Blackstone Energy Partners Buys EagleClaw Midstream Ventures
EagleClaw Midstream Ventures LLC and its financial sponsor, EnCap Flatrock Midstream, have entered into a binding agreement to sell the company to funds managed by Blackstone Energy Partners and Blackstone Capital Partners for approximately $2 billion.EagleClaw is a privately held midstream operator in the...
Blackstone Energy Partners Buys EagleClaw Midstream Ventures
Headlines, Global DealsEagleClaw Midstream Ventures LLC and its financial sponsor, EnCap Flatrock Midstream, have entered into a binding agreement to sell the company to funds managed by Blackstone Energy Partners and Blackstone Capital Partners for approximately $2 billion.
EagleClaw is a privately held midstream operator in the Permian’s Delaware Basin in West Texas. The company’s assets are strategically located in Reeves, Ward and Culberson counties and include more than 375 miles of natural gas gathering pipelines and 320 MMcf/d of processing capacity with an additional 400 MMcf/d under construction.
The all-cash transaction is expected to close by the end of Jul-2017.
April 17, 2017
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- EOG Updates Q2 Permian Basin Operations
In its Investor presentation dated 2-Aug-2012, EOG provided an update on its Permian Basin operations. In the Permian Basin, the company planned to drill ~104 wells in 2012.WolfCamp Shale: In the WolfCamp Shale, the company drilled 94 and completed 72 net horizontal wells to date. The company:Operates...
EOG Updates Q2 Permian Basin OperationsOthersIn its Investor presentation dated 2-Aug-2012, EOG provided an update on its Permian Basin operations. In the Permian Basin, the company planned to drill ~104 wells in 2012.
WolfCamp Shale:In the WolfCamp Shale, the company drilled 94 and completed 72 net horizontal wells to date. The company:- Operates five rigs in Irion, Crockett and Reagan counties and plans to reduce the rig count to four in Q3-2012
- Estimates EUR of 430 MBOE/well gross (320 MBOE/well, Net) and completion well cost of ~$5.3 million
Leonard Shale:In the Leonard Shale, the company drilled 33 and completed 31 net horizontal wells to date. The company:- Operates two rigs in Eddy and Lea counties and plans to increase the rig count to three in Q3-2012
- Estimates EUR of 430 MBOE/well gross (340 MBOE/well, Net) and completion well cost of ~$5.5 million
August 3, 2012 -
Legacy to Acquire Permian Assets from Concho for $520 MillionGlobal Deals, Headlines, Others
Legacy Reserves has entered into an agreement to purchase Permian Basin oil and natural gas properties from Concho Resources Inc. for $520 million in cash.
Legacy anticipates closing to take place in Dec-2012.
Asset highlights
- Estimated 1P reserves of ~25.6 MMBOE (71% PDP, 14% PDNP, 15% PUD and 62% oil)
- Q1-2013 production estimated at 5,238 BOE/d (1,584 producing wells)
- 1P R/P of 13.4 years
- Acreage includes 236 identified development locations
- Average unadjusted metric of $99,274/Daily BOE for production and $20.3/BOE for 1P reserves
Cary Brown, Chairman, President and CEO, Legacy, said, "We are very excited to announce this landmark acquisition of Permian Basin assets from Concho. These assets are in some of the most prolific fields in the Permian Basin and contain proved reserves that are largely PDP, making them well-suited for our MLP model."Recent metrics in Permain- $82,500/Daily BOE and $21.08/BOE for 1P reserves (Sep-2012, Multiple buyers-Chesapeake, $3.3 billion)
November 8, 2012 - Laredo Pegs 2013 Permian Basin Investments at $640 Million
Laredo Petroleum Holdings Inc revealed a capital budget of $725 million for 2013 focused on the core Garden City area of the liquids-rich Permian Basin.The company plans to invest $640 million in the Permian Basin, ~$60 million in the Anadarko Granite Wash and $25 million in other areas.Annual production in...
