M&A

Energy Companies | EQT Corp | Industrywide Issues | M&A | Marshall County | Tug Hill Operating | West Virginia | Wetzel County

EQT CEO Toby Rice Pulls Back the Curtain on Tug Hill $5.2B Deal
September 8, 2022September 8, 2022

Yesterday MDN brought you the news that EQT Corporation is buying the West Virginia assets of Tug Hill Operating–the company’s THQ Appalachia operation–for $5.2 billion (see Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion). The deal adds roughly 90,000 leased acres (mainly in Marshall and Wetzel counties) to EQT’s massive existing footprint. It also adds an extra 800 million cubic feet per day (MMcf/d) of production to EQT’s current 5.5 billion cubic feet per day (Bcf/d). EQT CEO Toby Rice went on the record with the Pittsburgh Business Times to share his reasoning and thoughts behind the Tug Hill acquisition. Rice pulled back the curtain, giving a behind-the-scenes look at how deals like this come together. One of the big motivations for Rice is that he loves loves loves Marshall County, WV.
Read More “EQT CEO Toby Rice Pulls Back the Curtain on Tug Hill $5.2B Deal”
Energy Companies | EQT Corp | Industrywide Issues | M&A | Marshall County | Tug Hill Operating | West Virginia | Wetzel County

Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion
September 7, 2022September 7, 2022

The rumors were right. Yesterday we brought you the news (rumors), as reported by both Reuters and Bloomberg, that EQT Corporation was about to seal a deal to buy Tug Hill’s THQ Appalachia operation with major assets in West Virginia (see EQT Close to Buying Tug Hill’s THQ Appalachia for $4+ Billion). Reuters reported the deal would be worth $4 billion. Bloomberg reported the deal would be worth $5.2 billion. Bloomberg (we are surprised to say) was right. EQT issued a press release yesterday afternoon announcing the deal and confirming the details.
Read More “Confirmed: EQT Buys Tug Hill’s THQ Appalachia for $5.2 Billion”
Industrywide Issues | Lease & Royalty Payments | M&A

Sitio, Brigham $4.8B Merger Creates Largest Mineral & Royalty Co.
September 7, 2022September 7, 2022

In June, MDN told you about the merger of Falcon Minerals Corporation and Desert Peak Minerals (see Falcon & Desert Peak Minerals Combine to Form Sitio Royalties Corp.). The two companies merged in a $1.9 billion all-stock deal. The combined company was renamed Sitio Royalties Corp. and owns over 139,000 net royalty acres, including 12,000+ net royalty acres in the Marcellus Shale across Pennsylvania, Ohio, and West Virginia. Barely three months later and Sitio is merging again, this time with Brigham Minerals, Inc., to create a $4.8 billion oil and gas mineral and royalty rights behemoth–the largest publicly traded mineral rights/royalties company in the U.S.
Read More “Sitio, Brigham $4.8B Merger Creates Largest Mineral & Royalty Co.”
Energy Companies | Energy Services | EQT Corp | Industrywide Issues | M&A | Marshall County | Tug Hill Operating | West Virginia | Wetzel County | XcL Midstream

EQT Close to Buying Tug Hill’s THQ Appalachia for $4+ Billion
September 6, 2022September 6, 2022

In June, MDN brought you the news that Tug Hill was shopping its THQ Appalachia division (Tug Hill’s West Virginia assets) for $5 billion (see Tug Hill’s THQ Appalachia Shops Itself for $5 Billion). Yesterday both Reuters and Bloomberg reported a deal is close and may even be announced today (Tuesday). However, the price of the deal reported by the two news services differs by quite a bit. Reuters reports a deal price for the THQ Appalachia assets of roughly $4 billion, while Bloomberg pegs it at $5.2 billion.
Read More “EQT Close to Buying Tug Hill’s THQ Appalachia for $4+ Billion”
Energy Services | Guernsey County | Industrywide Issues | M&A | Ohio | Select Energy Services

Select Energy Services Buys Out, Merges in Mud Masters Ohio
August 10, 2022August 10, 2022

