Tracked deals
11
11 tracked deals across 2024.
Oil & Gas Divestitures in 2024
Buyer mix
Mixed buyer set
11 strategic · 6 pe
Top trend
Volume peaked in 2024
11 tracked deals announced in 2024.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| BP Energy Partners | 1 | Dallas-based private equity firm making control investmen... | PE |
| Control Empresarial de Capitales, S.A. de C.V. | 1 | Investor group (10% owner of Zamajal) involved in the Zam... | Strategic |
| Cryopeak Energy Solutions | 1 | Integrated LNG production, distribution and technology se... | Strategic (PE-backed) |
| EG Acquisition LLC | 1 | Arm's length purchaser acquiring Moss Mine-related assets... | Mixed |
| Global Partners LP | 1 | Integrated owner, supplier and operator of liquid energy ... | Strategic |
| Grupo Carso, S.A.B. de C.V. | 1 | Mexican business group (via its 90% ownership of Zamajal)... | Strategic |
| Harbour Energy plc | 1 | London-listed independent oil and gas company focused on ... | Strategic |
| Intrepid Investment Management, LLC | 1 | Energy-focused merchant bank and investment manager that ... | PE |
| KODA Resources | 1 | Existing Quantum-backed exploration and production operat... | Strategic (PE-backed) |
| Kinetik Holdings Inc. | 1 | Pure-play midstream operator providing gathering, transpo... | Strategic |
Acquisition Volume in Oil & Gas Divestitures in 2024 by Year
Last 8 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
December 31, 2024
- Buyer
- EG Acquisition LLC
- Target
- Golden Vertex Corp., Golden Vertex (Idaho) Corp., Elevation Gold Mining Corporation (certain assets, including shares of Golden Vertex Corp.)
- Seller
- Elevation Gold Mining Corporation
- Industry
- Oil & Gas
- Location
- Arizona, United States
- Type
- Divestiture
Elevation Gold Mining Corporation entered into a purchase and sale agreement with EG Acquisition LLC to sell certain assets, including the outstanding common shares of Golden Vertex Corp., which holds the Moss Mine in Arizona. The transaction received Canadian Supreme Court approval on December 17, 2024 and the U.S. recognition/approval order was entered on December 30, 2024, with closing expected/occurring on December 31, 2024.
-
December 17, 2024
- Buyer
- Zamajal, S. A. de C.V., Grupo Carso, S.A.B. de C.V., Control Empresarial de Capitales, S.A. de C.V.
- Target
- Talos Mexico
- Seller
- Talos Energy Inc., Talos Mexico
- Industry
- Oil & Gas
- Location
- Texas, United States
- Type
- Divestiture
Talos Energy sold an additional 30.1% interest in its Mexican subsidiary, Talos Mexico, to Zamajal, an entity owned primarily by Grupo Carso. The deal increases Zamajal’s ownership to 80% of Talos Mexico (Talos retains 20%), with Talos receiving $49.7 million in cash at closing and $33.0 million contingent upon first commercial production from the Zama Field.
-
- Buyer
- Seplat Energy Plc
- Target
- Mobil Producing Nigeria Unlimited (MPNU)
- Seller
- ExxonMobil Corporation
- Industry
- Oil & Gas
- Location
- Nigeria
- Type
- Divestiture
Seplat Energy Plc has completed the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil Corporation for $672 million in cash. The deal—part of Seplat's Nigeria-focused growth strategy—boosts pro forma production and 2P reserves substantially and transfers roughly 1,000 Mobil staff to Seplat, funded from available cash and debt facilities.
-
- Buyer
- Tailwater E&P LLC, Tailwater Capital LLC
- Target
- Non‑operated working interest asset package (Permian Basin) — assets acquired from Accelerate Resources Operating LLC
- Seller
- Accelerate Resources Operating LLC
- Industry
- Oil & Gas
- Location
- Texas; New Mexico, United States
- Type
- Divestiture
Tailwater E&P LLC, the upstream platform of private equity firm Tailwater Capital, acquired an off‑market non‑operated working interest asset package in the Permian Basin from Accelerate Resources Operating LLC. The assets include more than 5,000 net leasehold acres and produce in excess of 5,000 net barrels of oil equivalent per day across the Midland and Delaware Basins, and Tailwater E&P hedged a significant portion of the production profile as part of the transaction.
-
September 4, 2024
- Buyer
- Harbour Energy plc, L1 (LetterOne)
- Target
- Wintershall Dea (upstream business)
- Seller
- BASF, L1 (LetterOne)
- Industry
- Oil & Gas
- Location
- Hesse, Germany
- Type
- Divestiture
Harbour Energy has acquired the majority of Wintershall Dea's upstream business for $11.2 billion in a transfer completed by BASF and L1 (LetterOne). As part of the transaction, L1 received a 14.87% preference shareholding in Harbour, making it a minority shareholder while Harbour expands its upstream E&P portfolio.
