Energy (stock ticker: XEC) announced its acquisition of Resolute Energy (stock ticker: REN) today. Resolute Energy is a pure-play Delaware player, with 21,100 net acres in Reeves County. The company is currently producing 34.8 MBOEPD, 45% of which is oil. Much of this acreage is[Read More…]

"El Merk, Algeria, March 2013: The CPF


Photo by Mike Goldwater"

Anadarko Divests Midstream Assets for $4 Billion

Western Gas announces drop-down, simplification Western Gas Partners (ticker: WES) announced several moves today, expanding its holdings and simplifying its corporate structure. Western Gas Partners will acquire $4 billion in midstream assets from its parent Anadarko (ticker: APC), all the company’s remaining midstream assets. These assets include oil and water gathering pipelines in the Delaware, including associated treatment and disposal[Read More…]

Upstream Buying Spree Continues With $7.7 Billion Deal

Upstream Buying Spree Continues With $7.7 Billion Deal

Encana acquires Newfield in all-stock transaction resulting in North America’s No. 2 unconventional producer Encana (ticker: ECA) announced the third major acquisition in the past four days today, acquiring Newfield Exploration (ticker: NFX). Newfield is a primarily SCOOP/STACK company, producing 143.7 MBOEPD from the basin. While the company also has operations in the Williston, Uinta and Arkoma basins, and produces[Read More…]

Courtesy of Chesapeake

$3.98 Billion Deal Creates Major Eagle Ford Player

Second Eagle Ford deal in two days Chesapeake Energy (ticker: CHK) announced a major acquisition today, buying Eagle Ford operator WildHorse Resource Development (ticker: WRD). WildHorse holds a large position in the northern portion of the Eagle Ford, near a portion of Chesapeake’s acreage in the play. The company is currently producing 47 MBOEPD from its 420,000 net acres in[Read More…]

Denbury Pivots to Unconventionals with $1.7 Billion ‘New Frontier’

Denbury Pivots to Unconventionals with $1.7 Billion ‘New Frontier’

Acquiring Penn Virginia’s Eagle Ford presence Denbury Resources (ticker: DNR) announced a major change today, with the acquisition of Penn Virginia (ticker: PVAC). The $1.7 billion deal represents a significant shift for Denbury, adding unconventional assets to the company’s portfolio of conventional and EOR fields. Penn Virginia owns a major position in the Eagle Ford, holding over 84,000 net acres[Read More…]

Midstream Consolidation Continues With $6.1 Billion Deal

Midstream Consolidation Continues With $6.1 Billion Deal

Antero Midstream GP, Antero Midstream combining The wave of midstream consolidation continues as Antero is simplifying its corporate structure, the company announced today. Antero Midstream GP (ticker: AMGP) will acquire Antero Midstream Partners (ticker: AM) in a cash and stock transaction. The combined company will be named Antero Midstream Corporation and will be a taxable entity, trading with the ticker[Read More…]

Precision Drilling Acquires Trinidad Drilling In White Knight Offer

Precision Drilling Acquires Trinidad Drilling In White Knight Offer

Transaction represents 17% premium to Trinidad price, 25% premium to hostile offer The recent surge in oil and gas M&A activity extends to oilfield service, as Precision Drilling Corporation (ticker: PD) and Trinidad Drilling (ticker: TDG) announced a merger today. Precision will acquire Trinidad in an all-stock deal, offering 0.445 of a Precision share for each share of Trinidad. Based[Read More…]

Source: Canadian Oil Sands Ltd.

Hostile Takeover Bid Shakes Up Canadian Oil Sands

Husky targets MEG Energy The Canadian oil sands space is set for a shakeup, as Husky Energy (ticker: HSE) announced a hostile takeover bid for MEG Energy (ticker: MEG) over the weekend. Under the terms of Husky’s proposal, the company will pay each MEG shareholder either C$11 in cash or 0.485 shares of Husky, subject to a maximum cash consideration[Read More…]

Energy XXI Gulf Coast, Cox Oil Set Closing for Merger on Oct. 10

Energy XXI Gulf Coast, Cox Oil Set Closing for Merger on Oct. 10

Energy XXI Gulf Coast, Inc. (ticker: EGC) said that it has entered into an amendment to the Agreement and Plan of Merger to provide for the closing date of the merger with Cox Oil affiliates to occur on October 10, 2018.  Cox Oil is an independent, privately-held entity that owns and operates assets in the Gulf of Mexico. The amendment also provides[Read More…]

September 10, 2018 - 6:36 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
Talos Energy Acquires GOM Producer Whistler Energy II

Talos Energy Acquires GOM Producer Whistler Energy II

Talos Energy (ticker: TALO) has entered into and completed a transaction to acquire Whistler Energy II, LLC. Year to date gross production from Whistler’s assets is approximately 1,900 BOEPD, or net production after royalties of approximately 1,500 BOEPD, of which 82% is oil. The purchase price was $52 million and, as part of this acquisition, Talos negotiated the release of[Read More…]

September 5, 2018 - 5:34 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions, Offshore
Courtesy of Enbridge

Pipeline Giants to Join in $3.3 Billion Deal—Finally

Enbridge to acquire all public equity of Spectra Energy Partners; companies hope for Q4 close Their effort to combine has rumbled through the news for about the past two years. On Aug. 24, 2018, Enbridge Inc. (ticker: ENB) and Spectra Energy Partners, LP (ticker: SEP) announced that they had entered into a definitive agreement under which Enbridge will acquire all[Read More…]

