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M&A

Calgary’s Whitecap Adds Torc Oil to Takeover List, Building Light Oil Operations

Calgary’s Whitecap Adds Torc Oil to Takeover List, Building Light Oil Operations

Calgary-based explorers Whitecap Resources Inc. and Torc Oil & Gas Ltd. have agreed to join forces in a merger that combines their light oil-weighted portfolios. The all-stock transaction is valued at around C$900 million ($703 million), including C$335 million of Torc’s net debt. The combination, which is keeping the Whitecap brand, would become one of…

December 9, 2020
Lower 48 E&P Consolidation Likely to Increase on Lower WTI, Acreage Prices

Lower 48 E&P Consolidation Likely to Increase on Lower WTI, Acreage Prices

The average price for U.S. onshore unconventional acreage has declined by more than 70% in the last two years, a precursor to more consolidation through 2022, according to Rystad Energy. The price for Lower 48 acreage fell on average to $5,000/acre this year from $17,000 in 2018, the result of lower West Texas Intermediate (WTI)…

November 12, 2020
Bonanza Creek, HighPoint to Merge, Creating Powerhouse DJ E&P

Bonanza Creek, HighPoint to Merge, Creating Powerhouse DJ E&P

Denver-Julesburg (DJ) Basin pure-plays Bonanza Creek Energy Inc. has agreed to merge with Colorado rival HighPoint Resources Corp. in a $376 million transaction that would combine their Weld County acreage and production. On a pro forma basis, Bonanza Creek would have 206,000 net acres in Weld County. All the acreage would be unincorporated and “not…

November 10, 2020
Liberty Oilfield Finds Opportunities with Haynesville Entry, OneStim Takeover

Liberty Oilfield Finds Opportunities with Haynesville Entry, OneStim Takeover

Denver-based Liberty Oilfield Services Inc. proved the contrarian during the third quarter, and it appeared to pay off, as it acquired a top-tier pressure pumping business, gained entry into the gassy Haynesville Shale, and un-furloughed all of the employees who were sent home last spring in anticipation of brighter days ahead. Revenue jumped 67% from…

October 29, 2020
E&P Mergers Creating Potential Headwind for OFS Sector, Says RPC Chief

E&P Mergers Creating Potential Headwind for OFS Sector, Says RPC Chief

U.S. oilfield activity has begun to tick higher from the historic lows last spring, but even stronger oil and natural gas prices are not enough to generate sustainable returns, RPC Inc. CEO Richard A. Hubbell said Wednesday. During the third quarter conference call, Hubbell said conditions have improved since bottoming in 2Q2020, but they are…

October 29, 2020
Lower 48 E&P Consolidation Continues as Contango, Mid-Con Agree to Merge

Lower 48 E&P Consolidation Continues as Contango, Mid-Con Agree to Merge

One day after two giant Canadian producers announced a tie-up and less than a week after other mega mergers were announced, Houston-based Contango Oil & Gas Co. agreed to expand its holdings in the Lower 48 in an all-stock merger with Mid-Con Energy Partners LP.  Contango works the shallow waters of the Gulf of Mexico…

October 26, 2020
Kinder Turns 3Q Profit, Notes Positive Momentum for Natural Gas

Kinder Turns 3Q Profit, Notes Positive Momentum for Natural Gas

Kinder Morgan Inc. moved back to the positive side of the ledger during the third quarter, but management for the midstream giant remains keenly aware of the lingering uncertainties facing the oil and gas industry. “We’re not on the other side of the downturn of the U.S. energy industry,” CEO Steven Keen said Wednesday during…

October 22, 2020
TC Paying $1.5B to Buy Out Shares in Pipeline MLP

TC Paying $1.5B to Buy Out Shares in Pipeline MLP

TC Energy Corp. on Monday announced a share swap offer, valued at $1.48 billion, to take over all 76% of the stock of affiliate TC PipeLines LP that is widely held on public financial markets. The deal would transfer to TC all the master limited partnership (MLP) interests, ranging from 46-100%, in eight pipeline systems…

October 5, 2020
M&A Among U.S. Natural Gas Operators Looks Poised to Climb on Optimism for Pricing, Says Enverus

M&A Among U.S. Natural Gas Operators Looks Poised to Climb on Optimism for Pricing, Says Enverus

Chevron Corp.’s $13 billion takeover of Noble Energy Inc., completed on Monday, was the largest US. upstream deal during a sluggish third quarter, according to Enverus. The oil and gas analytics company in its summary of 3Q2020 merger and acquisition (M&A) activity outlined the highs and lows for what was another volatile three-month period. “While…

October 5, 2020
Caterpillar Transforming Pressure Pumping Business with Takeover of Weir Oil, Gas Division

Caterpillar Transforming Pressure Pumping Business with Takeover of Weir Oil, Gas Division

Caterpillar Inc., one of the world’s largest construction and mining operators, has agreed to pay $405 million to buy the Texas-based oil and gas division of Weir Group plc. Cat, as it is known, manufactures equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The takeover of Fort Worth-based Weir Oil &…

October 5, 2020
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