mergers and acquisitions
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DJ Basin player enters the Permian Basin with a pair of asset purchases from private-equity vehicles. -
The US-based drilling contractor and well completions company will combine to form the second-biggest service company in North America.
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A concurrent deal to sell off some of the acquired assets to Northern Oil and Gas will effectively lower the acquisition cost to $1 billion.
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The deal with XTO Energy adds about 62,000 net acres to Chord’s inventory.
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The US supermajor is said to have struck a deal that may make it a major supplier of lithium, which is needed to expand the US electric vehicle market.
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The deal is expected to add over $1 billion in annual free cash flow to Chevron’s bottom line.
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Magellan will be merged into a newly created 100% wholly owned subsidiary of ONEOK, which anticipates an 'increased presence in sustainable fuel and hydrogen corridors.'
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The $540 million joint acquisition is expected to close in June.
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The Calgary-based shale producer said the deal involves at least 600 new well locations that will keep it drilling for the next 20 years.
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The acquisition deepens Equinor’s holdings in one of is core regions and will add 15,000 BOE/D of new production.
