Comprehensive Energy Data Intelligence
Information About Energy Companies, Their Assets, Market Deals, Industry Documents and More...
Winds of Change: Admiral Sold Its Assets in Delaware Basin
03/17/2022
In the Delaware Basin, Petro-Hunt Permian, LLC, a wholly-owned subsidiary of Petro-Hunt, L.L.C., has acquired oil and gas production and leasehold properties in northwest Reeves and northeast Culberson counties from APR Operating LLC. The terms of the transaction weren’t disclosed as of yet.
The company on the other side of the deal is a privately held E&P. It specializes in the acquisition and development of oil and gas properties in the Permian Basin. Its majority owners are funds managed by private equity firms Ares Management LP and Pine Brook. Admiral Permian Resources is headquartered in Midland, Texas.
APR's acquired assets include predominantly operated oil and gas production along with 21,430 net acres of leasehold located in the Delaware Basin. Oil and gas production from those assets amounted to 7,000 barrels/day (bbl/d) and 100 million cubic feet (MMcf/d) last year respectively. To take advantage of it, Petro-Hunt plans to begin an active development drilling program on these assets in the coming months.
When it comes to Petro-Hunt’s own circumstances, its origins date to the first quarter of the 20th century. They are also a privately owned E&P company. In addition to operating 775 oil wells and contributing to over 8,100 non-operated wells, it is ranked among the nation's top 10 private liquids (oil) producers. And with the acquisition of APR assets, Petro-Hunt now has approximately 57,000 bbl/d of oil production and 220 MMcf/d of gas production.
Kirkland & Ellis advised APR Operating LLC (Admiral) in its definitive agreements to sell its oil and gas in the Permian Basin to Petro-Hunt LLC (Petrohunt). The purchase and sale agreement was executed on Jan. 11, 2022, and closed on March 9, 2022.
If you are looking for more information about energy companies, their assets, and energy deals, please, contact our sales office mapping@hartenergy.com, Tel. 619-349-4970 or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.
All Eyes Are on the Rocky Mountains State, as PDC Acquires Great Western for $1.3B
Great Western Petroleum's assets will be acquired by PDC Energy for $1.3 billion. Via this deal, PDC Energy’s position in the D-J basin increases roughly to 230,000 net acres. Denver-based Great Western has core operations in Weld and Adams counties in Colorado with 54,000 net acres and about 55,000 boe/d (42% oil / 67% liquids) of PDP. As part of the agreement, the acquisition will be financed by issuing 4 million shares of common stock to existing Great Western shareholders and by providing $543 million in cash to the company. All in all, PDC expects to increase its total production by 25% and its oil production by 35% as a result of the deal. The deal should also result in some synergies including a 15% reduction in overall cost per BOE.
Pine Wave Energy and Silver Hill Reached an Agreement Over Haynesville Assets — Deal is Sealed
Looks like Pine pulled the plug on its properties in Caddo Parish, Louisiana, and Harrison and Panola counties, Texas. Which includes a total of 12,500 acres and ownership interests in 10 operated wells with a production capacity of 100 million cubic feet per day along with 18 miles of naturalgas gathering pipelines. Did Pine just give up on Haynesville?
The U.S. has overtaken Saudi Arabia and Russia to become the world's largest oil and gas producer. In 2024, America's oil output has surpassed last year's record by 1.4%, reaching new heights. Even as oil-producing countries in the Middle East cut back, the U.S. continued to ramp up production after a downturn in 2020, establishing itself as a dominant force in the global market. In terms of numbers, U.S. oil production jumped from an average of 2.93 million barrels per day in 2023 to 13.12 million barrels per day in 2024, marking a significant 7.1% increase.
Kinetik Holdings recently announced a series of transactions in the energy sector. They struck a deal to buy Durango Permian infrastructure for $765 million. At the same time, they're selling their 16% share in the Gulf Coast Express Pipeline to ArcLight Capital Partners for $540 million. The total purchase cost includes $510 million in cash paid immediately and an additional $30 million that will be paid later, depending on whether they decide to expand further.
Recently, the Permian has seen significant acquisitions: Exxon Mobil purchased Pioneer Natural Resources for about $60 billion. Diamondback Energy's $26 billion deal to acquire Endeavor Energy Resources is currently on hold due to requests from the U.S. Federal Trade Commission. Occidental’s acquisition of CrownRock for $12 billion in the Midland.