Acquisitions & Divestitures
The company’s management and owners are creating a new investment vehicle to acquire oil and gas properties.
Together, Rockwater and Crescent will create one of the largest oilfield water management services companies serving key shale plays across the U.S. and Western Canada, according to the release.
The investment was made through a newly created venture fund, which has the ultimate goal of securing more activity for Schlumberger, CEO Paal Kibsgaard said in a statement.
The JV, called OneStim, will rival Halliburton’s frack fleet in the U.S. and Canada and further shrinks the pressure pumping marketplace to the detriment of smaller companies, an analyst said.
Since former EOG Resources’ CEO Mark Papa’s debut blank-check company in February 2016, special-purpose acquisition companies have raised more than $1.5 billion.
The offer consists of operated interest in 47 active wells producing from the Navarro Formation in the Charlotte Waterflood Field in Atascosa County, Texas.
The JV will offer 'one of the broadest multistage completions portfolios in the market combined with one of the largest hydraulic fracturing fleets in the industry,' according to the release.
Sand costs are rising and many sand companies, such as U.S. Silica, are seeing supplies sold out as proppant loading increases.
Mercury Operating is offering properties in the Don Pfluger Field in Concho County, Texas, through a private sale handled by Oil & Gas Asset Clearinghouse.
EnergyNet said the new funding will support the company's efforts to further expand its leadership position in oil and gas A&D services and the online energy marketplace.