Delaware Basin

NOG Announces Joint Acquisition of Forge Energy Assets in the Permian Basin

Retrieved on: 
Monday, May 15, 2023
Oil, Gas, Energy, LLP, Partnership, Kirkland & Ellis, NOG, Wells, Delaware Basin, Public expenditure, Acquisition, Vital, Myers, NYSE, Financial services, Cryptocurrency, Forge

Upon closing, the operator of the assets will be Vital, with NOG participating in development pursuant to cooperation and joint operating agreements entered into with Vital in connection with the acquisition.

Key Points: 
  • Upon closing, the operator of the assets will be Vital, with NOG participating in development pursuant to cooperation and joint operating agreements entered into with Vital in connection with the acquisition.
  • Recent production on the Acquired Assets was approximately 3,400 Boe per day (2-stream, 79% oil).
  • “The Forge Assets are high-quality with the opportunity for clear and concise development to deliver the consistent performance our investors have come to expect.”
    Houlihan Lokey served as financial advisor to Vital and NOG for the Forge Assets acquisition.
  • RBC Richardson Barr is serving as financial advisor to Forge and O’Melveny & Myers is serving as legal counsel to Forge.

Vital Energy Expands Permian Footprint with Delaware Basin Acquisition

Retrieved on: 
Friday, May 12, 2023
Permian, EnCap, KeyBank, NYMEX, Partnership, Vitalism, GAAP, Delaware Basin, Sale, Acquisition, Vital, Myers, Latham & Watkins, Ward, OK, Consolidated, NYSE, Bank, Potash

TULSA, OK, May 12, 2023 (GLOBE NEWSWIRE) -- Vital Energy, Inc. (NYSE: VTLE) ("Vital Energy" or the "Company") today announced the signing of a definitive joint purchase and sale agreement to acquire the assets of Forge Energy II Delaware, LLC ("Forge"), an EnCap portfolio company, further expanding the Company’s Permian Basin focus and establishing a core operating position in the Delaware Basin.

Key Points: 
  • TULSA, OK, May 12, 2023 (GLOBE NEWSWIRE) -- Vital Energy, Inc. (NYSE: VTLE) ("Vital Energy" or the "Company") today announced the signing of a definitive joint purchase and sale agreement to acquire the assets of Forge Energy II Delaware, LLC ("Forge"), an EnCap portfolio company, further expanding the Company’s Permian Basin focus and establishing a core operating position in the Delaware Basin.
  • Vital Energy plans to fund the acquisition through the use of its credit facility.
  • "This accretive acquisition is attractively priced and significantly expands Vital Energy’s Permian focus, adding a core operating area in the Delaware Basin," stated Jason Pigott, President and Chief Executive Officer.
  • Expands Permian Basin focus: Transaction will expand Vital Energy’s Permian Basin leasehold to ~198,000 net acres and establish core operating positions in Pecos, Reeves and Ward counties.

Earthstone Energy, Inc. Reports 2023 First Quarter Financial Results

Retrieved on: 
Wednesday, May 3, 2023
Dark, Net, Common stock, Titus, 2020 United States House of Representatives elections in New Mexico, WTG, Barrel of oil equivalent, Wells, GAAP, Acquisition, Dark Canyon Wilderness, Net income, Second Bone War, DUC, NYSE, Jade, Cryptocurrency, Bank, Delaware Basin

THE WOODLANDS, Texas, May 03, 2023 (GLOBE NEWSWIRE) -- Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone”, the “Company”, “we”, “our” or “us”), today announced financial and operating results for the three months ended March 31, 2023.

Key Points: 
  • THE WOODLANDS, Texas, May 03, 2023 (GLOBE NEWSWIRE) -- Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone”, the “Company”, “we”, “our” or “us”), today announced financial and operating results for the three months ended March 31, 2023.
  • Robert J. Anderson, President and Chief Executive Officer of Earthstone, stated, “We are off to a great start in 2023 as our first quarter results reflected both strong operational and financial performance.
  • In the Delaware Basin, during the first quarter of 2023, Earthstone commenced drilling ten gross (8.4 net) wells, brought six gross (3.8 net) wells online, and had six gross (5.2 net) drilled but uncompleted (“DUC”) wells at quarter end.
  • During the first quarter of 2023, the Company began drilling six gross (3.9 net) wells, brought nine gross (nine net) wells online, and had two gross (1.3 net) DUC wells at quarter end.

