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Winds of Change: Admiral Sold Its Assets in Delaware Basin
03/17/2022
In the Delaware Basin, Petro-Hunt Permian, LLC, a wholly-owned subsidiary of Petro-Hunt, L.L.C., has acquired oil and gas production and leasehold properties in northwest Reeves and northeast Culberson counties from APR Operating LLC. The terms of the transaction weren’t disclosed as of yet.
The company on the other side of the deal is a privately held E&P. It specializes in the acquisition and development of oil and gas properties in the Permian Basin. Its majority owners are funds managed by private equity firms Ares Management LP and Pine Brook. Admiral Permian Resources is headquartered in Midland, Texas.
APR's acquired assets include predominantly operated oil and gas production along with 21,430 net acres of leasehold located in the Delaware Basin. Oil and gas production from those assets amounted to 7,000 barrels/day (bbl/d) and 100 million cubic feet (MMcf/d) last year respectively. To take advantage of it, Petro-Hunt plans to begin an active development drilling program on these assets in the coming months.
When it comes to Petro-Hunt’s own circumstances, its origins date to the first quarter of the 20th century. They are also a privately owned E&P company. In addition to operating 775 oil wells and contributing to over 8,100 non-operated wells, it is ranked among the nation's top 10 private liquids (oil) producers. And with the acquisition of APR assets, Petro-Hunt now has approximately 57,000 bbl/d of oil production and 220 MMcf/d of gas production.
Kirkland & Ellis advised APR Operating LLC (Admiral) in its definitive agreements to sell its oil and gas in the Permian Basin to Petro-Hunt LLC (Petrohunt). The purchase and sale agreement was executed on Jan. 11, 2022, and closed on March 9, 2022.
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All Eyes Are on the Rocky Mountains State, as PDC Acquires Great Western for $1.3B
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Great Western Petroleum's assets will be acquired by PDC Energy for $1.3 billion. Via this deal, PDC Energy’s position in the D-J basin increases roughly to 230,000 net acres. Denver-based Great Western has core operations in Weld and Adams counties in Colorado with 54,000 net acres and about 55,000 boe/d (42% oil / 67% liquids) of PDP. As part of the agreement, the acquisition will be financed by issuing 4 million shares of common stock to existing Great Western shareholders and by providing $543 million in cash to the company. All in all, PDC expects to increase its total production by 25% and its oil production by 35% as a result of the deal. The deal should also result in some synergies including a 15% reduction in overall cost per BOE.
Major: Ameredev II Oil Producer to be Sold for $4 Billion by EnCap
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In light of the conflict in Ukraine, buyout firms are currently scurrying to make cash from the U.S. crudeprices reaching their highest level since 2008. And one of the largest privately-owned US-based oilproducers may be up for sale. EnCap Investments looks to sell its portfolio company Ameredev II for over $4 billion including debt. It’s important to note, however, that both EnCap and Ameredev II alike are staying tight-lipped on the matter.
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Rangeland Energy has agreed to sell Rangeland Midstream Canada to Kingston Midstream Alberta and remains committed to future Canadian midstream investments. Texas-based Rangeland Energy, supported by financial partner EnCap Flatrock Midstream, has inked a deal to sell its Canadian subsidiary, Rangeland Midstream Canada Ltd., to Calgary's Kingston Midstream Alberta Ltd. for cash.
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The merger between ONEOK and Magellan received approval from Magellan shareholders, securing just 55% of the total votes at Magellan’s meeting on Sept. 21. ONEOK Inc. has successfully concluded the acquisition of Magellan Midstream Partners LP on Sept. 25. The deal will bring together their respective assets and expertise, resulting in a powerful entity boasting an extensive network of approximately 25,000 miles of pipelines primarily focused on transporting liquids.
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Viper Energy's deal, comprised of cash and equity, secures an additional 2,800 net royalty acres in the Midland Basin and 1,800 in the Delaware Basin. Viper Energy Partners LP, a Diamondback Energy Inc. subsidiary, has inked a deal to acquire mineral and royalty interests in the Permian Basin. The deal, valued at around $1 billion, is with Warwick Capital Partners and GRP Energy Capital. Viper was established by Diamondback with the purpose of owning, purchasing, and capitalizing on oil and natural gas assets in North America, specifically targeting mineral and royalty interests.