This is your Hart Energy LIVE A&D Minute.
EnCap found a buyer for three of its Midland Basin portfolio companies: Ovintiv is picking up the core Permian acreage in a $4.2 billion deal. Here’s what Enverus’ Intelligence Research Director Andrew Dittmar had to say about the acquisition.
Andrew Dittmar, intelligence research director, Enverus: For the energy industry as a whole, it's another step towards shale consolidating, maturing. We're in the more mature phase of the shale cycle. Public companies like Ovintiv need to realize that, capture inventory that's there. They did that in this deal. Private equity companies that have this inventory are sitting in a very good spot—good returns for Encap. They've probably made a lot of money on this deal, but it's going to be a little bit more challenging to do that going forward as those kind of big acquisition opportunities to redeploy that money isn't there.
Jordan Soto, Hart Energy: Crescent Point Energy is acquiring Spartan, Delta's Montney, Alberta, Canadian assets for nearly $1.3 billion. This would provide Crescent Point with over 20 years of inventory to sustain current production levels. Could the market see other big Canadian oil deals this year?
That's your Hart Energy LIVE A&D Minute, powered by the SUPER DUG Conference and Exhibition, which covers activity in the Permian Basin, Eagle Ford, Midcontinent, Bakken and Rockies May 22-24. Watch new A&D Minute episodes every Wednesday and sign up for our A&D Watch newsletter at hartenergy.com/deals.
Recommended Reading
Marketed: EnCore Permian Holdings 17 Asset Packages
2024-03-05 - EnCore Permian Holdings LP has retained EnergyNet for the sale of 17 asset packages available on EnergyNet's platform.
Continental Resources Makes $1B in M&A Moves—But Where?
2024-02-26 - Continental Resources added acreage in Oklahoma’s Anadarko Basin, but precisely where else it bought and sold is a little more complicated.
Chord Buying Enerplus to Create a Bakken Behemoth
2024-02-22 - Chord Energy said Feb. 21 it will acquire Enerplus Corp. for nearly $4 billion in a stock-and-cash deal to potentially create the largest producer in the Williston Basin.
Williston Warriors: Enerplus’ Long Bakken Run Ends in $4B Chord Deal
2024-02-22 - Chord Energy and Enerplus are combining to create an $11 billion Williston Basin operator. The deal ends a long run in the Bakken for Enerplus, which bet on the emerging horizontal shale play in Montana nearly two decades ago.
Triangle Energy, JV Set to Drill in North Perth Basin
2024-04-18 - The Booth-1 prospect is planned to be the first well in the joint venture’s —Triangle Energy, Strike Energy and New Zealand Oil and Gas — upcoming drilling campaign.