-
August 19, 2024
- Buyer
- Quantum Capital Group, QB Energy, KODA Resources
- Target
- Caerus Oil and Gas
- Seller
- Caerus Investor Group (Oaktree Capital Management; The Anschutz Corporation; Old Ironsides Energy), Caerus Oil and Gas
- Industry
- Oil & Gas
- Location
- Colorado, United States
- Type
- Divestiture
Quantum Capital Group, through two portfolio companies QB Energy and KODA Resources, has acquired the oil and gas operations and acreage of Caerus Oil and Gas for approximately $1.8 billion, including assumption of certain asset-backed securities and liabilities. The deal splits Piceance Basin assets to QB Energy and Uinta Basin assets to KODA, transferring operations and many Caerus staff to the acquiring operators to support continued natural gas development for western U.S. markets.
-
- Buyer
- Kinetik Holdings Inc.
- Target
- Durango Permian LLC
- Seller
- Funds managed by Morgan Stanley Energy Partners, Durango Midstream LLC
- Industry
- Oil & Gas
- Location
- Texas, United States
- Type
- Divestiture
Kinetik Holdings Inc. has completed the acquisition of Durango Permian LLC from investment funds managed by Morgan Stanley Energy Partners. The transaction transfers Durango Permian's Permian Basin gas gathering, processing and CO2 sequestration assets to Kinetik and includes cash and equity consideration with contingent payments tied to commissioning of the Kings Landing processing project.
-
April 29, 2024
- Buyer
- Tivoli Midstream LLC, Funds managed by Intrepid Investment Management, LLC
- Target
- Chocolate Bayou Assets
- Seller
- Affiliates of Ascend Performance Materials, LLC
- Industry
- Oil & Gas
- Location
- Texas, United States
- Type
- Divestiture
Tivoli Midstream LLC, backed by funds managed by Intrepid Investment Management, closed the acquisition of the Chocolate Bayou terminal and infrastructure assets in Brazoria County, Texas from affiliates of Ascend Performance Materials. The assets include approximately 3.0 million barrels of storage capacity (100+ tanks), extensive logistics connectivity (rail, truck, barge, pipelines) and are anchored by a long-term partnership with Ascend, positioning Tivoli to establish a Gulf Coast infrastructure hub.
-
- Buyer
- Global Partners LP
- Target
- Chelsea, Massachusetts liquid energy terminal (from Gulf Oil Limited Partnership), New Haven, Connecticut liquid energy terminal (from Gulf Oil Limited Partnership), Linden, New Jersey liquid energy terminal (from Gulf Oil Limited Partnership), Woodbury, New Jersey liquid energy terminal (from Gulf Oil Limited Partnership)
- Seller
- Gulf Oil Limited Partnership
- Industry
- Oil & Gas
- Location
- United States
- Type
- Divestiture
Global Partners LP has completed the acquisition of four liquid energy terminals from Gulf Oil Limited Partnership — Chelsea, MA; New Haven, CT; Linden, NJ; and Woodbury, NJ — for $212.3 million. The terminals add approximately 3.0 million barrels of shell capacity and strengthen Global's storage and distribution network across the U.S. Northeast, expanding its ability to serve gasoline, distillate and ethanol markets.
-
January 30, 2024
- Buyer
- NOV
- Target
- Extract Companies, LLC
- Seller
- Riata Capital Group
- Industry
- Oil & Gas
- Location
- Oklahoma, United States
- Type
- Divestiture
NOV (National Oilwell Varco) has acquired Extract Companies, LLC, a Tulsa-based provider of artificial lift systems and ESP services, from Riata Capital Group. Under Riata's ownership Extract grew from under $10M to roughly $250M in revenue across nine facilities; terms were not disclosed and NOV said the acquisition will expand its artificial lift capabilities and customer service footprint.
-
- Buyer
- Cryopeak Energy Solutions Corporation, BP Energy Partners, The Energy & Minerals Group (EMG)
- Target
- Campus Energy Partners Infrastructure LP (LNG assets)
- Seller
- Campus Energy Partners Infrastructure LP
- Industry
- Oil & Gas
- Location
- British Columbia, Canada
- Type
- Divestiture
Cryopeak Energy Solutions Corporation — formed by the merger of Cryopeak LNG Solutions Corporation and Ferus Natural Gas Fuels Inc. — has acquired all LNG assets from Campus Energy Partners Infrastructure LP, including a regional LNG production facility in Dawson Creek, British Columbia. The deal makes Cryopeak the largest private, vertically integrated LNG producer and service provider in Canada, expanding its production capacity, transportation fleet and regional footprint.
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