The father-son management team that developed and flipped a Permian Basin asset package to Ring Energy Inc. last year for $465 million has established a new venture with a similar playbook. Executive Chairman Steve Weatherl and his son, CEO Caleb Weatherl, on Monday announced the founding of Garrison Energy Holdings. Based in Midland, TX, and…
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PwC Study Shows Growing Appetite for Natural Gas, Oil Investor Deals
Higher commodity prices have whetted investors’ appetite for more natural gas and oil deals, and the pace of activity should pick up for the rest of this year, PwC predicted in a recent midyear report. “Private equity deals are on pace for another record year as traditional oil and gas investments become attractive once again,”…
Permian PE Said Steering U.S. Oil, Natural Gas Dealmaking as Upstream M&A Stalls
Mergers and acquisitions (M&A) in the U.S. upstream oil and gas segment dipped sharply in the second quarter to $12 billion in transactions, almost two-thirds below the $34.8 billion in the year-ago period, according to the latest tally by Enverus. Private equity (PE) firms accounted for about 80% of the latest quarter’s deal value, with…
Former Buckeye Executive Tapped to Lead EnCap-Backed Manchester Energy
Newly formed Manchester Energy LLC has its sights set on accelerating midstream solutions across the oil and natural gas sector after a period of underinvestment, while also advancing energy transition initiatives to meet increasing demand. Backed by EnCap Flatrock Midstream (EFM), Manchester is to be led by CEO Khalid Muslih, who previously served as executive…
North Dakota Regulator Sees Growing Incentive for Public E&Ps to Go Private
News that Continental Resources Inc. may be taken private should come as no surprise, according to North Dakota’s top oil and gas regulator. Continental is the largest producer in the oily Bakken Shale, which accounts for 96% of the state’s production. Executive Chairman Harold Hamm announced he is seeking to purchase all outstanding shares in…
Paloma Gains Gassy Haynesville – and More – in Completing Goodrich Takeover
An affiliate of private equity giant EnCap Investments has officially taken Houston-based Goodrich Petroleum Corp. private after completing a $23/share tender offer. Paloma Partners VI Holdings LLC, an entity of Houston’s Paloma Resources LLC, on Dec. 23 completed the estimated $480 million takeover, which was announced in November. Paloma, now active in Oklahoma, gains a…
ConocoPhillips’ Takeover of Shell’s Permian Stakes Leads 3Q Dealmaking, Says Enverus
U.S. upstream dealmaking during 3Q2021 slid from the record-setting sequential activity, but the overall values transacted still topped the five-year quarterly average, according to Enverus. Merger and acquisition (M&A) activity during 3Q2021 by U.S. exploration and production (E&P) companies was down 44% from 2Q2021. However, the $18.5 billion transacted overall was above the quarterly five-year…
PE Funding Filling Void in North America E&P as Public Operators Stay Disciplined
Private equity (PE) continues to pour into the North American oil and natural gas patch amid higher commodity prices and capital discipline by publicly traded companies. Privately held exploration and production (E&P) firm Sabalo Energy II said Wednesday it has closed a $300 million equity commitment from EnCap Investments LP. The objective “is to build,…
Lower 48 E&P Venture, Led by Former California Resources Team, Gets $500M Backing from Kayne Anderson
A recently launched Lower 48-focused energy firm has received a $500 million investment from private equity giant Kayne Anderson Capital Advisors LP. Santa Clarita, CA-based Black Knight Energy LLC was formed earlier this year “to pursue the acquisition and development of large, cash flowing oil and natural gas assets” across the Lower 48, the company…
PE-Backed E&P to Look for Opportunities in Williston, Rockies
Houston-based Eagle Mountain Energy Partners LLC (EMEP) said Wednesday that it plans to partner with Pearl Energy Investments and an affiliate of NGP to prowl for acquisition and development opportunities primarily in the Williston Basin and the Rockies.