APA Continues The Non-Core Narrative

APA Corporation announces a $950M sale of non-core Permian Basin assets; Diamondback closes $2.6B deal with Endeavor, forming the last "Permian Sandbox."; Hurricane Francine causes 23% shutdown in Gulf oil production; U.S. EIA raises oil demand forecast; prices to recover above $80.

Author

Rob Quigley
September 11, 2024

Good morning! Non-core assets continue to roll as large E&P's transform their portfolio. Latest is Apache's announcement of the $950 mm sale of their Central Basin Platform and NW Shelf assets. Diamondback officially closed its $2.6 B Endeavour deal. New EIA report raises oil demand forecast and also predicts prices to recover to $80/bbl. Finally, 23% of Gulf production is shut-down in the path of Hurricane Francine. Let's drill down.

Daily Headlines

  • Hurricane Francine causes 23% shutdown in Gulf oil production Oil and Gas Journal.

  • Global market dynamics create opportunities for oil and gas M&A World Oil.

  • U.S. EIA raises oil demand forecast; prices to recover above $80 BOE Report.

  • Halliburton to apply North American shale drilling in Australia World Oil.

  • Equinor discusses scaling back on renewable energy projects Upstream Online.

  • Arizona and Nevada governors urge delay of California's oil plan KCRA.

Deal Flow

M&A/Investment

  • APA Corporation announces a $950 M sale of non-core Permian Basin assets BOE Report.

  • Diamondback closes $2.6B deal with Endeavour, forming the last "Permian Sandbox" Hart Energy .

  • Pembina Gas to acquire Verens Oil batteries in Alberta Rigzone.

  • Exxon passes on a $10B investment in a Namibian oil field Benzinga.

  • Methanex to acquire OCI Global's methanol business in a $2.05B deal Hart Energy.

  • Motive Offshore acquires Aquatic from Acteon Group to expand offshore services Energy Voice.

  • Bonterra Energy Corp sells properties to Trimble Energy Group BOE Report.

IPO/Direct Listing/Issuances/Block Trades

Debt

  • Gulfport Energy releases results for its senior notes offering due in 2026 Hart Energy.

Bankruptcy/Restructuring/Distressed

  • NCLAT halts insolvency proceedings against Essar Oil and Gas Exploration Business Standard.

Fundraising

  • Cibolo Energy secures $279mm Fund II for upstream and midstream growth Hart Energy.

  • Infinium secures investment from Brookfield Asset Management for expansion Biz Journals.

  • Orkney Wave Energy Project gets $16M in joint EU and UK funding Energy Voice.

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