WELD COUNTY Whiting Petroleum Corp. (NYSE: WLL) will sell its Redtail development in northeast Weld County and buy additional assets in the Williston Basin of North Dakota, where it has other investments.
The company announced that it will sell Redtail to a private company for $187 million in cash. The deal includes both production and midstream assets located over 67,278 acres, with daily production of approximately 7,100 barrels of oil equivalent, 51% of it oil.
The Williston Basin purchase totaled $271 million in cash and includes 8,752 net acres with net daily production of approximately 4,200 barrels of oil equivalent, 80% of it in oil. The properties adjoin existing Whiting operations.
Oil, gas deal tracker: M&A activity slowed significantly in November
Large-scale oil and gas M&A deal-making tapered off significantly in November following a tidal wave of consolidation activity in October.
During the month, the sector announced 32 whole-company and minority-stake deals, which compared to 34 in November 2019. The combined value of the November 2020 deals rose year over year from $3.07 billion to $4.86 billion, but still fell far short of October’s $32.14 billion.
The aggregate value of announced asset transactions increased over 100% from $443 million to $1.00 billion, and the number of deals rose from 15 to 23.
Riverstone Holdings LLC’s $2.69 billion acquisition of bulk liquid storage and terminal facilities operator International-Matex Tank Terminals Inc. from Macquarie Infrastructure Corp. was the biggest deal announced in November. In October 2019, MIC announced that it was pursuing strategic alternatives, including the sale of the company or its operati
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14 Dec, 2020 Author Allison GoodAnna Duquiatan
Large-scale oil and gas M&A deal-making tapered off significantly in November following a tidal wave of consolidation activity in October.
During the month, the sector announced 32 whole-company and minority-stake deals, which compared to 34 in November 2019. The combined value of the November 2020 deals rose year over year from $3.07 billion to $4.86 billion, but still fell far short of October s $32.14 billion.
The aggregate value of announced asset transactions increased over 100% from $443 million to $1.00 billion, and the number of deals rose from 15 to 23.
Riverstone Holdings LLC s $2.69 billion acquisition of bulk liquid storage and terminal facilities operator International-Matex Tank Terminals Inc. from Macquarie Infrastructure Corp. was the biggest deal announced in November. In October 2019, MIC announced that it was pursuing strategic alternatives,