Select Energy Services (SES) continues to expand with mergers and acquisitions. Earlier this year, SES bought out and merged in Nuverra Environmental Solutions (formerly Heckmann) for $45 million (see Nuverra Environmental Stockholders Agree to Select Energy Deal). According to a letter SES sent to vendors of Mud Masters Ohio (the trade name for Armada EP OH, LLC), SES either already has, or is about to, close on a deal to buy Mud Masters as of August 1st. Details of the deal have not (so far) been disclosed.
Read More “Select Energy Services Buys Out, Merges in Mud Masters Ohio”
Ascent Resources | Energy Companies | Industrywide Issues | M&A | Ohio | Statewide OH | XTO

Ascent Closes on 27K Utica Acres for $270M – Finally Names Seller
August 8, 2022August 8, 2022

On July 1, just as everyone was heading out the door for summer vacation, Ascent Resources announced it is buying another 26,800 acres in the Ohio Utica for $270 million (see Ascent Resources Buys Another 27K Utica Acres for $270 Million). The announcement withheld the identity of the seller but did say Ascent was buying *all* of the seller’s Ohio Utica shale assets, which touched off speculation about who is doing the selling. We now know. On Friday, Ascent announced it has closed on the deal. The seller was…
Read More “Ascent Closes on 27K Utica Acres for $270M – Finally Names Seller”
Diversified Energy | Energy Companies | Industrywide Issues | M&A

Diversified Energy Buys ConocoPhillips Assets in TX, OK for $240M
July 29, 2022July 29, 2022

Diversified Energy (sadly) continues to expand outside the Marcellus/Utica region. Yesterday the company announced it is paying $240 million to buy some of ConocoPhillips’ upstream assets in Oklahoma and Texas. The assets include roughly 1,500 wells spanning 250,000 acres. Diversified, which now owns approximately 8 million acres of leases with close to 70,000 (mostly) conventional oil and gas wells used to be solely focused on the Appalachian region–until last year.
Read More “Diversified Energy Buys ConocoPhillips Assets in TX, OK for $240M”
Diversified Energy | Energy Companies | Industrywide Issues | M&A | Roane County | West Virginia

Diversified Energy Buys 3rd Well Plugging Co. – WV’s ConServ
July 28, 2022July 28, 2022

Diversified Energy is growing again. In February, Diversified bought out and merged in well-plugging company Next LVL Energy, headquartered in the Pittsburgh area (see Diversified Energy Buys Well-Plugging Co. NextLVL Energy). In May, Diversified announced it is buying a second well-plugging company, Nick’s Well Plugging LLC, based in Warren, Ohio (see Diversified Energy Buys Second Well-Plugging Co. – Based in OH). Here we are two months later, and Diversified is doing it again–buying a third well-plugging company, Contractor Services Inc. (also known as ConServ), based in Spencer, West Virginia.
Read More “Diversified Energy Buys 3rd Well Plugging Co. – WV’s ConServ”
Industrywide Issues | M&A | Research

Mergers & Acquisitions Active in O&G in 2022, but Not in the M-U
July 26, 2022July 26, 2022

Shale energy mergers and acquisitions (M&A) have been quite active for the first half of 2022. According to powerhouse energy data company Enverus, the first quarter saw $14.7 billion worth of M&As. The second quarter saw $12 billion in M&As. However, almost all of it happened outside of the Marcellus/Utica. There was $2.8 billion worth of M&A in the M-U during 1Q22, and $0 in 2Q22. One of the main reasons our play hasn’t seen more M&A? Lack of pipelines to move natural gas out of the northeast.
Read More “Mergers & Acquisitions Active in O&G in 2022, but Not in the M-U”
American Energy Partners Inc. | Energy Companies | Industrywide Issues | Landfills | M&A

American Energy Buys Radioactive Waste Co. Austin Master Services
July 12, 2022July 12, 2022

American Energy Partners, Inc. (AEPT), based in Allentown, PA, is a small but diversified company. They have their fingers in a number of different oil and gas pies, including subsidiaries in drilling, remediation, water, valuation services, and education. Add one more to the list: radioactive waste. AEPT recently announced it has purchased Austin Master Services, a company that services the Marcellus/Utica industry (and other industries) with radiological waste management solutions, including remediation, decontamination & decommissioning (D&D), and transport.
Read More “American Energy Buys Radioactive Waste Co. Austin Master Services”
Ascent Resources | Energy Companies | Industrywide Issues | M&A | Ohio | Statewide OH

Ascent Resources Buys Another 27K Utica Acres for $270 Million
July 11, 2022July 11, 2022

