ConocoPhillips Co. has retained TenOaks Energy Advisors for the sale of certain operated and non-operated properties located in the Delaware Basin. The package includes a net production of 1,600 boe/d.
Opportunity highlights:
- Premier Delaware Basin footprint in Lea County, New Mexico
- 5,970 gross / 4,100 net acres with majority operational control (100% HBP)
- NTM Avg. Net Production: ~1,600 Boepd / NTM OCF: $30MM
- 2024E OCF: $63MM with an exit rate of ~4,500 Boepd (net) assuming a 1-rig program
- High return drilling program with exceptional IRRs and type curves reaching >1,100 MBoe with ample well control.
- 132 gross / 50 net drilling locations remaining with an average lateral length of ~8,750'
- Significant production from the 1BS, 2BS, 3BS/WCA on and immediately offset the position / additional targets include the Middle WC and Penn Shale
Bids are due Nov.9. For complete due diligence, please visit tenoaksenergyadvisors.com or email B.J. Brandenberger, partner, at bjbrandenberger@tenoaksadvisors.com or Forrest Salge, vice president, at forrest.salge@tenoaksadvisors.com
Recommended Reading
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
Endeavor Integration Brings Capital Efficiency, Durability to Diamondback
2024-02-22 - The combined Diamondback-Endeavor deal is expected to realize $3 billion in synergies and have 12 years of sub-$40/bbl breakeven inventory.
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
2024-05-04 - Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.