Oil & Gas Acquisitions in 2022

Frontier Tubular Solutions, a platform backed by SCF Partners, has acquired Lincoln Manufacturing, a provider of threaded and machined products and services to the Oil Country Tubular Goods (OCTG) and construction industries. Lincoln, headquartered in Magnolia, Texas with additional facilities in Houston, Tomball, Texas and Strasburg, Ohio, will continue to operate under its existing brand while expanding Frontier's product offering and geographic footprint.

Diamondback Energy, Inc. completed the previously announced acquisition of all leasehold interests and related assets of FireBird Energy LLC. The deal expands Diamondback's Permian Basin asset base, adding upstream leasehold and related operations.

Vertice Oil Tools Inc. acquired substantially all assets of MorphPackers Limited to expand its re-completions and re-frac technology portfolio, adding products such as the MorphAnchor and STORM re-frac packers. The deal strengthens Vertice's ability to serve the growing re-frac market and complements its existing downhole completions product line; Vertice is backed by SCF Ventures (SCF Partners).

Tri-State Vacuum and Rental, LLC, a CIC Partners portfolio company, acquired certain saltwater disposal wells and associated equipment from Pilot Water Solutions SWD LLC, expanding its disposal capacity in the Haynesville Shale. The deal strengthens TriState's position in regional water management and logistics, supporting continued market share growth amid rising Haynesville production.

Alpha Dhabi Holding acquired a 25% minority equity interest in Gordon Technologies in an all-cash transaction that provides partial liquidity to Gordon's legacy shareholders. The investment is intended to support Gordon's continued domestic fleet expansion and enable international growth, particularly into the Middle East.

Adams Resources & Energy repurchased 1,942,433 common shares (approximately 44.2% of outstanding shares) from KSA Industries and affiliated family members, funded with cash on hand and a new term loan. The transaction, which closed October 31, 2022, gives the company an effective control position and was accompanied by placement of a five-year $85 million credit facility led by Cadence Bank.

Kimbell Royalty Partners (NYSE: KRP) agreed to acquire mineral and royalty interests from Austin-based Hatch Royalty LLC (Hatch Resources) in a cash-and-unit transaction valued at approximately $290 million ($150M cash and ~7.3M Kimbell units valued at $140M). The acquired Permian Basin assets (primarily Texas Delaware Basin) are estimated to produce ~2,072 Boe/d as of Oct 1, 2022 (projected ~2,522 Boe/d for 2023); the deal was approved by both parties and expected to close in Q4 2022.

Blue Earth Resources, Inc. (BERI) acquired 100% ownership of Fuel Trader Supply, LLC (FTS) and Fuel Trader Resource Management, Inc. (FTRM) in a transaction settled with cash and BERI common stock. The deal folds FTS's bulk gasoline and diesel distribution capabilities and FTRM's fuel inventory management and futures/hedging services into BERI to expand its product suite and capture end-to-end procurement synergies.

ShaMaran Petroleum Corp. has completed the acquisition of TEPKRI Sarsang A/S (to be renamed ShaMaran Sarsang A/S) from TotalEnergies, adding an 18% interest in the Sarsang oil field and transforming ShaMaran into an owner of stakes across three producing Kurdistan fields. The deal increases ShaMaran's pro‑forma net production and reserves, strengthens its cash position and balance sheet (including merging bonds into a single $300 million 2025 issue), and includes retiring a $20 million convertible issued to TotalEnergies.

LOTO Energy II, LLC completed a tender offer and merger to acquire Western Metals Corporation (OTC: WTLC), purchasing shares in cash and effecting a merger with its wholly owned subsidiary WMC Merger Sub, Inc. As a result, Western Metals became a wholly owned subsidiary of LOTO Energy II and remaining public shares were converted into cash for selling shareholders. The target is a small California corporation that owns and operates two natural gas wells in Solano County, California.

HMH Holdings B.V. completed the acquisition of Electrical Subsea & Drilling AS (ESD), a Bergen, Norway–based developer of patented subsea drilling and pressure-control technologies. The purchase brings ESD's electronic blowout preventer and rotating control device IP into HMH's subsea drilling equipment portfolio to accelerate capability development and commercial deployment.

Offen Petroleum, a Court Square Capital Partners-backed fuel distributor, acquired the wholesale division of family-owned G&S Oil Products, headquartered in Centennial, Colorado. The deal transfers G&S's wholesale customers to Offen while G&S will continue to operate its company-owned convenience stores and service centers, deepening Offen's branded fuel distribution footprint in Colorado.

