Finance - Equity
The Fort Worth, Texas, company will be able to drill while hunting down more acquisitions—and without taking a major hit to its balance sheet.
ArcLight Energy Partners Fund VI LP closed with $5.575 billion in commitments, exceeding its $4 billion target and initial $5 billion hard cap. The investor relations team managed fundraising.
‘Companies access the capital markets when they are open. But if and once it opens, it should be a floodgate of issuance,’ analysts say.
After a two-for-one split, common units began trading on the New York Stock Exchange July 27. Going forward, the quarterly distribution amount will reflect the split.
Bayou City Energy Management LLC is based in Houston. Founding partner William McMullen said Bayou City's first acquisition closed on June 15. Investments range between $5 million and $50 million.
EVX develops oil and natural gas, and also develops produced-water gathering, processing, treatment and transportation assets, in the Permian Basin, Eagle Ford Shale and Midcontinent.
The merger of QEP Midstream Partners LP and Tesoro Logistics LP was approved during a unitholder meeting in San Antonio on July 21.
Fund III will support deepwater U.S. Gulf of Mexico oil development. Ridgewood focuses on development for $20 per barrel or less. Institutional investors included state and corporate pension plans.
Funding received from BlackRock could help Halliburton more quickly adopt refracking, Rob Desai, an Edward Jones analyst, told Bloomberg. Many producers are drilling fewer new wells at this time.
Reverse stock split supports the goal of expanding the asset base through a large-scale transaction. Split should decrease number of outstanding common units to 3.1 million from about 31.5 million.
CEO Jack Kueser leads Triumph with Joel Blake, Kyle Hill and Kerby Hunt; they were all the core senior management team at Plymouth, which acquired about 30,000 net Oklahoma acres.
Houston-based Balidor acquires North American oil and natural gas assets. Its management team is led by Dave Baker, CEO; Brian Dorr, COO; and Steve Liles, vice president.