Financing Of The Year: Blue Whale North America brought $1.4 billion to the Permian Basin in two acquisitions involving three private E&P sellers. These deals were done on behalf of a company based in Shanghai, with private equity from Phoenix Tree Capital, a Beijing-based firm interested in North American energy investments. Blue Whale has said it will identify further opportunities for these Chinese investors.
M&A Deal Of The Year: WPX Energy spent $2.75 billion to acquire the Permian Basin assets of privately held RKI Exploration & Production LLC. This deal transformed formerly gas-weighted WPX’s portfolio, as its oil production will rise to 36% of volumes by 2017. Included in the package were 3,600 Delaware Basin gross, risked drilling locations across several stacked pay intervals. Total net resource potential is estimated at more than 1 billion boe on the acquired assets. This deal rewarded RKI for successfully developing a core position that was attractive to a larger buyer.
- Curtis Newstrom, president and CEO of Blue Whale Energy North America;
- Richard E. Muncrief, president and CEO of WPX Energy; and
- Ronnie Irani, president and CEO of RKI Exploration & Production LLC.
Recommended Reading
Texas LNG Export Plant Signs Additional Offtake Deal With EQT
2024-04-23 - Glenfarne Group LLC's proposed Texas LNG export plant in Brownsville has signed an additional tolling agreement with EQT Corp. to provide natural gas liquefaction services of an additional 1.5 mtpa over 20 years.
US Refiners to Face Tighter Heavy Spreads this Summer TPH
2024-04-22 - Tudor, Pickering, Holt and Co. (TPH) expects fairly tight heavy crude discounts in the U.S. this summer and beyond owing to lower imports of Canadian, Mexican and Venezuelan crudes.
What's Affecting Oil Prices This Week? (April 22, 2024)
2024-04-22 - Stratas Advisors predict that despite geopolitical tensions, the oil supply will not be disrupted, even with the U.S. House of Representatives inserting sanctions on Iran’s oil exports.
Association: Monthly Texas Upstream Jobs Show Most Growth in Decade
2024-04-22 - Since the COVID-19 pandemic, the oil and gas industry has added 39,500 upstream jobs in Texas, with take home pay averaging $124,000 in 2023.
Shipping Industry Urges UN to Protect Vessels After Iran Seizure
2024-04-19 - Merchant ships and seafarers are increasingly in peril at sea as attacks escalate in the Middle East.