mergers and acquisitions
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The latest move to consolidate the US shale sector will add 1,500 drilling locations to the buyer's portfolio. It also reflects that all-stock or mostly-stock deals are now the sector’s preferred acquisition vehicle. -
Occidental Petroleum has closed on deals totaling $1.7 billion as part of its divestment program following its $38-billion takeover of Anadarko Petroleum.
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The US major has had a stake in the field since it started production in 1997. It produced 584,000 B/D of oil last year.
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The move will bolster Austin-based Parsley’s holdings in the Delaware Basin, giving it a contiguous 120,000 net acres opposite of its original Midland Basin focus area.
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Heavy deal-making since 2015 by the two majors has resulted in very different upstream portfolios.
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The current M&A market is characterized by an increase in private capital, geographical diversity, and a variety of transaction types, including joint ventures and royalty deals.
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The shale sector is making moves to consolidate amid investor pressure to increase cash flow. This deal will form the second-largest producer in Colorado’s DJ Basin.
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The biggest merger in the oil and gas industry in 3 years has become official, making Oxy the largest holder of land in both the Permian Basin and DJ Basin.
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The combined company will produce more than 100,000 BOE/D from the Permian Basin and Eagle Ford Shale and is switching its focus to “mega-pad” developments.
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As the hydraulic fracturing market faces pressure to lower costs, Keane Group and C&J Energy Services announce they will combine their businesses.