Kinetik Reports First Quarter 2023 Financial and Operating Results

Retrieved on: 
Wednesday, May 3, 2023
Oil, Gas, Energy, Permian, Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc., Credit agreements in South Africa, SOFR, Delaware Basin, EBITDA, Acquisition, Water, Distribution, KNTK, Adjustment, Credit, NYSE, Petroleum, Cryptocurrency, Security (finance), Kinetik

Kinetik Holdings Inc. (NYSE: KNTK) (“Kinetik” or the “Company”) today reported financial results for the quarter ended March 31, 2023.

Key Points: 
  • Kinetik Holdings Inc. (NYSE: KNTK) (“Kinetik” or the “Company”) today reported financial results for the quarter ended March 31, 2023.
  • For the three months ended March 31, 2023, Kinetik processed natural gas volumes of 1.35 Bcf/d and reported net income including noncontrolling interest of $4.3 million.
  • “We reported first quarter 2023 net income and Adjusted EBITDA1 in line with our internal expectations.
  • Declared a dividend of $0.75 per share on April 19, 2023 for the quarter ended March 31, 2023, or $3.00 per share on an annualized basis.

Western Midstream Announces First-quarter 2023 Results

Retrieved on: 
Wednesday, May 3, 2023
Energy, Other Energy, Oil, Gas, Crude Oil Windfall Profit Tax Act of 1980, Partnership, International, Atlas, Occidental, Central Time, Sale, Domestic, Public expenditure, Investment, Growth, WES, NYSE, Video game, Security (finance), Delaware Basin

Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced first-quarter 2023 financial and operating results.

Key Points: 
  • Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced first-quarter 2023 financial and operating results.
  • Net income (loss) attributable to limited partners for the first quarter of 2023 totaled $199.0 million, or $0.52 per common unit (diluted), with first-quarter 2023 Adjusted EBITDA(1) totaling $498.7 million.
  • First-quarter 2023 Cash flows provided by operating activities totaled $302.4 million, and first-quarter 2023 Free cash flow(1) totaled $141.6 million.
  • CONFERENCE CALL TOMORROW AT 1:00 P.M. CT
    WES will host a conference call on Thursday, May 4, 2023, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time) to discuss first-quarter 2023 results.

Permian-Focused Swordfish Energy Closes Private Equity Commitment With Pearl Energy Investments

Retrieved on: 
Wednesday, May 3, 2023
Energy, Other Energy, Oil, Gas, Permian, LLP, Vinson & Elkins, Investment, Sidley Austin, Delaware Basin, Financial services, Pearl, Swordfish

Swordfish Energy Holdings, LLC (“Swordfish” or “The Company”) is pleased to announce the closing of an equity commitment from Dallas-based investment firm, Pearl Energy Investments (“Pearl”).

Key Points: 
  • Swordfish Energy Holdings, LLC (“Swordfish” or “The Company”) is pleased to announce the closing of an equity commitment from Dallas-based investment firm, Pearl Energy Investments (“Pearl”).
  • The Swordfish management team is led by Marcos Briceno and Patrick Sherman who worked together at Advance Energy Partners in the Delaware Basin prior to forming Swordfish.
  • Vinson & Elkins LLP served as legal advisor to Swordfish and Sidley Austin LLP served as legal advisor to Pearl in connection with the formation of Swordfish.
  • Pearl Energy Investments is a Dallas, Texas-based investment firm with $1.9 billion of committed capital under management.

Upstream M&A slides to $9B in 1Q23

Retrieved on: 
Tuesday, May 2, 2023
Permian, EnCap, Dittmar, AB, Software as a service, Acquisition, Eagle Ford Group, Delaware Basin, Eagle Ford, Dallas, EIR, Retail

CALGARY, AB, May 2, 2023 /PRNewswire/ -- Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, is releasing its summary of 1Q23 upstream merger and acquisition (M&A) activity. In Q1, U.S. upstream M&A saw $8.6 billion transacted in 16 deals, with more than $5 billion in the Eagle Ford for a surprising resurgence in that mature play. While deal value is down about 20% versus the first quarter average since 2016, deal volume also continued its multi-year collapse with a disclosed volume of 80% less than the Q1 average. That resulted in an average deal size of more than $500 million.

