Oil & Gas Acquisitions in 2021

Southwestern Energy Company has closed the acquisition of GEP Haynesville, LLC, expanding its scale and inventory in the Haynesville natural gas basin. The deal was funded in part by a $1.15 billion senior notes offering and a $550 million institutional term loan and is expected to strengthen Southwestern's financial metrics and presence in premier U.S. gas basins.

Dallas-based Energy Transfer LP completed its previously announced merger to acquire Oklahoma City-based Enable Midstream Partners, consolidating Enable’s gathering, processing, transportation and storage assets into Energy Transfer’s midstream network. The transaction, effective December 3, 2021, adds substantial fee-based cash flows and geographic footprint (Anadarko, Arkoma and Haynesville basins) and is expected to generate more than $100 million of annual run-rate synergies.

Surepoint Technologies Group acquired Ironline Compression from Staple Street Capital, representing Staple Street's full exit after previously selling Ironline's aftermarket services business in mid-2021. The acquisition transfers all remaining business lines to Surepoint and expands its compression and services footprint in Western Alberta and across Canada.

The Drilling Company of 1972 A/S (Maersk Drilling) and Noble Corporation have entered into a definitive agreement to combine in a 50/50, primarily all‑stock transaction. The combined company will be named Noble Corporation, listed on the New York Stock Exchange and Nasdaq Copenhagen, and is expected to create a stronger customer proposition, deliver cost synergies and a modernized fleet.

Offen Petroleum, a Court Square Capital Partners-backed fuel distributor, completed two transactions acquiring a portfolio of branded motor fuel dealer contracts from Petroleum Management LLC (Platteville, Colorado) and certain logistics assets from Pathfinder Transportation LLC (Hiwasse, Arkansas). The deals expand Offen’s geographic density and product offerings—deepening its Colorado footprint and expanding propane logistics capacity in the Ozark region.

Bonanza Creek Energy and Extraction Oil & Gas completed their merger and subsequently acquired Crestone Peak Resources, rebranding the combined company as Civitas Resources (NYSE: CIVI). The transaction creates the largest pure‑play energy producer in Colorado's Denver‑Julesburg (DJ) Basin, with a stated focus on operational discipline, free cash flow generation and ESG leadership.

Vertice Oil Tools, a Stafford, Texas–based downhole completions technology provider backed by SCF Ventures, acquired substantially all of the completions assets of Gryphon Oilfield Solutions. The deal expands Vertice's geographic footprint and augments its product portfolio with Gryphon's suite of downhole completion technologies, including dissolvable plugs and sleeves.

Enbridge Inc. has completed the acquisition of Moda Midstream Operating from Encap Flatrock Midstream for US$3.0 billion, gaining a 100% operating interest in the Ingleside Energy Center and associated pipeline and logistics assets. The deal also gives Enbridge a 20% interest in the Cactus II Pipeline and advances its U.S. Gulf Coast export strategy and connectivity to Permian and Eagle Ford reserves.

Select Energy Services, an SCF Partners portfolio company, acquired substantially all assets of Agua Libre Midstream, LLC and certain water-related assets and operations of Basic Energy Services, L.P. The deal adds more than 550,000 barrels per day of permitted disposal capacity across Texas, New Mexico, Oklahoma and North Dakota—roughly doubling Select’s produced-water disposal footprint to about 2 million barrels per day—and is an add-on to its water infrastructure platform.

Diversified Energy Co. Plc agreed to acquire upstream assets, field infrastructure and facilities in Oklahoma from Tapstone Energy LLC and an affiliate of Kennedy Lewis Investment Management for $419 million in cash. Oaktree Capital Management will co-invest, taking a non‑operated working interest (paying $192 million for ~48.75%); the deal adds ~660 net operated wells and ~12,000 boe/d of production to Diversified's central region footprint.

Creedence Energy Services, a Tower Arch Capital portfolio company, has recapitalized Magna Energy Services, LLC, making Magna a wholly owned subsidiary while Magna CEO Adam Kelly remains an operator and significant investor. The deal (terms undisclosed) is financed by KeyBank and expands Creedence’s production-chemicals footprint in New Mexico (including a new Carlsbad facility), broadening geographic reach and technical capabilities across the Permian and San Juan basins.

Dubai‑headquartered Kent (formerly Kentech), backed by majority shareholder Bluewater, has completed the acquisition of a majority stake in SNC‑Lavalin’s Resources Oil & Gas division. The deal creates a combined business of roughly 10,000 professionals, strengthens Kent’s engineering and project‑delivery capabilities across the oil & gas value chain, and advances its energy‑transition strategy while expanding geographic reach.

Tourmaline Oil Corp. closed its acquisition of Black Swan Energy Ltd. and also acquired Paramount Resources Ltd.'s Birch-area Montney lands and assets, consolidating key Northeast B.C. Montney positions. The transactions increase Tourmaline's production profile and complement a separate long-term gas supply agreement with Cheniere Energy to access LNG markets.

Ranger Energy Services, Inc. (NYSE: RNGR) completed the acquisition of PerfX Wireline Services on July 8, expanding its Mallard wireline business alongside the recent Patriot Completion Services acquisition. The transactions add significant assets (wireline trucks, pumps, cranes), eight locations and 27 customers, and include a warrant giving Ranger a 30% ownership option in XConnect; Ranger issued shares and assumed certain equipment-related debt as part of the combined deals.

Williams has completed its acquisition of Sequent Energy Management, L.P. and Sequent Energy Canada, Corp. from Southern Company Gas. The deal expands Williams' natural gas pipeline and storage optimization and marketing capabilities, increasing its gas pipeline marketing footprint to over 8 Bcf/d and providing greater North American market coverage.

