A company just made its largest deal. The Permian is still a deal making hotspot, and there's a reemerging oil play that's catching our attention in this A&D Minute sponsored by BOK Financial Securities.
Kimbell Royalty Partners announced its largest deal in company history. They're scooping up Permian Basin and Midcontinent assets from a private seller for $455 million in cash. The oil and gas mineral and royalty interests are located in the core positions of the Delaware, Midland and Midcontinent.
Other deals are being done across the Permian, America's hottest oil basin. Permian pure-play Diamondback Energy sold an ownership interest in Midland Basin crude oil gathering assets for $225 million. The sale helped Diamondback pass its $1 billion divestiture target, but analysts say the company might not be done selling off assets.
And there's another part of Texas that's caught our attention: The Eagle Ford. Magnolia Oil & Gas bolted on assets in the Giddings field in a $40 million deal. Magnolia is focused on the Austin Chalk where it holds 22,800 net acres in the core of Karnes County. Magnolia also holds a large position in the Giddings area, which it says is a “re-emerging oil play with significant upside.”
That's your A&D Minute powered by BOK Financial Securities. Be the first to watch new episodes every Wednesday with our A&D Watch newsletter. Sign up at hartenergy.com/transactions.
Recommended Reading
Seatrium Awarded Contract for FPSO Bound for Guyana’s Stabroek
2024-05-17 - The topsides fabrication and integration contract will be for the FPSO Jaguar, bound for the Whiptail Field in the Stabroek block offshore Guyana for Exxon Mobil.
Third Suriname Find for Petronas, Exxon Could Support 100,000 bbl/d FPSO
2024-05-17 - A recent find offshore Suriname in Block 52 by Petronas and Exxon Mobil could support a 100,000 bbl/d FPSO development, according to Wood Mackenzie.
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks: Baker Hughes
2024-05-17 - The oil and gas rig count rose by one to 604 in the week to May 17.
BPX Looks to Ramp US Production Over 60% by 2030
2024-05-16 - BPX Energy is looking to boost its U.S. production over 60% by 2030 as it considers bringing online a fourth processing facility in the Permian by mid-year 2025, Clark Edwards, the company’s vice president of development, said during SUPER DUG in Fort Worth.
Empire Petroleum’s Williston Drilling Program Identifies New Zones
2024-05-16 - Empire Petroleum provided updates on its Williston Basin development drilling program in its first quarter 2024 earnings results.