Laredo Pegs 2013 Permian Basin Investments at $640 MillionProjects & Capex, OthersLaredo Petroleum Holdings Inc revealed a capital budget of $725 million for 2013 focused on the core Garden City area of the liquids-rich Permian Basin.
The company plans to invest $640 million in the Permian Basin, ~$60 million in the Anadarko Granite Wash and $25 million in other areas.
Annual production in 2013 is expected to be 12.6-13.1 MMBOE (46% oil), an increase of 15% YoY.
Highlights
- ~$525 million allocated to development drilling and completion
- $75 million to be spent on delineation drilling and completion
- $60 million allocated for exploratory drilling, land, and geological and geophysical activities
- Company expects to operate six vertical and three horizontal rigs in the core Garden City area; 125 gross vertical and 25-30 gross horizontal wells to be drilled
- Two to three horizontal rigs to be utilized in the Anadarko Granite Wash area; 10-15 gross horizontal wells to be drilled
View Laredo Petroleum press release
December 18, 2012 - Range Resources Plans Sale of Permian Basin Assets
Range Resources Corporation is seeking a buyer for its Conger properties, stretching over 70,000 net acres in the Permian Basin. Current net production from the properties, almost all of which is HBP, is approximately 3.1 Mbbl/d of liquids and 11.4 MMcf/d of gas. The properties, located in Glasscock and...
Range Resources Plans Sale of Permian Basin Assets
Others, HeadlinesRange Resources Corporation is seeking a buyer for its Conger properties, stretching over 70,000 net acres in the Permian Basin. Current net production from the properties, almost all of which is HBP, is approximately 3.1 Mbbl/d of liquids and 11.4 MMcf/d of gas. The properties, located in Glasscock and Sterling Counties, have multiple vertical and horizontal stacked pay drilling opportunities.
Analysts estimate this deal to be worth $600 million with $212 million for production at $42,500 per daily BOE and approximately $388 million for undeveloped acreage at $5,500/acre.
However, based on recent transaction multiples, Range may secure a higher value of up to $750-$800 million.
The undeveloped acreage can fetch up to $560 million at $8,000/acre, based on recent acreage metric observed in the Glasscock and Sterling counties in the following deals:
- $8,630/acre in the $165 million Diamondback acquisition from Aug-2013
- $7,000/acre in the $1.365 billion Sumitomo-Devon JV from Aug-2012
- $6,500/acre in the $1 billion Concho acquisition from May-2012
Production could also be valued at nearly $225-$250 million, calculated at a slightly higher metric of $45,000-$50,000 per daily BOE.
December 4, 2013 - ExxonMobil, Linn Swap Assets in Hugoton, Permian Basin
ExxonMobil has entered into an agreement with Linn Energy to swap a portion of its operating interests in the Hugoton Basin, for a portion of Linn’s Permian Basin properties. The agreement is expected to close in Q3-2014.ExxonMobil will receive:Approximately 25,000 net acres in the Permian Basin,...
ExxonMobil, Linn Swap Assets in Hugoton, Permian Basin
Global Deals, Headlines, OthersExxonMobil has entered into an agreement with Linn Energy to swap a portion of its operating interests in the Hugoton Basin, for a portion of Linn’s Permian Basin properties. The agreement is expected to close in Q3-2014.
ExxonMobil will receive:
- Approximately 25,000 net acres in the Permian Basin, located primarily in Midland, Martin, Upton and Glasscock counties;
- Approximately 1,000 acres in Lea County, New Mexico;
- Production of approximately 2 MBOE/d.
Linn will receive:
- More than 500,000 net acres and 2,300 operated wells (94% WI);
- Approximately 400 future drilling locations;
- Production of 85 MMcfe/d (20% liquids), with shallow base decline of approximately 6%;
- Total reserves of 700 Bcfe (20% liquids and 78% PDP).
View Linn May-2014 presentation
May 22, 2014
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