Deals In The Oil Patch -- Reuters -- July 25, 2021

Link here to Reuters. Numbers rounded from original article.

Macro:

• first five months of 2021: sales of land parcels worth $6.9 billion, almost eclpsing the $7 billion recorded in all of 2020;
• 2020: last year was the worst for US acreage sales since at least 2006
• more deals on the way: more than $12 billion either up for sale or being prepared to come to market in the US

Individual exhibits:

• OXY:
• marketing 250,000 net acres in Delaware portion of the Permian;
• $550 million
• the company has targeted more than $2 billion from divestments in the first hal fo f2021
• Ovintiv:
• completed in mid-May, $880 million sale of its Eagle Ford position
• sold to Validus Energy
• Laredo Petroleum:
• will sell a 37.5% stake in two Texas counties
• buyer: Sixth Street Partners
• Exxon Mobil:
• may divest parts of its shale gas business in North America
• Pursuing acreage sales:
• OXY
• Chevron
• Whiting
• COP
• Callon Petroleum
• Advance Energy Partners, majority owned by EnCap
• exploring a sale around $2 billion
• NORTH DAKOTA RimRock Oil & Gas
• private equity firm Warburg Pincus asked for indicative acquisition offers for a deal that could exceed $500 million
• EnCap-backed Grayson Mill Energy:
• bought the Bakken shale assets of Equinor for $900 million (previously posted)
• Uinta (Utah), Denver-Julesburg (Colorado)
• unattractive due to federal and state political issues

From the blog's "Bakken Operators":

RimRock Oil & Gas

• June 6, 2019: makes fifth acquisition in Divide County; 120,000 net acres
• March 19, 2018: list of 27 more wells transferred from Whiting to Rimrock Oil & Gas;
• February 12, 2018: list of 101 wells transferred from Whiting to Rimrock Oil & Gas
• these are some very nice Whiting wells that were first permitted/drilled by KOG, Dunn County
• RimRock natural gas gathering system, Fort Berthold/Dunn County  -- January 26, 2018
• buys Whiting assets in Fort Berthold Indian Reservation -- September, 2017
• first noted in 2016 / 2017 -- took over some QEP wells; website;

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Warburg Pincus - RimRock Oil & Gas

Link here. 

A portfolio company is a company (public or private) that a venture capital firm, buyout firm, or holding company owns equity. In other words, companies that private equity firms hold an interest in are considered portfolio companies. Investing in a portfolio company aims to increase its value and earn a return on investment through a sale. Link here. And here (wiki).

$500 million / 120,000 acres = $5,000 / acre
$500 million / 30,000 acres = $17,000 / acre