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OneRock Energy Acquires 160,000 Acres in the Powder River Basin
08/31/2023
OneRock acquired Northwoods Management’s assets in Wyoming's Powder River Basin, average production of approximately 5,000 barrels of oil equivalent per day.
In an August 21 press release, OneRock Energy Holdings LLC announced the successful completion of its acquisition of Northwoods Management Co. and related entities in Wyoming's Powder River Basin. The acquired assets, which average around 5,000 barrels of oil equivalent per day, cover 160,000 net acres mainly in Converse, Campbell, and Johnson counties.
OneRock, an investment subsidiary of Pan Management, initially publicized the deal in June. Northwoods had expanded its Powder River Basin holdings by over 112,000 acres through a $500 million purchase from SM Energy Co. in 2018, with financial backing from Apollo.
Who is Pan Management?
Founded in 2013 and headquartered in Houston, Texas, Pan Management is a leading energy investment firm. Specializing in natural gas trading, upstream oil and gas investment, and midstream oil and gas investment, the firm brings decades of combined industry experience to the table. Currently, it oversees a substantial portfolio with more than $2 billion in assets under management.
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Western Expands Powder River Footprint with $885M Acquisition
Western Midstream will acquire Meritage Midstream's Powder River Basin assets, including gas gathering and an NGL pipeline, for $885 million in cash. A subsidiary of Western Midstream Partners LP is set to acquire Meritage Midstream Services II LLC in an $885 million all-cash transaction, marking a significant expansion in the Powder River Basin for the company.
Baker Hughes Confirms a Third Weekly Decline in US Oil and Gas Rigs
In a recent announcement, energy services firm Baker Hughes stated that U.S. energy companies have decreased the number of operating oil and gas rigs for the third successive week. This development marks the first such consistent reduction since early September. As of October 6, the count for oil and gas rigs, considered a precursor to future production levels, has seen a decline by four, positioning it at 619. This is the lowest figure recorded since February of the preceding year. The overall rig count has decreased by 143 or 19% when compared to last year's statistics.
Exxon Mobil recently completed its acquisition of Pioneer Natural Resources, a deal worth about $60 billion. This transaction, which is the biggest in shale oil history, significantly changes the competitive landscape in the Permian Basin, a major oil field. This marks Exxon Mobil's largest deal since its $84.4 billion merger with Mobil Corp. in 1999. With this acquisition, Exxon Mobil's production in the Permian Basin will double to 1.3 million barrels of oil equivalent per day.
OXY has been the leader in Permian Basin production for the past five years. Currently, the Houston-based oil and gas company is deepening its presence in the basin with a $12 billion acquisition of CrownRock, adding over 94,000 acres in the Midland Basin and increasing its oil output by about 170,000 barrels per day. Occidental announced an increase in its proved reserves to 4.0 billion barrels of oil equivalent by the end of December 2023, up from 3.8 billion the previous year. Activities in the Permian largely fueled this rise. Occidental added approximately 303 million barrels through infill development projects as well as new discoveries and the further development of existing fields brought in another 153 million barrels.
TotalEnergies kicked off 2024 with a net income of $5.7 billion in the first quarter, marking a modest 3% increase from the same period last year and a 13% rise from the previous quarter. This growth occurred despite experiencing drops in both the volume and price of gas sales over the year and the quarter. Their adjusted net earnings, which exclude one-time or unusual items, were $5.1 billion. This represents a significant 22% decline compared to last year and a slight 2% drop from the last quarter. The company's earnings before tax, depreciation, and amortization reached $11.5 billion, while their cash flow from operations significantly decreased to $2.2 billion, falling by 58% from last year and a steep 87% from the previous quarter. TotalEnergies also recorded $644 million in impairments.