Oil & Gas Acquisitions in 2023

Kinder Morgan closed its previously announced $1.815 billion acquisition of NextEra Energy Partners' South Texas assets (STX Midstream), acquiring majority interests in multiple natural gas pipelines including a 90% interest in the NET Mexico pipeline and a 50% interest in Dos Caminos LLC. The assets expand Kinder Morgan's South Texas footprint and provide greater connectivity to LNG, Mexico export and Gulf Coast power and industrial markets.

Global Partners LP completed the acquisition of 25 liquid energy terminals from Motiva Enterprises LLC for $305.8 million in cash, supported by a 25-year take-or-pay throughput agreement with Motiva. The purchase nearly doubles Global's U.S. terminal footprint, expanding access to marine loading facilities and major refined-product pipelines to strengthen its supply, storage and retail network.

Bridgesource, a subsidiary of Clyde Companies, has acquired First Source Fuels, a Utah-based provider of fuel, oil and lubricants. The acquisition expands Bridgesource's product and geographic reach across the Intermountain West and is intended to improve operational efficiency and customer service.

The JF Petroleum Group has acquired Buckeye Oil Equipment and Reliable Construction Services, two Dayton, Ohio–based petroleum equipment distribution, installation, and construction businesses. The acquisition expands JF's capabilities and Midwestern footprint and was funded by JF's current shareholders; terms were not disclosed.

SilverBow Resources, Inc. closed the acquisition of Chesapeake Energy Corporation's oil and gas assets in South Texas for a $700 million purchase price (comprised of $650 million at closing and $50 million deferred), with up to $50 million of contingent consideration based on future commodity prices. The deal significantly increases SilverBow's acreage and production scale in the Eagle Ford, expanding the company's drilling inventory and transforming it into the largest public pure-play Eagle Ford operator.

Acacia Research Corporation (Nasdaq: ACTG) has acquired a majority interest in Benchmark Energy II, LLC, an Austin, Texas–based independent oil and gas company focused on acquisition, production and development of operated assets in Texas and Oklahoma. McArron Partners, Benchmark’s existing lead investor, retains its investment and plans to commit additional capital while Acacia intends to use its capital base to accelerate Benchmark’s acquisition and field-optimization strategy.

Kingswood Capital Management, LP acquired Covenant Testing Technologies, a Houston-headquartered provider of flowback, production and sand management, and pressure control equipment rentals and associated services. Kingswood partnered with industry veterans James Stewart (to serve as CEO and Chairman) and Doug Scott (board member) to support expansion of Covenant's service offering and customer base across major U.S. shale basins.

Summit Casing Equipment, a Fort Worth-based manufacturer of cementation products for the oil and gas industry, has acquired Scepter Supply, LLC, a Cheyenne-headquartered distributor of casing accessories and centralizers. The acquisition expands Summit's product offering and customer base in the U.S. land-based well construction market and brings Scepter's high-impact composite centralizer and distribution footprint into Summit's manufacturing and service network.

Expro completed its acquisition of Houston-based PRT Offshore, a provider of Hook-to-Hanger subsea well access, for approximately $106 million in total consideration (about $62 million cash and $44 million in newly issued Expro shares), with potential additional earnouts. The deal expands Expro's subsea well access capabilities and geographic reach across North and Latin America while supporting PRT Offshore's growth in Europe, Sub-Saharan Africa and Asia Pacific.

Palmdale Oil has acquired Como Oil & Propane of Florida, expanding Palmdale's fuels, lubricants and delivery platform to include Como's propane capabilities and generator sales/service operations across Southeastern Florida. Como will operate as the Como Propane Division under Palmdale with Michael Bodine and the Florida-based Como team continuing to lead the business; Superior Fuel Company (Como's parent) facilitated the sale.

HEYCO Energy Group, through its subsidiary Petrichor Partners LP, completed the acquisition of UK onshore exploration and production company Egdon Resources plc. The deal brings Egdon’s 33 UK licences and producing assets (including the Wressle field) into HEYCO’s privately owned portfolio, expanding its European footprint and adding conventional, shale and renewable energy opportunities.

Gladstone Investment Corporation partnered with Xyresic Capital to acquire The E3 Company, a Kilgore, Texas-based provider of pressure management solutions for oil and gas well completions, investing $46.0 million in a combination of senior secured debt and equity. Separately, Gladstone expanded its investment in its portfolio company Nocturne Luxury Villas by financing Nocturne’s acquisition of Exclusive 30A Rentals (more than 100 properties) via an $18.7 million senior secured loan.

