Durango-CO based Peak Resources, an exploration and production (E&P) company in the Powder River Basin (pink-shaded area in map below), plans to go public on the New York Stock Exchange under the fitting ticker symbol “PRB.” On Monday, the company filed with the SEC to raise up to $86 million in an initial public offering (IPO), although an estimated price range has not yet been set. Peak Resources is backed by private equity group Yorktown Partners, which boasts an extensive portfolio of oil & gas investments, including EnLink Midstream and Antero Resources.
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Fun, Fun, Fun - Even in a Market Rife With Uncertainty, Producers Continue Reshaping Their Portfolios
Energy-market risks abound. Israeli attacks on Iranian oil and gas infrastructure. The looming possibility of a global trade war. Up-and-down prices for WTI and Brent. Still, in the midst of all this doubt and instability, oil and gas producers continue to buy and sell major upstream assets in the U.S. — and gobble up entire companies — in ongoing efforts to grow their businesses, reshape their portfolios and/or reduce their debt. In today’s RBN blog, we continue our look at recent big-dollar deals in the U.S. oil and gas industry.
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Just One Look - After a Good Bit of Tire-Kicking, Devon Energy Finally Finds ‘The One’
There’s been a frenetic scramble among oil and gas producers through the early 2020s to acquire top-tier acreage and production assets they think they will need to survive and thrive. Some of those acquisitions are still being done through smaller deals such as acreage swaps, but the expansion mode of choice for most has been big-time M&A, which in a single multibillion-dollar deal can add years to a company’s inventory life or perhaps give it a stronger foothold in a key production region or two. In today’s RBN blog, we discuss Devon Energy’s recently announced $5 billion acquisition of Grayson Mill Energy, yet another private-equity-backed E&P cashing in on the smart moves it has been making.
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It's Not Over - More M&A, Divestitures and Swaps as E&Ps and Midstreamers Fine-Tune Portfolios
Even with all the headline-making deals we’ve seen in the North American oil and gas industry over the past two or three years, producers and midstream companies are still at it. And the M&A, the post-acquisition divestitures and the acreage swaps aren’t confined to the Permian, which has seen more than its share of big-dollar transactions lately. In fact, as we discuss in today’s RBN blog, some of the biggest deals the past few months have involved production assets in the booming Montney in Western Canada, the generally sleepy Piceance in western Colorado, the quirky-as-heck Uinta in Utah, and — on the midstream side of things — a trio of natural gas pipelines in the Midwest.