Ascent Resources, originally founded as American Energy Partners by gas legend Aubrey McClendon, is a privately-held company that focuses 100% on the Ohio Utica Shale. Ascent is Ohio’s largest natural gas producer and the 8th largest natural gas producer in the U.S. There have been plenty of rumors swirling about Ascent, one that says Gulfport Energy is interested in selling to Ascent (see Rumor: Gulfport Energy in Talks to Merge with Ascent Resources) and another that the company is close to launching an IPO (see Ohio’s Largest Shale Driller, Ascent Resources, Preps for IPO). Here’s something that’s not a rumor: The company is buying another 26,800 acres in the Ohio Utica for $270 million.
Read More “Ascent Resources Buys Another 27K Utica Acres for $270 Million”
Encino Energy | Energy Companies | Gulfport Energy | Industrywide Issues | M&A | Ohio | Statewide OH

Utica Driller Gulfport Energy Considers Merger with Encino Energy
July 1, 2022July 1, 2022

Sources whispering to Bloomberg say that Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), is having exploratory talks with Encino Energy about selling itself to/merging with Encino. In March the rumor mill said Gulfport was in talks to sell itself to Ascent Resources (see Rumor: Gulfport Energy in Talks to Merge with Ascent Resources). It appears those talks didn’t go anywhere. What about this time?
Read More “Utica Driller Gulfport Energy Considers Merger with Encino Energy”
Energy Companies | Industrywide Issues | M&A | Pennsylvania | Potter County | Rockdale | S.T.L. Resources | Tilden Bradford | Tioga County (PA)

STL Resources Buys Tilden PA Marcellus Assets from Bankruptcy Sale
June 29, 2022June 29, 2022

S.T.L. Resources, LLC, an independent oil and gas company with headquarters outside of Pittsburgh, announced yesterday that the company has purchased the remaining assets of Tilden Marcellus for an undisclosed sum. Tilden filed for Chapter 11 bankruptcy protection in February (see Tilden Marcellus Files for Voluntary Chapter 11 Bankruptcy). Although STL doesn’t mention how much it paid, when Tilden filed in February, the company reported its value at the time was “$10 million to $50 million in both assets and liabilities.”
Read More “STL Resources Buys Tilden PA Marcellus Assets from Bankruptcy Sale”
Energy Services | Hydraulic Fracturing | Industrywide Issues | M&A | ProFrac | U.S. Well Services

ProFrac Buying E-Fracker US Well Services for Estimated $230M
June 28, 2022June 28, 2022

U.S. Well Services (USWS), a company that specializes in fracking shale wells using gas-fired electric (as opposed to diesel) engines, has operations in the Marcellus/Utica, as well as other plays. Last week USWS announced it is selling itself to ProFrac Holding Corp. in an all-stock transaction analysts value at $225-$230 million. The deal will create the second-largest U.S. fracking company by total horsepower, and the largest electric fleet operator with 12 active e-fracking fleets.
Read More “ProFrac Buying E-Fracker US Well Services for Estimated $230M”
Energy Companies | Greylock Energy | Industrywide Issues | M&A

Greylock Energy, Former Pure-Play M-U, Buys Western O&G Assets
June 16, 2022June 16, 2022

Here’s some major news that we confess we somehow missed back in March. Greylock Energy, which is headquartered in Charleston, WV, and has (until recently) been a pure-play natural gas driller in the Marcellus/Utica, now owns assets and drills for oil (and gas) in Utah and Wyoming. Kyle Mork, president and CEO of Greylock Energy, addressed Hart Energy’s DUG East conference in Pittsburgh yesterday. He talked extensively about Greylock’s decision to “go West young molecule” (our words). Why the Uinta and Green River Basin? Why now?
Read More “Greylock Energy, Former Pure-Play M-U, Buys Western O&G Assets”
Industrywide Issues | Lease & Royalty Payments | M&A

Falcon & Desert Peak Minerals Combine to Form Sitio Royalties Corp.
June 6, 2022June 6, 2022

From time to time we highlight deals by companies that purchase landowners’ (or rights owners’) royalty payments–giving them a lump sum payment upfront in return for signing over all future royalty payments to the company buying the rights. Buying future royalty payments is not unlike companies that approach and pay lottery winners who receive payouts over a long period (for life, or for a period of years), with the lottery winner selling his or her future payments for a single lump sum now. Two companies of the larger companies in this space are about to merge.
Read More “Falcon & Desert Peak Minerals Combine to Form Sitio Royalties Corp.”