Precision Drilling Corporation has entered into an agreement to acquire all issued and outstanding common shares of CWC Energy Services Corp. for approximately $141 million in total consideration (947,909 Precision shares valued at ~$88M, $14M cash, plus assumption of debt). The acquisition adds 62 marketed service rigs in Canada and 18 marketed drilling rigs (including 11 in the U.S.), and is expected to generate about $20 million of annual operating synergies while supporting Precision's deleveraging plan.

Persist Oil and Gas and Dienerian Resources completed an all-stock merger that combines Persist's southern Alberta Mannville assets with Dienerian's liquid-rich Montney acreage. Concurrent with the merger, Siguler Guff committed approximately C$40 million of preferred equity to the pro forma company to support accelerated development and scale production.

Energy Transfer LP has entered into a definitive agreement to acquire Crestwood Equity Partners LP in an all-equity transaction valued at approximately $7.1 billion (including assumed debt). The deal extends Energy Transfer’s midstream footprint deeper into the Williston, Delaware and Powder River basins and adds gathering, processing, storage and terminal assets that complement its existing NGL, crude and export capabilities.

Endless LLP, a UK private equity firm, acquired ASCO Group on 11 August 2023. ASCO, headquartered in Aberdeen, Scotland, is a global provider of multi-site integrated supply base operations and offshore logistics to the energy sector and employs roughly 1,500 people across 60 locations; Endless plans to support ASCO's growth into renewables and new energy markets.

Strathcona Resources Ltd. has entered into a definitive plan of arrangement to acquire all issued and outstanding common shares of Pipestone Energy Corp. in an all-share transaction that will combine the companies into a single public reporting issuer (AmalCo). The deal creates a larger, oil-weighted Canadian producer with complementary Montney and heavy oil assets, improving scale, reserve life and market relevance for Pipestone shareholders.

Excellence Logging, a Bluewater‑backed oilfield services company, has signed a definitive agreement to acquire the Well Intervention business of Well Services Group (WSG). The deal adds coiled tubing, slickline and well testing capabilities to Excellence Logging’s portfolio and expands its market reach across Northern Europe; the transaction is expected to close in the coming week.

RPC, Inc. (NYSE: RES) acquired Spinnaker Oilwell Services, LLC, a provider of oilfield cementing services headquartered in Oklahoma City, effective July 1, 2023, for $79.5 million in total consideration. The purchase expands RPC's cementing capabilities and geographic footprint into the Permian and Mid-Continent basins, where Spinnaker operates two facilities and 18 full-service cementing spreads.

Generational Equity advised Denille Industries (dba Auburn Rentals), an Edmonton-based provider of temporary oilfield workforce housing and manufacturer of wellsite trailers, in its sale to a private investor group. The transaction closed on June 16, 2023; financial terms were not disclosed.

Knight Energy Services, a Voyager Interests portfolio company, acquired Platinum Pipe Rentals, a drill pipe and tubing rental operator headquartered in Odessa, Texas. The add-on deal expands Knight's footprint in the Permian Basin and Eagle Ford, creating a combined rental platform with 18 locations and more than 200,000 pieces of rental equipment.

Par Pacific Holdings completed the acquisition of ExxonMobil's Billings refinery and related Upper Rockies marketing and logistics assets for a base purchase price of $310 million, closing June 1, 2023. The assets include the 63,000 bpd Billings refinery, a 65% interest in an adjacent cogeneration facility, multiple pipelines and terminals (including the Silvertip and an interest in the Yellowstone pipeline), and supply arrangements for ~250 Exxon/Mobil-branded retail locations.

PureWest Energy, a Rocky Mountain independent natural gas producer, completed an all-cash merger with a private consortium of family offices and financial institutions (the "PW Consortium") for $1.84 billion. The company will remain branded PureWest with its existing management and employees in place; the transaction included a $200 million asset-backed notes offering and a divestiture of producing wellbores to vehicles managed by Wincoram Asset Management.

First Reserve has invested in Palmdale Oil, a Fort Pierce, Florida-based provider of fuels, lubricants, and chemicals, partnering with the Cheatham family who retain a significant ownership stake and leadership roles. The capital will support Palmdale's buy-and-build growth strategy across Florida, including accretive acquisitions, organic expansion, and technology enhancements.

