US Shale: All Signs Point to Further Consolidation
As capital markets dry up and shale producers look for pathways to growth, oil and gas data analytics firm Enverus predicts the US sector will see a “surge” in mergers and acquisitions in 2020.
WPX Buys Private Permian Player Felix Energy for $2.5 Billion
The latest move to consolidate the US shale sector will add 1,500 drilling locations to the buyer's portfolio. It also reflects that all-stock or mostly-stock deals are now the sector’s preferred acquisition vehicle.
Oxy Advances Post-Merger Divestment Program
Occidental Petroleum has closed on deals totaling $1.7 billion as part of its divestment program following its $38-billion takeover of Anadarko Petroleum.
Chevron to Sell Stake in Azerbaijan’s Giant ACG Field
The US major has had a stake in the field since it started production in 1997. It produced 584,000 B/D of oil last year.
More Permian Consolidation: Parsley Energy To Buy Jagged Peak
The move will bolster Austin-based Parsley’s holdings in the Delaware Basin, giving it a contiguous 120,000 net acres opposite of its original Midland Basin focus area.
BP Adds, Shell Subtracts Oil and Gas Resources
Heavy deal-making since 2015 by the two majors has resulted in very different upstream portfolios.
Enverus: Third-Quarter US Operator M&A Activity Surpassed $17 Billion
The current M&A market is characterized by an increase in private capital, geographical diversity, and a variety of transaction types, including joint ventures and royalty deals.
PDC Energy and SRC Energy Merge in Latest Shale Deal
The shale sector is making moves to consolidate amid investor pressure to increase cash flow. This deal will form the second-largest producer in Colorado’s DJ Basin.
Shale Consolidation: Callon Acquiring Carrizo in $3.2 Billion Stock Deal
The combined company will produce more than 100,000 BOE/D from the Permian Basin and Eagle Ford Shale and is switching its focus to “mega-pad” developments.
W&T Offshore To Acquire ExxonMobil’s Assets Off Alabama
The deal consists of stakes in nine shallow-water producing fields covering 108,000 gross acres in 10–50 m of water.
Comstock Resources to Buy Covey Park, Triple Haynesville-Bossier Position
The combination will create one of the Haynesville Shale’s top gas producers, tripling Comstock’s Haynesville-Bossier acreage.
Murphy Oil to Buy Deepwater US Gulf Assets for up to $1.625 Billion
The El Dorado, Arkansas-based Murphy has quickly found a home for some of the cash it will receive from the sale of its Malaysia business. The company has been rapidly expanding its US gulf footprint while simplifying its portfolio and targeting more oil.
Chevron No Longer Pursuing Anadarko
Oxy has won the fight for Anadarko. Citing capital discipline as the reason, Chevron has elected not to make another bid for the independent.
Oxy Makes $38-Billion Bid for Anadarko in Hopes of Beating Out Chevron
Keen on Anadarko for a while, Occidental Petroleum is ready to do battle with Chevron for the big independent.
ConocoPhillips to Exit UK E&P Business in $2.7-Billion Sale
With the purchase, the growing, privately-held Chrysaor Holdings will expand its UK North Sea production to 185,000 BOE/D.
PTTEP to Buy Murphy Oil’s Malaysian Business for $2.1 Billion
Thailand’s PTTEP is doubling down on Malaysian oil and gas in an effort to broaden its reach in its native Southeast Asia.
The Eagle Ford Still Looks Good to Operators
The Eagle Ford Shale has reclaimed its standing as one of the most attractive US onshore liquids basins, and for good reason. Does this mean more operators will seek to buy in to the play, and could further consolidation take hold following last year’s big deals?
What Happened to all the E&P Deal-Making?
One of last year’s big stories in the industry was consolidation among several of the larger upstream operators. But deal activity has fallen off in recent months. Will things remain this quiet during the somewhat uncertain year ahead?
US Shale Consolidation Heats Up as Firms Mull Long-Term Survival
With big shale mergers dominating the headlines, some of the industry’s most influential financial players gathered to discuss what’s driving the shift in operational and fiscal priorities.
Merger of Ensco and Rowan Jacks Up Their Market Share
The merger of Ensco and Rowan creates a company with growing cash flow from the biggest fleet of jackup rigs, and growth potential as deepwater drilling comes back.
The Company That Slipped Into the Permian “Under The Cover of Darkness”
WPX Energy COO Clay Gaspar discusses his company’s timely transformation into a Permian player and the challenges that lie ahead in the basin.
Diamondback Energy Spending $10.5 Billion in Permian Acreage Expansion
Diamondback is slated to become the Permian’s latest pure-play giant with its pending purchases of Energen and Ajax Resources.
BP To Buy US Shale Assets From BHP for $10.5 Billion
BP ends a year of speculation as to who will buy BHP Billiton’s much-coveted US unconventional business, transforming its Lower 48 portfolio in the process.
Concho Deal Creates Permian Basin Giant
A pair of Permian pure-play operators are consolidating to form a regional drilling and production powerhouse.
Firms Lay Transformation Blueprints for Post-Downturn E&P World
Two old school operators and a financial change agent embody a new era for the US onshore industry. Their CEOs convened at the NAPE Global Business Conference in Houston to explain why.
Majors to Feature Heavily in Global Upstream M&A Activity in 2018
With portfolios that in some cases look dramatically different from a few years ago, the majors now have the ability to think about long-term upstream growth through deal making.
Increased Spending, Project Sanctions to Fuel Global Upstream Resurgence in 2018
With their newly refined portfolios, operators are looking toward growth in the coming years but will remain cautious given ever-changing industry economics.
Mergers in a Low Oil-Price Environment: Proceed With Caution
Merger and acquisition activity has been limited since prices started to fall in 2014. But there are signs that M&A activity may be building, and oil company management teams should think about which deal strategies they should pursue.
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12 May 2020