The CLR Permian gambit is such a big deal, it has it's own website.
The deal with Pioneer has closed, December 22, 2021, slightly earlier than anticipated.
- Assuming 100% of the purchase price adjustment of $125M was generated in free cash flow from the asset over the ~11 week period, would indicate the asset is generating ~$600m a year in free cash flow annually at current commodity prices; or around 20% of the purchase price.
- Pioneer also flagged that the Company's full-year and fourth-quarter guidance was predicated on the assets being with the Company through year end; given the earlier-than-expected closing date, analysts will need to back out the production and financial impact of the divested asset from December 20 onward.
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Aker BP to buy Lundin Energy
Speaking of deals, announced today, Aker BP to buy Lundin Energy Oil and Gas in $14 billion deal. Link here:
- Aker BP: Norwegian oil and gas company;
- Lundin Energy: Swedish
- this will be a "combined independent E&P company";
- includes ownership of 31.6 percent in the Equinor-operated Johan Sverdrup field, delivering 755,000 bopd gross on plateau
- the new company will be the undisputed #2 on the Norwegian Continental Shelf
- 400,000 boepd and a resource base estimated to 2.7 billion boe
Apparently the company's name will remain Aker BP.
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