Key Points: 
  • CALGARY, AB, May 2, 2023 /PRNewswire/ -- Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, is releasing its summary of 1Q23 upstream merger and acquisition (M&A) activity.
  • In Q1, U.S. upstream M&A saw $8.6 billion transacted in 16 deals, with more than $5 billion in the Eagle Ford for a surprising resurgence in that mature play.
  • "Last quarter was an outlier in terms of the deal targets and types for upstream transactions," said Andrew Dittmar, director at Enverus.
  • "M&A may have slowed, and shale may be in its later innings, but there are still opportunities to be had," concluded Dittmar.

Crestwood Announces First Quarter 2023 Financial and Operating Results

Retrieved on: 
Tuesday, May 2, 2023
Oil, Gas, Alternative Energy, Energy, Other Energy, Utilities, Permian, CHRD, Chord, Vista Equity Partners, Arrow, Hattiesburg, Mississippi, G&A, NGL, GAAP, Delaware Basin, Central Time, Sale, Barnett, Public expenditure, Internet, EBITDA, City, Rough Riders, Panther, Water, O&M, Webcast, Growth, Weather, Bear's Den, POP, News, NYSE, Conference, Software, Video game, Bank, Life insurance, Drug, Warehouse, Cryptocurrency, Petroleum, Painted wood turtle, Tres Palacios Bay, Jackalope

Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) reported today its financial and operating results for the three months ended March 31, 2023.

Key Points: 
  • Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) reported today its financial and operating results for the three months ended March 31, 2023.
  • On April 3, 2023, Crestwood and Brookfield Infrastructure (“Brookfield”) closed the previously announced divestiture of Tres Palacios Gas Storage LLC (“Tres Palacios”).
  • Financially, Crestwood delivered first quarter 2023 Adjusted EBITDA of $193 million, distributable cash flow of $104 million, and a coverage ratio of 1.5x, all metrics meeting or exceeding our internal estimates.
  • On January 17, 2023, Crestwood Midstream Partners LP (“CMLP”), a wholly owned subsidiary of Crestwood, issued $600 million of 7.375% senior unsecured notes due 2031.

Diamondback Energy, Inc. Announces First Quarter 2023 Financial and Operating Results

Retrieved on: 
Monday, May 1, 2023
Borrowing base, G&A, Delaware Basin, Sale, Barnett, EBITDA, Natural gas, BOE, Transport, Canadian petroleum companies, Hand, Pharmaceutical industry, Airline, Holding company, Cryptocurrency, Diamondback

During the first quarter of 2023, Diamondback drilled 70 gross wells in the Midland Basin and 12 gross wells in the Delaware Basin.

Key Points: 
  • During the first quarter of 2023, Diamondback drilled 70 gross wells in the Midland Basin and 12 gross wells in the Delaware Basin.
  • Diamondback's first quarter 2023 net income was $712 million, or $3.88 per diluted share.
  • First quarter 2023 net cash provided by operating activities was $1.43 billion.
  • Below is Diamondback's guidance for the full year 2023, which includes second quarter production, cash tax and capital guidance.

Matador Resources Company Reports First Quarter 2023 Financial Results and Provides Operational Update

Retrieved on: 
Tuesday, April 25, 2023
Oil, Gas, Natural Resources, Energy, Mining, Minerals, Other Energy, Avalon, Borrowing base, Bone Spring Formation, Bullfighter, Friends, British thermal unit, Antelope, GAAP, Public expenditure, Rodney Robinson, Acquisition, Natural gas, RBL, Growth, BOE, Hand, NYSE, Video game, Potash, Bank, Security (finance), Advance, Delaware Basin

Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today reported financial and operating results for the first quarter of 2023.

Key Points: 
  • Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today reported financial and operating results for the first quarter of 2023.
  • Foran, Matador’s Founder, Chairman and CEO, observed, “Our results for the first quarter of 2023 were above our expectations both operationally and financially and constituted a strong start to the year.
  • For additional information regarding our operational and financial results in the first quarter of 2023 and the closing of the Advance acquisition, please see the set of seven slides identified as ‘Chairman’s Remarks’ (Slides A through G) on our website.
  • In addition, we expect to achieve approximately 40% growth in year-over-year oil production in the fourth quarter of 2023 (see Slide F).