Offen Petroleum, a Court Square Capital-backed fuel distributor, agreed to acquire the business assets of Petromark, Inc. and its affiliate Petromark Transportation, LLC, both headquartered in Harrison, Arkansas. The add-on expands Offen’s footprint in the Ozark region (Arkansas, Missouri, Oklahoma) and brings Petromark owners Stephen Lair and Steve Turner into transitional roles, with Steve Turner serving as an advisor.

Ranger Energy Services, Inc. (NYSE: RNGR) acquired Patriot Completion Solutions LLC (d/b/a Patriot Well Solutions) in an all-stock transaction. The deal expands Ranger's wireline evaluation and intervention capabilities, adding Patriot's 22 wireline units and experienced technical team while Patriot was a portfolio company of White Deer Energy.

Laredo Petroleum (NYSE: LPI) signed a purchase and sale agreement to acquire the assets of Sabalo Energy, a portfolio company of EnCap Investments, for approximately $715 million in cash and stock. Concurrently, Laredo sold 37.5% of certain operated PDP reserves in its Legacy leasehold to an affiliate of Sixth Street Partners for $405 million to help fund the acquisition and deleverage the balance sheet.

Redco Group (an IGP–recapitalized platform) acquired the business assets of Stonewall Energy on May 7, 2021. The add-on expands Redco’s pressure-control and frac-completion product suite by integrating Stonewall’s proprietary ball & dart launching technologies, frac rental equipment and field services to strengthen its market leadership across Western Canada and North America.

The JF Petroleum Group, a MidOcean Partners portfolio company, has acquired Rittiner Equipment Company, a New Orleans–based full-service petroleum equipment distributor and service provider. The add-on expands JF Petroleum Group's footprint and service capabilities across the U.S. Gulf Coast, enhancing its ability to serve fueling equipment and construction needs in key markets.

Pioneer Natural Resources completed the acquisition of the leasehold interests and related assets of DoublePoint Energy (structured as the purchase of Double Eagle III Midco 1 LLC) in the Midland Basin for approximately $6.2–$6.4 billion in stock, cash and assumed debt. The transaction adds ~97,000 contiguous net acres to Pioneer's Midland Basin footprint and was approved by the boards of the companies; DoublePoint was backed by equity commitments from Apollo, Quantum Energy Partners, Magnetar Capital and Blackstone Credit.

Superior Plus Corp., through a wholly‑owned subsidiary, agreed to acquire the assets of Freeman Gas & Electric Co., Inc. for approximately US$170 million to expand its U.S. propane distribution footprint in the Southeast. Freeman is a family‑owned retail propane distributor with ~23 branches, ~38 bulk plants and about 275 employees servicing residential and commercial customers across North Carolina, South Carolina and Georgia.

LOLA Energy III, LLC acquired 100% of the equity of an exploration and production company with operations in Butler County, Pennsylvania and immediately rebranded it as LOLA Energy PetroCo, LLC. The acquired assets include ~22,000 net mineral acres in the Marcellus/Burkett window, 48 producing horizontal wells (approx. 85 MMcfe/day), 18 drilled-but-uncompleted wells, planned wells, and an extensive water infrastructure; LOLA Energy will operate the business.

Pilot Water Solutions LLC (a majority-owned subsidiary of Pilot Company) has acquired Felix Water, LLC, expanding PWS's water midstream footprint in the Delaware Basin. The deal adds 23 disposal wells, roughly 210 miles of produced water pipeline and over 500,000 barrels water/day of disposal capacity, strengthening PWS's saltwater disposal and produced-water transportation capabilities in the Permian Basin.

Parkland Corporation, through its U.S. subsidiaries (Parkland USA), has entered into an agreement to acquire Conrad & Bischoff Inc., establishing a fourth U.S. Regional Operating Center in Idaho Falls, Idaho. The acquisition adds 58 retail sites (19 company-owned), terminal storage capacity (~30 million litres), and approximately 700 million litres of annual fuel and petroleum product volume, expanding Parkland's supply optionality and presence across Idaho and western Wyoming with distribution reach into neighboring states.

Dallas-based private-equity firm Tailwater Capital agreed to acquire NorTex Midstream Partners LLC, a Houston-based natural-gas storage and midstream operator. The acquisition gives Tailwater ownership of NorTex’s underground storage capacity (about 36 billion cubic feet), a trading hub and roughly 83 miles of pipeline near the Dallas–Fort Worth area to support gas-fired power generation as a complement to renewable energy.

CorEnergy Infrastructure Trust, Inc. agreed to acquire Crimson Midstream Holdings, LLC's California crude oil pipeline systems in a transaction valued at approximately $350 million. The deal expands CorEnergy's regulated midstream footprint across roughly 1,800 miles of pipeline, funded with cash, new borrowings, equity commitments and the contribution of the Grand Isle Gathering System to the sellers.

Liebman Group and family office Black Cliffs Partners acquired a majority interest in Pine Island Chemical Solutions, a Lafayette-based oilfield chemical manufacturer and service provider. The transaction is a recapitalization that leaves existing senior management with a significant minority stake and provides capital to support add-on acquisitions and organic geographic expansion.

Polskie Górnictwo Naftowe i Gazownictwo (PGNiG), via its Norwegian unit PGNiG Upstream Norway AS, agreed to acquire all assets of INEOS E&P Norge AS from INEOS for USD 615 million. The assets comprise predominantly gas-producing fields, exploration licences on the Norwegian continental shelf and an 8.2% interest in the Nyhamna gas terminal — a strategic move to boost PGNiG's Norwegian gas output and diversify Poland's gas imports.