Factbox: Permian set for M&A frenzy as cash-rich producers seek reserve boost

Riley Exploration Permian

22/05/2023 18:24

May 22 (Reuters) - Dealmaking is picking up in the
Permian basin, the largest U.S. oil patch, as drillers look to
quickly rebuild their depleting assets.
    Permian is a prime target for producers looking to increase
their inventory. The shale patch, which lies between Texas and
New Mexico, has the necessary infrastructure and is known for
high productivity and large undeveloped reserves.
    Below is a list of Permian Basin deals signed since the
start of 2023:
    
 Target         Acquirer      Deal type      Deal      Status
                                             value     
                                             (in USD)  
 Ranger Oil     Baytex        Corporate      2.5 bln   Pending
 Corp           Energy Corp                            
 Black Swan     Ovintiv Inc   Asset          ~4.3 bln  Pending
 Oil & Gas,                   acquisition              
 Piedra                                                
 Resources and                                         
 PetroLegacy                                           
 II                                                    
 Advance        Matador       Corporate      1.6 bln   Completed
 Energy         Resources Co                           
 Partners                                              
 Holdings LLC                                          
 Chesapeake     WildFire      Asset          1.43 bln  Pending
 Energy Corp    Energy        acquisition              
 Chesapeake     INEOS         Asset          1.4 bln   Completed
 Energy Corp                  acquisition              
 Percussion     Callon        Corporate      475 mln   Pending
 Petroleum      Petroleum Co                           
 Operating II                                          
 Forge Energy   Vital Energy  Asset          540 mln   Pending
 II Delaware    and Northern  acquisition              
                Oil & Gas                              
                Inc                                    
 XTO Energy     Chord Energy  Asset          375 mln   Pending
 Inc &                        acquisition              
 affiliates                                            
 Diamondback    Undisclosed   Asset          439 mln   Completed
 Energy                       acquisition              
 Pecos Oil &    Riley         Asset          330 mln   Completed
 Gas            Exploration   acquisition              
                Permian                                
 Tanos Energy   Diversified   Asset &        ~250 mln  Completed
 Holdings II    Energy Co     infrastructur            
 LLC                          e acquisition            
 Driftwood      Vital Energy  Asset          214.52    Pending
 Energy                       acquisition    mln       
 Operating LLC                                         
 Pogo           HNR           Corporate      120.46    Pending
 Resources LLC  Acquisition                  mln       
                Corp                                   
 Earthstone     Black         Asset          5 mln     Pending
 Energy Inc     Mountain      acquisition              
                Energy Ltd                             
 Delaware       VTX Energy    Asset          NA        Completed
 Basin          Partners LLC  acquisition              
 Resources                                             
 Cox Operating  Arena Energy  Asset          NA        
 LLC            LLC           acquisition              
 Undisclosed    Elk Range     Asset          NA        
 private        Royalties Lp  acquisition              
 seller                                                
 Tower Rock     Elk Range     Asset          NA        
 Oil & Gas      Royalties Lp  acquisition              
 Swordfish      Pearl Energy  Investment     NA        
 Energy         Investments                            
 Holdings LLC                                          
 
 (Reporting by Mrinalika Roy in Bengaluru; Editing by Sriraj
Kalluvila)
 ((mrinalika.roy@thomsonreuters.com;))