A&D - Pure Acquisition & HighPeak form Midland E&P for $845MM - May 2020After a $1.6 billion deal fell apart April 24, industry veteran Jack Hightower’s specialpurpose acquisition company Pure Acquisition Corp. went back to the drawing board and executed an $845 million transaction on May 4 to combine with HighPeak Energy Partners. HighPeak, also led by Hightower, is a private E&P company active in the northern Midland Basin. The blank-check company will be renamed HighPeak Energy Inc. and trade on the Nasdaq as HPK. The previous deal, which was canceled in the...
May 22, 2020
CM - Pure Acquisition Corp. finds its new business combination - May 2020Blank-check company Pure Acquisition Corp., which raised $360 million in an April 2018 IPO, will combine with HighPeak Energy LLC and affiliates of HighPeak Energy Partners, LP. The resulting $845 million E&P company, HighPeak Energy Inc., will own 51,000 net acres in the northern Midland Basin. The move came just in the nick of time for Pure, which had a May 20 deadline to either find a new business combination or dissolve and return the IPO money. The company will trade on Nasdaq as HPK....
May 15, 2020
CS - People & Companies - March 10, 2020ARC Resources CEO Myron Stadnyk has stepped down but will continue to serve as president and director until his retirement on April 30. CFO Terry Anderson replaced Stadnyk as the new CEO, effective Feb. 20. Anderson was CFO for five years and has been with ARC for 20 years. Baytex Energy Corp. appointed Don Hrap to its board of directors. Hrap has had a 35-year career in the upstream sector. He was ConocoPhillips’ president of Lower 48 operations from 2009 to 2018. Before Conoco, he...
Mar 11, 2020
PS - People & Companies - February 17, 2020Berry Petroleum appointed Danielle Hunter as EVP, general counsel and corporate secretary. Hunter most recently served as EVP, general counsel, corporate secretary and chief risk and compliance officer at C&J Energy Services. BP’s CFO Brian Gilvary is retiring after 34 years with the company. He will step down June 30. Murray Auchincloss, current CFO of the upstream division, will be his replacement. Newly formed E&P firm Eagle Mountain Energy Partners has entered a partnership...
Feb 17, 2020
A&D - People & Companies - February 6, 2020Cimarex Energy announced EVP and COO Joe Albi will retire July 1. He has been with the company since its formation in 2002, having joined Key Production Co. at its outset in 1994. Key was transformed into Cimarex through a merger with Helmerich & Payne’s exploration and production business in 2002. Earthstone Energy president Robert J. Anderson will be appointed CEO, effective April 1. Current chairman and CEO Frank A. Lodzinkski will be appointed executive chairman on the same day....
Feb 06, 2020
A&D - Pure Acquisition makes its move in Midland Basin for $1.6B - December 2019More than 19 months after industry veteran Jack Hightower launchedPure Acquisition Corp. with a $414 million initial public offering, the special-purpose acquisition company has found a takeout target very close to home. As part of an initial acquisition valued at $1.575 billion, Pure will acquire the assets of Hightower-led HighPeak Energy Partners, a private E&P company active in the northern Midland Basin with which it shares headquarters in Fort Worth. The blank-check company, which will be...
Dec 19, 2019
CM - Pure Acquisition finds its special purpose in the Midland Basin - December 2019Blank-check company Pure Acquisition Corp., which was formed by industry veteran Jack Hightower and sold 41.4 million units for $414 million in an April 2018 initial public offering public, said it will conclude its initial business combination in 1Q20. It signed agreements to create a new northern Midland Basin pure-play E&P company in a deal worth $1.575 billion, according to Enverus calculations. Pure agreed on Nov. 27 to combine with HighPeak Energy Inc., a subsidiary it set up to...
Dec 13, 2019
MI - People & Companies - July 03, 2019Cheniere Energy hired Michele
Evans as independent director and also to
the audit, governance and nominating
committees. Evans is currently VP
of Lockheed Martin Aeronautics. EQM Midstream Partners
announced the resignation for personal
reasons of Phillip Swisher as VP and
chief accounting officer of EQGP
Services, the general partner of EQM,
effective July 31. Swisher will also
resign as VP and chief accounting officer
of Equitrans Midstream Corporation. Cheryl LaFleur,...