Phillips 66 realigned joint-venture interests with Enbridge to increase its economic stake in DCP Midstream, LP from 28.26% to 43.31%, and will oversee the joint venture’s interest in DCP including the General Partner. The transaction (which included a roughly $400 million cash contribution from Phillips 66 and merged Gray Oak Holdings into DCP Midstream) closed on August 17, 2022 and is intended to integrate Phillips 66’s NGL value chain from wellhead to market.

Harvest Midstream completed the purchase of the remaining interest in Arrowhead Gulf Coast Holdings (AGCH), bringing AGCH under full ownership after acquiring the 37.5% stake previously held by a fund managed by BlackRock Real Assets. The transaction consolidates Harvest’s control of nearly 300 miles of crude and condensate pipelines and terminal assets serving the Louisiana refinery market, reinforcing its commitment to the Gulf Coast region.

Sitio Royalties Corp. completed the acquisition of over 19,700 net royalty acres in the Permian Basin from Foundation Minerals for approximately $323 million and signed a definitive agreement to acquire over 12,200 NRAs from Momentum Minerals for approximately $224 million (expected to close in Q3 2022). The transactions expand Sitio's Permian footprint, are accretive to cash flow per share, and were funded with debt facilities and hedges to protect near-term cash flows.

JENNMAR, a FalconPoint Partners portfolio company, has acquired the assets of G&R Gas Services, a Cedar Bluff, Virginia-based provider of well tending, roustabout, and right-of-way maintenance services to the oil & gas industry. The deal transfers over 100 service vehicles and approximately 100 employees to JENNMAR's Services division, expanding its footprint and service capabilities in the Central Appalachian region.

Devon Energy Corp. agreed to acquire the leasehold interests and related assets of RimRock Oil and Gas, LP (a Warburg Pincus portfolio company) in the Williston Basin for $865 million in cash. The bolt-on transaction, expected to close in Q3 2022 with an April 1, 2022 effective date, adds contiguous acreage, ~15,000 Boe/d (Q1) of production and operational synergies to Devon's Williston position.

North Hudson Resource Partners LP, alongside LOGOS management, acquired LOGOS Resources II, LLC from affiliates of ArcLight Capital Partners for approximately $402 million. The acquisition gives North Hudson control of LOGOS' ~230,000+ net acres and current production (~106 MMcfe/d), positioning the buyer to accelerate development of Mancos Shale and Gallup reserves and increase production.

Devon Energy Corp. agreed to acquire Eagle Ford operator Validus Energy for $1.8 billion in cash, in a transaction expected to close at the end of Q3 2022 with an effective date of June 1, 2022. The acquisition adds ~42,000 net acres and ~35,000 boe/d of production (projected to average ~40,000 boe/d), deepening Devon's Eagle Ford footprint and driving scale, operational synergies and improved cash returns to shareholders.

Sval Energi AS has completed the acquisition of Spirit Energy Norway for USD 1,026 million, with the transaction closing on May 31 and a commercial effective date of January 1, 2021. The deal transfers 45 licences (6 operated), including seven producing fields (two operated), and expands Sval Energi's producing asset base and development/exploration opportunities on the Norwegian Continental Shelf.

Canes Midstream LLC, a Dallas-based portfolio company of EIV Capital and Denham Capital, has acquired Cogent Midstream LLC and its Southern Midland Basin assets. The Cogent system includes 520 MMcf/d of processing capacity, over 800 miles of pipeline, 42 compressor stations, a crude oil gathering system and acreage dedications across 10 Midland Basin counties; the acquisition will expand Canes' Midland Basin footprint and support Permian production growth.

Caliber Completion Services, LLC acquired substantially all wireline assets previously owned by the ClearWell Dynamics subsidiary formerly known as Pioneer Wireline Services, LLC. The transaction — supported by investor B-29 Investments, LP — expands Caliber’s geographic footprint and service offerings across the Permian Basin and Mid‑Continent region, increasing its operational wireline units from seven to roughly forty.

Canadian oilfield-operations technology company EZ Ops acquired PAYLOAD Technologies and Drift Technological Solutions to integrate field ticketing, regulatory manifests and logistics optimization into its operations intelligence platform. The deals expand EZ Ops’ capabilities across field operations and fluid transport logistics, accelerating product roadmaps and customer growth while leadership from PAYLOAD is departing post-acquisition.

Targa Resources Corp. has completed the acquisition of Southcross Energy Operating LLC and its subsidiaries, adding midstream assets located in South Texas to Targa’s portfolio. The deal expands Targa’s natural gas and NGL gathering, processing and transportation footprint in the Gulf Coast region.

