M&A

Crescent Point Energy Corp. is dropping out of the Bakken Shale with a $500 million private sale, casting off its North Dakota assets to concentrate on unconventional natural gas in Western Canada. The Calgary-based independent said the transaction is with Kraken Resources, a portfolio company of private equity investor Kayne Anderson Capital Advisors. The package…

Permian Resources Corp. and Earthstone Energy, Inc. on Monday agreed to combine in a $4.5 billion transaction to create a Delaware sub-basin exploration and production (E&P) independent with 400,000-plus net acres and pro forma natural gas and oil output of 300,000 boe/d. Permian Resources was formed last year in a $7 billion merger between Centennial…

Occidental Petroleum Corp., which has drawn the support of Warren Buffett to reduce carbon emissions from natural gas and oil operations, agreed to go all in on direct air capture (DAC) technology through a $1.1 billion deal to buy out technology pioneer Carbon Engineering Inc. Houston-based Oxy, as it is better known, said subsidiary 1PointFive…

Two Lower 48 midstream heavyweights are set to join forces in a $7.1 billion, all-equity merger between Energy Transfer LP and Crestwood Equity Partners LP. The transaction, expected to close in the fourth quarter, would see Energy Transfer acquire Crestwood’s multi-basin natural gas, natural gas liquids (NGL) and crude oil infrastructure portfolio, and assume $3.3…

SilverBow Resources Inc. agreed Monday to acquire Chesapeake Energy Corp.’s natural gas and oil assets in South Texas, a deal that would create the largest publicly held Eagle Ford Shale pure-play. Chesapeake would receive $700 million for the assets, including $650 million at closing and a $50 million deferred payment one year after the transaction…

Strathcona Resources Ltd. is snapping up fellow Calgary producer Pipestone Energy Corp. and its Montney Shale assets in northwestern Alberta in an all-stock deal that would create Canada’s fifth largest exploration and production (E&P) company.  At the current market price of about C$2.40 (US$1.80), the acquisition of Pipestone’s 279 million shares was estimated to be…

Diamondback Energy Inc. is expecting oilfield services (OFS) costs to ease amid a current slowdown of activity in the Lower 48, according to CEO Travis Stice. Stice hosted a conference call to discuss second quarter earnings for the Midland, TX-based Permian Basin pure-play. Diamondback’s OFS providers “have always been responsive” to declines in the Permian…

Merger and acquisition (M&A) activity in the Lower 48 upstream segment doubled year/year during the second quarter in terms of transacted value, with 20 deals totaling $24 billion, according to the latest tally by Enverus Intelligence Research (EIR). The figure was up from a comparatively sluggish $12 billion transacted during 2Q2022. Dealmaking in 2Q2023 was…

To advance North American natural gas pipeline expansions, TC Energy Corp. on Monday agreed to monetize a 40% stake in the Columbia systems via a joint venture (JV) with Global Infrastructure Partners (GIP).  The Calgary midstream giant is selling off stakes to GIP in Columbia Gas Transmission LLC and Columbia Gulf Transmission LLC. TC would…