Jul 03, 2019
OFS - People & Companies - June 04, 2019Basic Energy Services appointed
James Kern and Samuel Langfordas directors. Frank’s International named
Melissa Cougle as CFO effective May 29.
Cougle most recently served as CFO of
National Energy Services
Reunited, a publicly traded
oilfield services provider focused in the
Middle East-North Africa, and previously
worked at Ensco for 13 years. She
succeeds Kyle McClure, who has decided
to leave the company to pursue other
opportunities. McClure will be available to
assist in the...
Jun 04, 2019
IC - People & Companies - May 01, 2019Anton Oilfield Services Group
elected president and chief technology
officer Fan Yonghong as executive director
to succeed Wu Di, who resigned. GP Petroleums Ltd. named Bijay
Kumar Sanku company secretary and
compliance officer, effective April 22. Hindustan Oil Exploration Co. Ltd.
announced that Vivek Rae was elected
as director and chairman of the company,
effective April 18, to succeed Sunil Behari
Mathur, who resigned the day before. KrisEnergy Ltd. announced...
May 01, 2019
MI - Stonepeak buys Permian’s Oryx Midstream for $3.6B - April 2019Infrastructure-focused private equity firm Stonepeak Infrastructure Partners
struck a $3.6 billion all-cash deal to acquire Oryx Midstream, the largest privately held
Permian Basin midstream crude operator. WPX Energy, Concho Resources, Post
Oak Energy Capital, Wells Fargo Energy Capital and Quantum Energy
Partners all will sell their respective stakes in components of Oryx’s crude
gathering and transportation system. The sale continues the run of PE firms
buying into Permian pipelines, which...
Apr 09, 2019
Equitrans to roll up EQM’s general partner for $601MMEquitrans Midstream Corp. agreed to buy all outstanding units of EQGP Holdings
in a transaction to simplify the corporate structure created by the November spinoff of
EQT Corp.’s midstream assets. The $601 million deal will remove a layer from the postspinoff structure, allowing Equitrans to become the direct general partner of
EQM Midstream Partners LP.
What were EQT’s operating
midstream assets now belong to EQM.
EQGP owned the general partner interest, all of the incentive...
Dec 18, 2018
Equitrans buying EQGP Holdings units for $601MM from fundsSupporting a process to eventually simplify an ownership configuration among the
various midstream-focused entities that have emanated from EQT Corp., Equitrans
Midstream Corp. agreed to buy all of the units outstanding of EQGP Holdings, LP at $20
each in cash through private purchases. The deal represents a 17.5% premium over EQGP
Holdings’ price of $17.02 a unit in NYSE trading on Nov 29. The transactions are
expected to close Dec. 31.
Equitrans, which spun off
from EQT Corp. in...
Dec 06, 2018
MI - People & Companies - November 27, 2018Calgary-based energy
infrastructure company
Altagas named Randy
Crawford as its next CEO and newest
member of the board of directors,
effective Dec. 10. Crawford, most
recently SVP and president of midstream
and commercial with EQT Corp., will
assume the CEO role from chairman
David Cornhill and board member Phillip
Knoll, who have served as interim coCEOs
until since July when David
Harris resigned. Altus Midstream Company, a
partnership formed by Apache and
Kayne Anderson...
Nov 27, 2018
CM - Credit & Debt Briefs - December 13, 2019Earthstone Energy announced its entrance into a new agreement for a $1.5 billion senior secured revolving credit facility with a five-year maturity and an initial $325 million borrowing base. The Nov. 21 agreement was led by Wells Fargo and RBC Capital as lead arrangers. Earthstone president Robert J. Anderson said the new facility helps secure substantial liquidity for the company while maintaining a simple capital structure “as we continue to grow our production base and create shareholder...
Dec 13, 2019