Midwest Growth Partners (MGP) has recapitalized Ullman Oil Company, a WBENC-certified fuel, heating oil and lubricants distributor headquartered in Chagrin Falls, Ohio. The recapitalization supports the existing management team (CEO Jennifer Berlin and CFO Susan Akers) while the Ullman family remains minority owners and enables the company to continue serving more than 2,000 residential and commercial locations across Northeast Ohio.

HollyFrontier Corporation and Holly Energy Partners, L.P. completed acquisitions of Sinclair Oil Corporation and Sinclair Transportation Company from The Sinclair Companies and established HF Sinclair Corporation as the new public parent. As part of the transaction, HF Sinclair issued approximately 60.2 million shares to Sinclair (about 27% pro forma equity) and HEP issued 21 million common units to Sinclair (about 17% of outstanding units), creating a larger integrated downstream and midstream energy company with expanded refining, renewables and marketing capabilities.

Waterous Energy Fund (WEF) closed its fourth capital raise (~C$345 million) to fund the acquisitions of Caltex Resources Ltd. and the Tucker thermal oil property, and amalgamated those assets with Strathcona Resources Ltd. The combined entity will continue as Strathcona Resources (100% owned by WEF and Strathcona employees), creating one of North America’s largest private oil companies with pro forma production of ~110,000 Boe/d and 1.9 billion Boe of proved-plus-probable reserves.

Permico Founders, LLC acquired the assets of Permico Midstream Partners, LLC through a Chapter 11-administered sale that closed March 3, 2022. The development-stage Houston midstream company — which focuses on transporting and processing natural gas liquids (NGLs) and marketing end products — sold its assets as part of a restructuring; GulfStar served as financial advisor to the trustee during the process.

Civitas Resources, Inc. has closed its acquisition of Denver-Julesburg Basin operator Bison Oil & Gas II, LLC for approximately $300 million in cash. The deal adds 102 gross locations (38 fully permitted) and ~9,000 Boed of pro forma 2022E production to Civitas' portfolio, and is expected to be accretive to production, EBITDA and free cash flow while preserving a strong balance sheet.

Quantum Energy Partners has made a significant growth investment in Trident Energy, committing to participate in a $400 million Line of Equity alongside Warburg Pincus and Trident’s existing minority shareholders. The capital will support Trident’s continued acquisition, redevelopment and operation of mid-life oil and gas assets and help fund the company’s global growth objectives.

Tamarack Valley Energy Ltd. completed the acquisition of privately held Crestwynd Exploration Ltd., a Clearwater-focused oil producer, by purchasing all issued and outstanding shares for 26.3 million Tamarack common shares and $92 million in cash. The deal makes Tamarack the largest operator in the Southern Clearwater with the acquired assets forecasted to produce ~4,500 boe/d.

TotalEnergies has agreed to acquire BP's Mozambique retail network of 26 service stations, its wholesale fuel business and BP's 50% stake in SAMCOL terminals, strengthening TotalEnergies' downstream footprint in the country. The deal augments TotalEnergies' existing network of service stations and B2B customers, positioning the company as the leading petroleum retailer in Mozambique.

OneEnergy Partners II (via an affiliate) acquired all partnership interests in Trainer Partners LTD, becoming the general partner and controlling entity. The transaction transfers ownership of a family-run portfolio of mineral royalties and non-operated working interests in the Permian Basin and surrounding counties to OneEnergy, preserving the Trainer family legacy.

Renovo Capital has made a growth equity investment in Reynolds Lift Technologies alongside the Company's founders, Edward Curt and Kyle Meier. The capital will support Reynolds' engineering and manufacturing of permanent magnet motor (PMM) artificial lift equipment aimed at improving production capacity and energy efficiency for oil and gas operators, particularly in the Permian Basin.

Empire Petroleum Corporation said Energy Evolution Master Fund, Ltd. converted the remaining $5.77 million of principal and accrued interest on a Senior Secured Convertible Note into 4,616,343 common shares, eliminating the associated debt and annual interest expense. The conversion reduces Empire's long-term institutional debt and strengthens its balance sheet, leaving only a $7.1 million loan from CrossFirst Bank.

Renewable Energy Group, Inc. (REG) has acquired Amber Resources, LLC (dba Sawyer Petroleum) and affiliated entities M.O. Dion & Sons and Amber Petroleum Products, expanding REG's downstream footprint in Southern California. The acquisition adds over 60 million gallons/year of diesel sales, a significant lubricants business (Shell Prestige distributor), eight locations including three cardlock sites, and is expected to be immediately accretive.