Consolidation

U.S. Oil, Gas M&A Activity Sinks in 1Q2021, but Signs of Momentum Ahead, Enverus Says

U.S. Oil, Gas M&A Activity Sinks in 1Q2021, but Signs of Momentum Ahead, Enverus Says

Consolidation in the U.S. upstream sector slowed to a relative crawl in the first quarter after rallying late in 2020. But there have been signs of increased activity in April and potential catalysts for more deals as the year wears on, according to an Enverus analysis. The oil and gas analytics company’s summary of 1Q2021…

April 9, 2021
Bonanza Creek Moderating DJ Well Completions to Optimize HighPoint Takeover

Bonanza Creek Moderating DJ Well Completions to Optimize HighPoint Takeover

With its takeover of fellow Colorado pure-play HighPoint Resources Corp. now complete, Bonanza Creek Energy Inc. is looking to optimize the combined well completions and midstream gathering needs, according to CEO Eric Greager. Bonanza Creek completed its merger with HighPoint on April 1. The closing allows the Denver-Julesburg (DJ) Basin operator to revamp the overall…

April 9, 2021
Expro Tie-Up with Frank’s International to Create Global Well Specialist

Expro Tie-Up with Frank’s International to Create Global Well Specialist

Houston-based Frank’s International NV agreed Thursday to combine in an all-stock transaction with the UK’s Expro Group, a tie-up that would bring together well experts ready to tackle what they see as growing opportunities. Expro, which would own 65% of the combined entity, is a privately held well access and flow optimization expert that employs…

March 12, 2021
UGI’s Stonehenge Pays $205M for Pine Run Midstream

UGI’s Stonehenge Pays $205M for Pine Run Midstream

Pine Run Gathering LLC, a joint venture owned by subsidiaries of Stonehenge Energy Resources III LLC and UGI Energy Services LLC (UGIES), has completed a transaction to acquire Pine Run Midstream LLC for $205 million. The acquisition is from Pittsburgh-based independent PennEnergy, an anchor customer on the Pine Run system.  Pine Run Midstream currently operates…

February 19, 2021
Canadian E&P Merger to Create Montney Shale Natural Gas, Condensate Goliath

Canadian E&P Merger to Create Montney Shale Natural Gas, Condensate Goliath

Canada’s Arc Resources Ltd. and Seven Generations Energy Ltd. (7G) have agreed to merge, a combination that would create one of the top natural gas operators in the country, with output centered in the Montney Shale. Combined production this year is estimated at 340,000 boe/d-plus, including 1.2 Bcf/d of gas and 138,000 b/d of condensate.…

February 19, 2021
U.S. E&P Dealmaking Escalates to End 2020, with Permian Capturing Most Value

U.S. E&P Dealmaking Escalates to End 2020, with Permian Capturing Most Value

After a relatively solid run, U.S. natural gas dealmaking in 2020 slumped sharply, as oil deals, nearly all revolving around the Permian Basin, took off, according to Enverus. The consultancy reported the findings in its summary of top domestic upstream mergers and acquisitions (M&A) by exploration and production (E&P) companies for the fourth quarter and…

January 8, 2021
UGI to Acquire Mountaineer Energy, including West Virginia LDC, in Deal Valued at $540M

UGI to Acquire Mountaineer Energy, including West Virginia LDC, in Deal Valued at $540M

UGI Corp. said Monday it would acquire Mountaineer Energy Holdings LLC, which owns the largest natural gas local distribution company (LDC) in West Virginia, for an enterprise value of $540 million, including about $140 million of debt. The acquisition would hand UGI control of Mountaineer Gas Co., a single-state LDC adjacent to UGI’s existing utility…

January 4, 2021
As Energy Transition Accelerates, E&Ps Forecast to Continue Contracting, Consolidating

As Energy Transition Accelerates, E&Ps Forecast to Continue Contracting, Consolidating

Consolidation between oil and gas independents is expected to accelerate as the turn toward an energy transition turns on climate change initiatives, according to research by Wood Mackenzie. “A world on a 2 C glidepath does not need thousands of Independents chasing volume,” said consultancy Vice President Luke Parker.  Oil and gas investors are gravitating…

November 30, 2020
ConocoPhillips Touts Concho Tie-Up, but Warns Election Results May Delay Alaska Project

ConocoPhillips Touts Concho Tie-Up, but Warns Election Results May Delay Alaska Project

ConocoPhillips swung to a third quarter loss, as oil and gas production curtailments made in response to the coronavirus pandemic’s impact on energy demand curbed revenue. The Houston-based super independent, however, has recovered ground in recent months and is going on offense in the Permian Basin with its planned acquisition of Concho Resources Inc., a…

October 30, 2020
Canada’s Cenovus, Husky to Swap Shares, Combine in C$23.6B Deal

Canada’s Cenovus, Husky to Swap Shares, Combine in C$23.6B Deal

Cenovus Energy Inc. announced Sunday it would take over Canadian oil and gas rival Husky Energy Inc., combining two of the country’s top producers, in a share swap valued at C$3.8 billion ($2.85 billion). Total estimated value of the transaction, including debt, is C$23.6 billion ($17.7 billion). The run rate synergies achieved by the corporate…

October 26, 2020
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