Super-oily HighPeak Energy has hung its “For Sale” sign again, the northern Midland Basin-focused E&P reported.
The operator’s 154 MMboe of proved reserves are in eastern Howard and Borden counties, Texas.
Fourth-quarter production averaged 50,000 boe/d, 81% oil and 11% NGL.
Leasehold totals 132,000 net acres.
The company hired Texas Capital Securities and Wells Fargo Securities to “assist us in our pursuit of strategic alternatives,” it reported as part of its fourth-quarter 2023 earnings.
A campaign to sell the company in first-half 2023 failed to result in an acceptable bid.
Since then, Permian Basin M&A has heated, with three large operators—Pioneer Natural Resources, Endeavor Energy and CrownRock—agreeing to a sale.
HighPeak reported, “In a market landscape where oily, high-margin production and premier inventory are being pursued aggressively, we consider ourselves extremely fortunate to possess assets that meet these criteria.”
Recommended Reading
GeoPark, Vitol Sign Offtake Deal for Llanos 34 Block
2024-05-10 - Under the agreement, GeoPark will sell and deliver to Vitol a minimum of 20,000 bbl/d of oil from the Llanos 34 Block in Colombia, which GeoPark holds 45% working interest.
SCF Acquires Flowchem, Val-Tex and Sealweld
2024-03-04 - Flowchem, Val-Tex and Sealweld were formerly part of Entegris Inc.
Enbridge Closes First Utility Transaction with Dominion for $6.6B
2024-03-07 - Enbridge’s purchase of The East Ohio Gas Co. from Dominion is part of $14 billion in M&A the companies announced in September.
Pembina Cleared to Buy Enbridge's Pipeline, NGL JV Interests for $2.2B
2024-03-19 - Pembina Pipeline received a no-action letter from the Canadian Competition Bureau, meaning that the government will not challenge the company’s acquisition of Enbridge’s interest in a joint venture with the Alliance Pipeline and Aux Sable NGL fractionation facilities.
Global Partners Buys Four Liquid Energy Terminals from Gulf Oil
2024-04-10 - Global Partners initially set out to buy five terminals from Gulf Oil but the purchase of a terminal in Portland was abandoned after antitrust concerns were raised by the FTC and the Maine attorney general.