The M&A boom in the Permian and Eagle Ford continues unabated. Lately, a multitude of E&Ps have built scale and increased profitability by acquiring other producers that control acreage and produce crude oil, natural gas and NGLs themselves. But it’s also possible for an E&P to boost its holdings by acquiring incremental working interests in its operated assets or by having an affiliate acquire royalty and mineral interests in acreage the producer plans to develop. In today’s RBN blog, we discuss the most recent M&A activity in two of the U.S.’s leading production areas, including Viper Energy Partners’ planned $1 billion purchase of mineral and royalty interests in the Permian; Crescent Energy’s plan to acquire incremental working interests in South Texas; and an old-school, bolt-on acquisition by Magnolia Oil & Gas, also in the Eagle Ford.
It’s been hard to keep up with all the upstream M&A in South Texas, West Texas and southeastern New Mexico — it’s not just the summertime temperatures that have been scorching hot in this part of the world. Just a couple of weeks ago, in Eat or Be Eaten, we examined the plans by Permian Resources to acquire Earthstone Energy; Civitas Resources to buy assets in the Permian’s Delaware and Midland basins from Tap Rock Resources and Hibernia Resources, respectively; and SilverBow Resources to scoop up Chesapeake Energy’s last remaining assets in the Eagle Ford.
Canadian crude output is rising, requiring new export routes. As traditional pathways face constraints, the U.S. Rockies—especially the Guernsey, WY hub—are emerging as key corridors for moving Canadian heavy crude to downstream markets, including the Gulf Coast.
A couple of months before that, in What I Like About Texas, we looked at an earlier round of Permian and Eagle Ford M&A, that time involving Vital Energy’s and Northern Oil & Gas’s purchase of Forge Energy II Delaware LLC’s assets in West Texas; Callon Petroleum’s acquisition of Permian-focused Percussion Petroleum Operating II LLC and sale of its remaining assets in the Eagle Ford to Ridgemar Energy Operating LLC; and Crescent Energy’s purchase of Mesquite Energy assets in the Eagle Ford. (More on Crescent in a moment — as we said in the introduction, it’s still in acquisition mode.) And we’ve discussed other Permian-related M&A in Harder, Better, Faster, Stronger and other Eagle Ford dealmaking in Part 1 and Part 2 of our Come Back Story blog series.
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About the song
“One Way or Another” was written by Debbie Harry and Nigel Harrison and appears as the second song on side one of Blondie’s third studio album, Parallel Lines. Harry wrote the lyrics about an ex-boyfriend who was hassling her about their breakup in the early 1970s. Released as a single in May 1979, it went to #24 on the Billboard Hot 100 Singles chart. Personnel on the record were: Debbie Harry (vocals), Jimmy Destri (keyboards), Frank Infante (guitar), Chris Stein (guitar), Nigel Harrison (bass), and Clem Burke (drums). The boy band One Direction covered the song combined with the Undertones’ “Teenage Kicks” in 2013. Released as a charity single, their version went to #13 on the Hot 100 Singles chart and was certified Gold by the Recording Industry Association of America (RIAA).
Parallel Lines was recorded in June and July 1978 at the Record Plant in New York City with Mike Chapman producing. Chapman initially found the band unprofessional and difficult to work with, claiming there was a lot of animosity in the studio. However, after the success of Parallel Lines, the band and Chapman continued to work together and produced three more successful albums. The album was released in September 1978 and went to #6 on the Billboard 200 Albums chart and was certified Platinum by the RIAA. According to rock critic Robert Christgau, it was a pop rock album in which Blondie achieved “a synthesis of The Dixie Cups and The Electric Prunes.” Six charting singles were released from the LP.
Blondie is an American rock band formed in New York City in 1974 by Chris Stein and Debbie Harry. The two met in 1973 while playing together in the New York band The Stilettos. After leaving that band, they formed Blondie with drummer Clem Burke and bassist Gary Valentine. Blondie was a regular at CBGB and Max’s Kansas City before signing a record deal with Private Stock Records in 1975. They released two punk-oriented albums for that label before making changes to the band and signing with Chrysalis Records in 1977. After major mainstream success, the band broke up in November 1982, with members going different ways to various projects. Blondie reformed in 1997 and toured and recorded with original members Stein, Harry and Burke always on board. The band has released 11 studio albums, four live albums, 14 compilation albums, three EPs and 38 singles and has sold more than 40 million records worldwide.
Blondie was inducted into the Rock and Roll Hall of Fame in 2006. The band still records and tours, and last appeared at the 22nd Coachella Valley Music and Arts Festival in April 2023. They are scheduled to appear this month at the Annapolis Songwriter Festival in Maryland and the Bourbon & Beyond Festival in Louisville.
