CM - Riviera pays out extraordinary dividend for Hugoton sale - December 2019Riviera Resources will distribute a one-time cash distribution of $4.25/share on Dec. 12 to shareholders of record as of Dec. 5. The windfall to shareholders comes courtesy of the company’s sale of its remaining Hugoton Basin properties for about $295 million. Riviera netted about $283 million in cash from the sale to Scout Energy Group V, LP, which was agreed to on Aug. 28. In the sale, Riviera divested all of its collective rights, title and interest in and to certain oil and gas properties...
Dec 13, 2019
CM - Warburg & debt backers supporting Citizen’s Roan buyout - October 2019Warburg Pincus portfolio company Citizen Energy Operating LLC will buy Roan Resources, Inc. for about $1 billion in cash, including paying off Roan’s nearly $780 million in net debt. Under terms of the agreement Roan stockholders will receive $1.52 in cash for each of their common shares, representing a 24% premium over the stock’s NYSE closing price on Sept. 30. The company has 154.3 million shares outstanding. Citizen will use a combination of equity and debt financing to pay for...
Oct 04, 2019
CM - GSO invests $500MM in sequel to Sequel Energy Group - March 2019GSO Capital Partners LP, the credit platform of Blackstone, has re-teamed
with Denver-based Sequel Energy Group management to form oil and gas company
Sequel Energy Group II LLC to commit $500 million to invest in Drillcos. Sequel II
will target structured investments in non-operated oil and gas working
interests in proven North American resource plays. The initial company,
Sequel Energy Group LLC, was formed in November 2016 with an
initial capital commitment in excess
of $500...
Mar 28, 2019
Roan tops industry Merge rates by 23% on improved targetingIn its first quarterly earnings release as a standalone company independent from
former parent Linn Energy, Midcontinent pure-play Roan Resources reported a 30%
sequential and 100% YOY production increase to 46,500 boe/d (25% oil, 31% NGLs). This
growth was driven by high performance from Roan’s Merge drilling program
along the Canadian-Grady county line in central Oklahoma. During Q3, the
company drilled 27 operated wells and brought 26 online, nearly doubling
its wells put on production in...
Nov 30, 2018
Linn sub starts Oklahoma cryo plant, eyeing expansionBlue Mountain Midstream is evaluating the addition of a second 250 MMcf/d train at its Chisholm Trail III cryo plant in the heart of the SCOOP/STACK/Merge plays. The Linn Energy subsidiary could entail 55,000 hp of new compression, more than 130 miles of high- and low-pressure gathering line extensions and additional delivery interconnects in operation by YE20.The possible expansion was announced with the successful commissioning of the Chisholm Trail III plant near...
Jul 24, 2018
Madava is industry’s newest direct lenderNew Houston-based energy finance group Madava Financial said it had officially launched on March 5, and that its first deal was the provision of a $100 million debt facility to XRO Energy, LLC. XRO is buying assets from Linn Energy that include about 1,300 wells across 169,000 acres in the Washakie/Wamsutter field in Wyoming, Madava said. PLS had reported last October that Linn sold Wyoming assets to Sageview Capital-backed Exaro Energy III for $200 million. Concurrent with its...
Mar 28, 2018
Linn ends active 2017 with $122 million OK & TX saleContinuing an active run in A&D markets following its emergence from a financial restructuring nearly a year ago in February 2017, Linn Energy announced the sale of Oklahoma waterflood and Texas Panhandle properties for $122 million. The deal is expected to close in 1Q18 with an effective date of Oct. 1, 2017. Jefferies LLC was Linn’s financial advisor for the sale of the Texas Panhandle properties. The latest deal is Linn’s twelfth since emerging from bankruptcy in February, bringing total...
Jan 04, 2018
Linn increases capex to $360MM for Merge & ChisholmLinn Energy will spend $360 million in FY17, up from the $338 million the company had advised earlier in the year. The increase isrelated to value accretive leasing in the Merge play in Oklahoma and the acceleration of Chisholm Trail capital, the company said. The guidance was adjusted for the sales of Linn’s Jonah, Salt Creek, South Texas, Permian, California, Washakie and Williston properties, and excludes recently formed 50% joint venture Roan Resources with Citizen Energy II, LLC....
