IS - Projects advance, assets hit the market amid volatility - June 2020Although the oil and gas industry is still nowhere near where it was at the beginning of the year, there are signs that companies are starting to take cautious steps forward as pandemic restrictions ease and oil prices begin to recover. Senex Energy announced it completed its $280 million Surat gas project with 30 fewer wells than it originally thought it would need (PG.1). Canada loosened restrictions on exploratory drilling off Newfoundland (PG.1), where Equinor reportedly made a discovery in...
Jun 22, 2020
IS - Spartan Delta closes purchase of Bellatrix portfolio - June 2020Newly named Spartan Delta Corp., formerly Return Energy, completed the acquisition of bankrupt Bellatrix Exploration’s assets on June 1. Spartan funded the acquisition with cash on hand, a C$100 million senior-secured lending facility with a syndicate comprised of National Bank of Canada, ATB Financial and Canadian Western Bank and C$64 million in gross proceeds from a private placement. Spartan’s debt, net of working capital, is estimated to be C$28.1 million. After closing...
Jun 22, 2020
A&D - Spartan Delta wraps up purchase of Bellatrix’s entire portfolio - June 2020Newly named Spartan Delta Corp., formerly Return Energy, completed the acquisition of bankrupt Bellatrix Exploration’s assets on June 1. Spartan funded the acquisition with cash on hand, a C$100 million senior-secured lending facility with a syndicate comprised of National Bank of Canada, ATB Financial and Canadian Western Bank and C$64 million in gross proceeds from a private placement. Spartan’s debt, net of working capital, is estimated to be C$28.1 million. After closing...
Jun 12, 2020
IS - Spartan team returns to Canadian oil patch in Bellatrix buy - May 2020Under a court-supervised creditor protection plan launched in October, Alberta Deep Basin producer Bellatrix Exploration announced the sale of its entire portfolio to recently recapitalized Return Energy. The acquirer will pay C$87.4 million cash and assume C$14.8 million in liabilities, bringing the total value of the transaction to C$102.2 million ($72.1 million). Upon completion of the deal, expected by May 29, Return, which is led by former executives of Spartan Oil and Spartan Energy, will...
May 08, 2020
A&D - Spartan team returns to Canadian oil patch in Bellatrix buy - May 2020Concluding a sale and investment solicitation process launched in October, Alberta Deep Basin producer Bellatrix Exploration announced the sale of its entire portfolio to Return Energy. Return will pay C$87.4 million in cash and assume C$14.8 million in liabilities, bringing the total value of the transaction to C$102.2 million ($72.12 million). Upon completion of the deal, expected by May 29, Return, which is led by former executives of Spartan Oil and Spartan Energy, will change its name to...
May 01, 2020
CS - Newly recapitalized Return Energy becomes Spartan Delta - January 2020Return Energy returned to action as Spartan Delta Corp. with $25 million in fresh capital, a new management team and an acquisitive course of action. The company placed more than 1.62 billion units and almost 880 million common shares privately in a deal that reportedly attracted demand over the $25 million target. Each unit consists of a common share and a five-year warrant to buy another share for $0.01. Proceeds from the non-brokered placement will be used for working capital and potential...
Jan 08, 2020
A&D - Occidental completes $4.5B of $10-15B in planned asset sales - October 2019Eager to show progress on its deleveraging initiatives since the closing of its $57 billion Anadarko Petroleum acquisition Aug. 8, Occidental Petroleum announced the completion of two divestments worth more than $4.5 billion. Oxy closed a public offering for the sale of its equity stake in Plains All American Pipeline and in the midstream company’s general partner while also wrapping up a divestiture of Anadarko’s assets in Mozambique toTotal. The Sept. 30 announcement, which also...
Oct 10, 2019
MI - PE firms sniffing around Oxy’s stake in Western Midstream - September 2019Private equity firms are reportedly considering bidding for Occidental Petroleum’s majority stake in Western Midstream Partners. Spartan Energy Acquisition Corp., an Apollo Global Management Inc.-backed special purpose acquisition company that went public last November, The Blackstone Group, Global Infrastructure Partners and KKR & Co. are all interested, according to a Bloomberg report citing people familiar with the matter. All have executed multi-billion-dollar acquisitions in the midstream...
Sep 26, 2019
Industry raised $106.8B in public offerings in 2018The oil and gas industry raised $106.8 billion in 2018 through public equity and debt offerings, according to data compiled by the Capitalize platform, which tracks securities and credit activity of energy companies that file with the US Securities & Exchange Commission as well as private investment activity. That total was down 20% from the $133 billion raised in 2017, as equity financing was cut in half and debt sales saw a smaller decline.Capitalize tracked $16.5 billion in...
Feb 14, 2019
Canadian upstream deals at near-standstill in 4Q18With a widening Canadian discount to US oil even amid a global price downturn, Canadian upstream oil and gas deal activity had its slowest quarter in recent memory in 4Q18, in terms of both the number of transactions announced and disclosed values. Initial results from the Global M&A Database indicate 18 deals with total disclosed value of $847 million in Q4, compared with prior quarterly averages of 107 deals and more than $6.1 billion since 1Q14. Notably, 4Q18 was the only quarter during that...
Jan 02, 2019
Apollo fund buying $1.0B part of GE Capital energy portfolioA fund managed by Apollo Global Management agreed to buy about 20 of General Electric Co’s renewable energy and US power investments in a package of about $1.0 billion worth of assets in the energy financial services segment of the GE Capital portfolio. And this may be the first of several deals, both GE and Apollo say, as they “seek to form an ongoing relationship” to explore energy infrastructure investments in the future.Apollo’s interest in energy investments has been high this...
Oct 26, 2018
Riley Exploration Permian plans $115 million IPORiley Exploration Permian, Inc. said it is targeting a $115 million capital raise through an initial public offering of its common shares with underwriters Seaport Global Securities and SunTrust. The company will trade on NYSE under the symbol REPX. If completed this year, Riley would be the fourth upstream IPO of 2018, following Berry Petroleum in July and blank-check companies Spartan Energy Acquisition Corp. in August and Pure Acquisition Corp. in April. The Oklahoma City company was...
Oct 04, 2018
Q2 reporting winds down, capex guidance trends upSeveral earnings reports disclosed capex increases for the remainder of the year across a wide variety of reporting companies, including Concho Resources (PG 15) owing to its recent acquisition of RSP Permian, California Resources Corp (PG 11) because of stronger-than-expected cash flow, Parsley Energy (PG 14) as it experiences shorter cycle times and higher working interests, and Noble Energy (PG 14) on factors that include service cost inflation, which was mentioned as an increasing condition...
Aug 23, 2018
New Apollo blank-check Spartan raises $480MM in IPOApollo Global Management vehicle Spartan Energy Acquisition Corp. became 2018’s second upstream-focused blank check company to go public, raising $480 million through the sale of 48 million units at $10 each. The units, which began trading on NYSE Aug. 10 under SPAQU, contain one Class A common share and one-third of a warrant to buy one additional Class A share at $11.50. The initial public offering closed Aug. 14 and underwriters were granted a 45-day overallotment option for up to an...
Aug 23, 2018
Vermilion loses $60MM despite increase in Q2 revenueVermilion Energy Inc lost $133 million on derivative instruments in Q2, compared
with a gain of nearly $29 million a year ago, a reversal which pulled the company’s
most recent earnings into the red. Vermilion lost $60 million on revenue of $363 million
in Q2, compared with net income of $48.3 million on revenue of $254
million one year ago.
The company reported
$150 million in cash from operating
activities, up from $129 million one year ago. Vermilion spent $80.1 million in...
Aug 15, 2018