$2.15 Billion Acquisition

$2.15 Billion Acquisition

Santos to Acquire Quadrant Energy for $2.15 Billion Cash Up Front, Bedout Payouts Asia-Pacific E&P Santos (ticker: STO), which is active in Australia with liquefied natural gas (LNG), pipeline gas and oil assets, will acquire Quadrant Energy for US $2.15 billion, the company announced in a press release. Key Highlights Acquisition of 100% of Quadrant Energy (Quadrant) for US$2.15 billion[Read More…]

August 22, 2018 - 12:23 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
Chazen’s Magnolia Adds to Acreage

Chazen’s Magnolia Adds to Acreage

Adds 114,000 net acres in North Eagle Ford Magnolia Oil & Gas (ticker: MGY) announced the acquisition of significant non-operated assets in the Eagle Ford today, as Steve Chazen’s new company continues to increase its holdings. Magnolia will acquire a net 114,000 net acres in the northern portion of the Eagle Ford, adding to the company’s Giddings Field position. Magnolia[Read More…]

Diamondback – Energen to Combine in Second Largest Permian Deal Ever

Diamondback – Energen to Combine in Second Largest Permian Deal Ever

$9.2 billion transaction close second to $9.5 billion CXO-RSPP deal Diamondback Energy (ticker: FANG) continued the recent trend of consolidation in the Permian with the acquisition of Energen (ticker: EGN). This $9.2 billion all-stock deal adds to an active year for large M&A transactions. This deal is the second-largest Permian transaction ever, falling just short of Concho’s (ticker: CXO) $9.5[Read More…]

Diamondback Looks to North Midland With $1.25 Billion Acquisition

Diamondback Looks to North Midland With $1.25 Billion Acquisition

Buys 25,500 acre-Ajax Resources Diamondback Energy (ticker: FANG) announced second quarter results today, showing net income of $219 million, or $2.22 per share. Diamondback produced 112.6 MBOEPD in Q2, up 10% sequentially and 46% year-over-year. The company is increasing production guidance slightly, and is now predicting overall 2018 output of around 117 MBOEPD. The company also announced a major acquisition[Read More…]

Energy Transfer on Trend: Consolidates MLP

Energy Transfer on Trend: Consolidates MLP

Energy Transfer Equity, L.P. (NYSE: ETE) and Energy Transfer Partners, L.P. (NYSE: ETP) announced that an agreement upon the merger of ETP with ETE in a unit-for-unit exchange. In connection with the transaction, ETE’s incentive distribution rights (IDRs) in ETP will be cancelled. Transaction Structure; Source: Energy Transfer ETP unitholders (other than ETE and its subsidiaries) will receive 1.28 common[Read More…]

TPG Pace Energy Holdings Closes $2.6 Billion Merger

TPG Pace Energy Holdings Closes $2.6 Billion Merger

Steve Chazen up and running in the Eagle Ford, Austin Chalk Steve Chazen’s newly formed company, Magnolia Oil & Gas, is up and running, its stock trading on the NYSE under ticker MSY. Magnolia came out of TPG Pace Energy Holdings Corp. (NYSE: TPGE) merger with EnerVest, Ltd.’s South Texas Division for $2.66 billion. The deal closed July 31. The[Read More…]

August 3, 2018 - 2:47 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
BP Buys BHP’s U.S. Shale Position in $10.5 Billion Deal

BP Buys BHP’s U.S. Shale Position in $10.5 Billion Deal

Largest upstream M&A since March 2017 BHP (ticker: BHP) has finally found a buyer for its U.S. shale assets, as the company today announced BP (ticker: BP) will purchase most onshore U.S. properties. BP will pay $10.5 billion for BHP’s properties in the Eagle Ford, Permian and Haynesville. This sale will be the largest oil and gas M&A deal since[Read More…]

EQT Corporation Streamlines Midstream Through Q2

EQT Corporation Streamlines Midstream Through Q2

EQT Corporation (NYSE: EQT) announced its Q2 earnings, which was highlighted by a massive jump in both net cash provided by operating activities and in adjusted operating cash flow. EQT also recapped major sales of assets made in Q2, along with plans for further stock buyback initiatives. Highlights: Increase of 116% in net cash provided by operating activities Increase of[Read More…]

Gear Energy Acquires Steppe Resources

Gear Energy Acquires Steppe Resources

Gear Energy Ltd. (TSX: GXE) has entered into a definitive agreement for the acquisition by Gear of all of the issued and outstanding common shares of Steppe Resources Inc., a private oil and gas company. Steppe’s assets are focused in the Tableland area of Southeast Saskatchewan. Acquisition highlights Approximate production of 1,175 BOE/d for June 2018 Estimated 2H 2018 annualized[Read More…]

Northern Delaware Basin Operations 

From Concho.com

Concho Resources Becomes Biggest Fish in the Permian Sea

Concho Resources Inc. (NYSE: CXO) announced that it has completed its acquisition of RSP Permian, Inc. (NYSE: RSPP), which now makes Concho the largest unconventional shale producer in the Permian Basin. Under the terms of the merger, each share of RSP common stock was converted into the right to receive 0.320 shares of Concho common stock. As a result, Concho[Read More…]