Acquisitions & Divestitures - Exclusives
EOG Resources’ South Texas asset package, being marketed for sale by TenOaks Energy Advisors, comprises operational control in legacy fields in the prolific Frio trend area.
Oil and gas producers are increasingly under siege by investors—activists and otherwise, most recently targeting Denbury Resources’ purchase of Penn Virginia.
Plus, Mexico's new president takes a stance with oil majors, Berry Petroleum exits East Texas for California and Scotland-based Wood to build an NGL pipeline in West Texas.
An undisclosed company, which Berry Petroleum CEO Trem Smith described as a local operator, agreed to acquire the East Texas Basin position where production is 100% gas for $6.7 million.
Austin T. Lee, Bracewell partner who helped lead the team that represented Parsley Energy in its $2.8 billion acquisition of Double Eagle Energy last year, is today’s Forty Under 40 honoree.
The more detailed a Permian Basin acreage map is, the more it resembles a Jackson Pollock painting rendered on a Lite-Brite.
The oil major has signed power-purchase agreements with Lincoln Clean Energy, which was acquired this year by Danish wind provider Ørsted.
Brian Hansen, principal of private-equity firm Vortus Investments who previously spent 14 years working for Pioneer Natural Resources, is today’s Forty Under 40 honoree.
Lonestar Resources acquired producing properties in an area of the Sugarkane Field that CEO Frank D. Bracken III said features some of the thickest Lower Eagle Ford shale in South Texas.
Cimarex CEO Tom Jorden said Delaware Basin pure-play Resolute Energy, which has faced recent investor pressure to pursue a sale or merger, is a ‘bolt-on asset tailor-made for Cimarex.’
The sale follows several other divestitures marking regional exits including QEP Resources’ recent $1.7 billion Williston sale as the company aims to become a Permian Basin pure-play.
Despite a lingering natural gas takeaway problem for Permian Basin producers, analysts note an opportunity exists for midstream operators as pipeline FIDs to date ‘merely maintain status quo.’