Topping news last week was Diamondback Energy and here we are again. The Midland-based company said it will acquire Birmingham, Alabama-based Energen in an all-stock deal valued at $9.2 billion. Diamondback shares initially fell roughly 10% following the announcement. Energen shares rose nearly 4%. The acquisition will add 179,000 net acres to Diamondback’s position across the Midland and Delaware Basins. The company has been very active lately, having announced more than $10 billion worth of acquisitions in the span of a week. The company purchased Ajax Resources last week to add to its Northern Midland position. Meanwhile, Diamondback’s Rattler Midstream filed its IPO paperwork on August 7th.
In other A&D news, Carrizo Oil and Gas said it has acquired Delaware Basin acreage from Devon Energy for $215 million in cash. Carrizo president and CEO Chip Johnson said the 9,600 net-acre deal increases the company’s acreage position in the Delaware and offers an excellent fit with its phantom-area acreage. “The acquisition materially increases our inventory of derisked drilling locations in the area, as well as offers significant upside potential from delineating the entire position and testing additional zones,” said Johnson.
Oil companies bid on less than 1% of the parcels offered during Wednesday’s U.S. Gulf of Mexico lease auction. Exxon Mobil came away with the most block, 25 to be exact, followed by BP with 19 high bids. Hess and Equinor each had 16. Exxon Mobil bid $40.5 million for its parcels, which is the most of any company. Hess had the highest bid for a single block at $25.9 million. Smaller companies including Talos Energy and W&T Offshore were among the top 10 high bidders according to the U.S. Bureau of Ocean Energy Management. In all there were $178 million dollars’ worth of high bids. That’s up from $124 million dollars in the last auction in March.
Recommended Reading
Marketed: BKV Chelsea 214 Well Package in Marcellus Shale
2024-04-18 - BKV Chelsea has retained EnergyNet for the sale of a 214 non-operated well package in Bradford, Lycoming, Sullivan, Susquehanna, Tioga and Wyoming counties, Pennsylvania.
Marketed: Anschutz Exploration Six Asset Package in Wyoming
2024-02-26 - Anschutz Exploration Corp. has retained EnergyNet for the sale of six AFE asset packages in Campbell County, Wyoming.
Marketed: Sage Natural Resources 34 Well Package in Tarrant, Wise Counties, Texas
2024-02-02 - Sage Natural Resources retained EnergyNet for the sale of a 34 package (ORRI) in Tarrant and Wise counties, Texas.
Marketed: Haynesville Shale 157 Well Package in Louisiana
2024-02-23 - A private seller has retained EnergyNet for the sale of a Haynesville Shale 157 well package opportunity in Bienville, Bossier, Casso, De Soto and Sabine parishes, Louisiana.
Marketed: Paloma Natural Gas Eagle Ford Shale Opportunity in Frio County, Texas
2024-02-16 - Paloma Natural Gas has retained EnergyNet for the sale of a Eagle Ford/ Buda opportunity in Frio County, Texas.