Market participants hoping for sustained natural gas prices above $3/MMBtu may have to keep hoping, because the fundamentals suggest it’s not going to happen, not even under the “craziest scenario,” according to Drillinginfo’s Bernadette Johnson.
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Final Quarter of 2018 Seals Banner Year for Permian-Led M&A
U.S. upstream oil and gas merger and acquisition (M&A) valuations last year rose to their highest level since oil prices fell from their peak in late 2014, clocking in at $84 million as North America’s No. 1 natural gas marketer BP plc and independent Concho Resources Inc. clinched deals that solidified the Permian Basin’s spot as the most active area for deals, according to Drillinginfo.
Brief — Drillinginfo Buys Oildex
Austin, TX-based Drillinginfo, a software service and data analytics provider for the oil and gas industry, has bought Oildex to add to its recent purchases of PLS Inc. and 1Derrick. The Oildex transaction marks its first since private equity firm Genstar Capital became majority shareholder. The Oildex acquisition would allow Drillinginfo to continue expanding its exploration and production, and oilfield services businesses, management said. Oildex, a portfolio company of private equity firm Accel-KKR, provides financial automation solutions for the industry. Drillinginfo CEO Jeff Hughes said Oildex would help accelerate “our growth priority in the large mineral owner market.” Terms of the transaction were not disclosed.
Upstream M&A Activity Seen Heating Up to End of Year
After experiencing a lull in the first half of this year, mergers and acquisitions (M&A) throughout the energy sector are going to pick up dramatically to the end of 2018, according to Austin, TX-based Drillinginfo.
Briefs — Genstar, DrillingInfo
Private equity firm Genstar Capital has agreed to become majority shareholder in Drilling Info Holdings Inc., whose Drillinginfo software-as-a-service, or SaaS, provides data to oil and gas customers. Drillinginfo is a portfolio company of Insight Venture Partners, which would continue to be a major shareholder. Financial terms were undisclosed. Austin, TX-based Drillinginfo has completed 10 transactions to build its business, including the recent takeover of PLS Inc. and 1Derrick. “Drillinginfo’s focus on the world’s largest vertical market, the energy industry, brings ample opportunity for future growth,” said Genstar managing director Eli Weiss.
Brief — Drillinginfo
Drillinginfo, a software-as-a-service, or SaaS analytics provider for the oil and gas industry, is allying with software platform provider MineralSoft to expand mineral rights management offerings. The joint venture would allow the Austin, TX-based companies to analyze for mineral owners in real time computer mapping, royalties, revenue, expense, volume data and investment performance. No financial details were disclosed. Drillinginfo in 2016 acquired GlobalView Software and its flagship product MarketView, which allows prices to be monitored while trading. It also in 2016 bought production forecasting assets from Ponderosa Energy, a division of Ponderosa Advisors LLC. In January Drillinginfo also launched a suite of oilfield services software to improve real-time interaction between rig and permit reports.