The CLR - Permian Gambit With Pioneer Has Closed -- $125 Million In Cash Flow Generated In Three Months -- December 22, 2021

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.