After purchasing Permian Basin acreage for $2.75 billion, WPX Energy is set on selling assets in the San Juan Basin, Kansas and the Piceance Basin as it clears the deck of debt.
Noble gets a subpar price for some of its interest offshore Cyprus, including the Aphrodite natural gas discovery, while new regulations force the sale of offshore Israel licenses.
Resolute will also work on the potential sale of its Reeves County midstream infrastructure assets to chip away at its more than $700 million of outstanding debt.
WPX Energy and Bill Barrett are among E&Ps actively divesting assets to pay off debt, pay for their own acquisitions or focus on core plays. Other companies are trying to buy, but continue to see private equity beat them out.
Since August, RSP Permian’s acquisitions have added net production of 3,500 boe/d, 277 net horizontal locations and 47,000 net effective horizontal acres while raising liquidity enough to offset overspending.
In today’s tough times, the midstream sector still offers E&Ps with infrastructure an arbitrage opportunity. E&Ps are moving to capture step-ups in valuation by spinning off or selling midstream assets.
In its 41-year history, Simmons has executed more than 830 strategic advisory transactions and 330 private and public financings with a total value of about $260 billion.
Marathon Petroleum increases its cash offer to MarkWest—again—as a “best and final” offer as it tries to entice the MLP’s unitholders to vote in favor of selling the company.
Devon Energy’s offshoot will purchase Apache’s Deadwood gas facility interests, upping its net processing capacity to 343 MMcf/d in the Permian Basin. EnLink has invested $1.5 billion in the area.
The company added 26,000 net Delaware Basin acres through three deals, but its total net acreage increased by 46,000 net acres in the Delaware through delineation.
For months now, the favored parlor game has been speculating on when the M&A logjam will break and which companies would be the most likely targets. But when Anadarko Petroleum revealed its rebuffed approach to Apache Corp., the market reacted with skepticism.
The deal raises MarkWest distributions considerably—a major point of contention for some investors who deemed the previous $675 million cash offer too small.
|Mid||USD 15700||Members only||MarkWest Energy Partners LP|
|E&P||USD 29.5||Members only||Undisclosed|
|Mid||USD 40||Members only||Apache Corp.|
|E&P||USD 850||Members only||Encana Corp.|