Fort Worth-based Next Bridge Hydrocarbons said last week is now owns 100 percent of working interest in the Orogrande project in Hudspeth County in west Texas on about 134,000 contiguous acres. Next Bridge closed a previously announced merger agreement with two companies (22.62 percent working interest), Wolfbone Investments and McCabe Petroleum, owned by its largest […]
Midland Basin operator HighPeak slows development plans, but maintains output
Fort Worth-based HighPeak Energy said recently it is altering its 2023 drilling and completion plans and dropping from four to two rigs next month for the remainder of 2023. HighPeak had already reduced its completion activity from four crews to two “to complete the operational DUC wells generated by the previous six-rig program.” The revised […]
Bloomberg after PDC sale: ‘U.S. energy patch ripe for takeover boom’
Chevron CEO Mike Wirth told Bloomberg this week that Monday’s announcement of the company’s acquisition of Denver-based PDC Energy “doesn’t preclude our ability to do further transactions, but we don’t have gaps to fill. We’re always looking, but we’ll stay very disciplined as we have been on a number of transactions we have done over […]
Finding a Fit
Merger and acquisition (M&A) activity across the United States surpassed an eight-year high in 2021, marking a dramatic recovery from the pandemic-led price crash in 2020. Yet, the last time oil prices were as consistently over $100 per barrel, in 2012-2014, the rig count was dramatically higher than it has been to start 2022. S&P […]
Chevron acquires Noble Energy, including 92,000 acres in Permian Basin
San Ramon, Calif.-based Chevron increased its presence in Permian Basin and Denver-Julesburg Basin in Colorado with its acquisition of Houston-based Noble Energy. Chevron said July 20 the all-stock transaction is valued at $5 billion ($10.38 per share). Total enterprise value, including debt, is $13 billion. It will increase Chevron’s proved reserves by about 18 percent […]
Presta acquires assets in Glasscock, Howard, Midland, Pecos, Scurry
Fort Worth-based Presta Petroleum and Presta Royalty acquired properties in 30 counties in Texas and 20 counties in Oklahoma in two recent transactions. They are the sixth and seventh acquisitions of family-owned entities Presta has purchased since launch in September 2018. Presta also owns assets in New Mexico, Colorado, Arkansas and Wyoming. Permian Basin holdings […]
Midland’s Intrepid acquires directional drilling business of Gyrodata
Midland-based Intrepid Directional Drilling Specialities acquired the directional drilling business, including personnel and equipment, of Houston-based Gyrodata to double Intrepid’s capabilities in North America and expand its presence in Latin America. Robert Trainer, president and CEO of Gyrodata, said April 30 when his company announced the sale, “We are helping to build a truly unique […]
Cimarron Energy acquires emissions control provider Aereon
Houston-based Cimarron Energy said April 30 it completed its purchase of Austin’s Aereon, global provider of emissions control solutions and services for upstream, midstream and downstream markets. It follows Cimarron’s acquisition last year of Midland’s Hy-Bon Engineering/EDI. Aereon was formed in 2014 by combining Flare Industries and Jordan Technologies. Jeff Foster, CEO, told Midland Reporter […]
Enverus acquires RS Energy Group in technology company merger
Austin-based Enverus, a leading energy SaaS and data analytics company, said Feb. 12 it has acquired RS Energy Group, a technology firm focused in the upstream oil and gas industry. Enverus said the acquisition “combines the companies’ complementary strengths to accelerate technology, machine learning and advanced analytics across the energy market.” Enverus said its technology […]
Amarillo, Rattler form JV for natural gas gathering, processing system
Amarillo Midstream, an ArcLight Capital Partners portfolio company, and an affiliate of Rattler Midstream, a subsidiary of Midland-based Diamondback Energy, said Feb. 20 they formed a joint venture to own, operate and expand a natural gas gathering and processing system in Midland Basin. Amarillo Rattler, the new entity owned 50 percent each by Amarillo Midstream […]