Nov 22, 2017
Early Q4 indicates ongoing STACK enthusiasmThere have been $674.7 million
upstream deals in the first few weeks
of Q4, following a slower Q3 that saw
a 40% sequential drop in deal values
to $11.4 billion. Driving
the Q3 decline was a
slowdown in Permian
dealmaking to the lowest since 1H15 at
$1.3 billion (PG. 1).
As we talked about last time,
Oklahoma’s STACK continues to
gain traction as an epicenter of US
dealmaking, with the Q3 total from
that region at $4.2 billion, mostly
represented by the $3.8 billion merger
of Silver Run...
Oct 18, 2017
Linn & Citizen forms Anadarko Basin-focused E&PLinn Energy and Citizen Energy
have officially formed Roan Resources.
The company will focus on development
of the Merge/SCOOP/STACK in the
Anadarko Basin. It has
140,000 net acres, with Linn
and Citizen contributing 50%
and holding 50% each in Roan. The
assets lie in Canadian County, Carter, Cleveland,
Garvin, Grady, Kingfisher, McClain and
Stephens Cos. Roan will have a $200
million initial borrowing base.
"We reached a major milestone as we
closed on the transaction forming...
Oct 16, 2017
Linn & Citizen finalize Roan formation, look at 2018 IPOLinn Energy, Inc. and Citizen
Energy II, LLC closed their previously
announced deal to form Roan Resources
LLC, which has—pro forma for the
combination—about 140,000
total net acresthat form a core,
largely contiguous position
with Linn and Citizen each contributing
about half, and owning 50% of Roan’s
equity. The new company will have a
new secured revolving credit facility with
an initial borrowing base of $200 million,
and anticipates pursuing an initial public
offering in...
Oct 11, 2017
People & Companies - October 11, 2017At Anadarko Petroleum, Danny
Brown became EVP, US Onshore Operations
from EVP, International and Deepwater
Operations. Mitch Ingram succeeds Brown
as new EVP, International and
Deepwater Operations from EVP
Global LNG. Ernie Leyendecker,
formerly EVP, International and
Deepwater Exploration, was named EVP,
Exploration and Brad Holly, formerly EVP,
US Onshore Exploration and Production, is
leaving the company. Baker Hughes, a GE company
elected President and CEO Lorenzo...
Oct 11, 2017
CM - People Briefs - November 15, 2018Amazing Energy Oil and Gas
named Marty Dobbins CFO. He was most
recently president and CEO of InFocus
Venture Group and has accumulated 40
years of experience in various industries. EQT Corp.’s CFO Robert J. McNally
will become president and CEO upon
separation of the upstream and midstream
businesses while also joining the board.
James E. Rohr will become chairman,
succeeding David L. Porges, and the
board will have newly elected members
Anita Powers, Jerry MacCleary,...
Nov 15, 2018
PS - Midcontinent Briefs - November 8,2018STACK pure-play Alta Mesa Resources added a ninth rig at the beginning of November to support delineation of its expanded footprint in Major County, Okla., after the company completed an acquisition of 16,000 net acres from a private leasehold owner. During Q3, Alta Mesa’s eight rigs and four frac crews drilled 46 wells and brought 53 into production. The company had Q3 production of 33,400 boe/d (50% oil, 22% NGLs), a 32% increase from Q2. It is targeting a 2018 exit rate of 38,000-40,000...
Nov 08, 2018
PS - People Briefs - September 27, 2018Abraxas Petroleum promoted
regional operations manager Kenny
Johnson to operations VP to replace
Will Wallace, who has resigned after
23 years with the company to pursue
other career opportunities. Johnson has
managed operations at Abraxas and its
predecessor companies since 2000 and
previously served as a consultant to
operators in the Midcontinent, Rockies and
Gulf Coast regions. Berry Petroleum announced the
appointment of Anne Mariucci and
C. Kent Potter to and the resignation
of...
Sep 27, 2018