SP Investor Holdings LLC, a vehicle jointly owned by OPTrust and Partners Group, acquired Unit Corporation's 50% interest in Superior Pipeline Company, resulting in SP Investor owning 100% of the business and rebranding it as Superior Midstream, LLC. The move consolidates ownership under the SP Investor group and positions the company to grow its natural gas gathering, processing, compression, and dehydration services.

Hancock Energy (PB) Pty Ltd completed a competitive off‑market takeover and subsequent compulsory acquisition of Warrego Energy Limited, paying A$0.36 per share in the final offer and valuing Warrego at about A$440 million. Warrego, an Australian onshore gas developer with a 50% interest in the West Erregulla Gas Project supplying Alcoa and Wesfarmers, was delisted from the ASX on 9 March 2023.

Saturn Oil & Gas Inc. completed the acquisition of privately held Ridgeback Resources Inc. for approximately C$516 million, using C$475 million cash and ~19.4 million common shares as consideration. The deal adds about 17,000 boe/d of light oil-weighted production (bringing Saturn's target run rate to over 30,000 boe/d), expands its core Saskatchewan and Alberta asset base, and was funded via equity financing and an increased credit facility.

Harvest Midstream has acquired Paradigm Midstream, LLC from funds managed by Ares Management's Infrastructure Opportunities strategy. The deal adds Paradigm’s North Dakota (Bakken) and South Texas (Eagle Ford) gathering, storage and pipeline assets — including four gathering systems, ~350 miles of lines and interests in terminals and crude/gas lines — expanding Harvest’s footprint into the Bakken and deepening its Eagle Ford presence.

I Squared Capital, via its ISQ Global Infrastructure Fund III, has acquired a controlling majority interest in the Whistler Pipeline from a group including First Infrastructure Capital, Ridgemont Equity Partners, affiliates of West Texas Gas, affiliates of Stonepeak Partners and the WhiteWater management team. The Whistler Pipeline is a major natural gas transmission system linking the Permian Basin to Gulf Coast LNG facilities, Mexico and other Gulf Coast demand, with most capacity contracted under long-term, fixed-fee commitments.

Calgary-based CSV Midstream Solutions Corp. has completed the acquisition of KANATA Energy Group, adding majority-operated joint-venture interests in natural gas gathering and processing facilities at Valhalla and Simonette near Grande Prairie, Alberta. The assets add over 150 MMcf/d net processing capacity to CSV's forecasted 470 MMcf/d, expanding CSV's midstream processing capabilities and customer base in the Western Canadian Sedimentary Basin.

NOW Inc.'s distribution and engineered-products arm DNOW has acquired EcoVapor, a provider of emissions and flaring abatement solutions. The acquisition expands DNOW's emissions-management and renewable natural gas (RNG) capabilities, leveraging DNOW's global footprint, fabrication, logistics and distribution to accelerate EcoVapor's growth in oil & gas and RNG end markets.

Energy services provider Expro (NYSE: XPRO) has acquired Aberdeen-based well construction cementing specialist DeltaTek Global to broaden its cementing capabilities and technology portfolio. The deal is intended to accelerate DeltaTek's international deployment through Expro's global footprint and expand Expro's well construction offering across offshore and onshore markets.

International Petroleum Corporation (IPC) has agreed to acquire private Cor4 Oil Corp. in Canada for asset consideration of approximately USD 62 million (CAD 84 million). The acquisition adds about 15.9 MMboe of 2P reserves and forecast average net production of ~4,000 boe/d in southern Alberta adjacent to IPC's Suffield assets; shareholders representing ~98% of Cor4's fully diluted shares have entered support agreements and the deal is expected to close pending regulatory approvals by end of Q1 2023.

Archer Limited has completed the acquisition of P&A milling and SWARF handling specialist Romar-Abrado for an enterprise value of USD 8 million plus an earn-out tied to 2023–2025 trading. The deal, funded from Archer's cash resources, adds Romar-Abrado's ~50 employees and ~USD 10 million 2021 revenue to Archer's well services capabilities and is expected to accelerate international expansion and lift Archer's 2023 guidance.

Apex International Energy acquired interests in six oil and gas concessions in Egypt's Western Desert from IEOC Production B.V., a unit of Eni S.p.A., and will operate most of the assets through the PetroFarah joint venture with EGPC. The deal expands Apex's working interest acreage to about 1.0 million acres and is expected to raise combined production toward ~11,500 barrels per day while providing access to strategic pipeline and infrastructure used by Apex's SEM operations.

Offen Petroleum has acquired the wholesale division of Gas Depot, Inc. and Gas Depot Oil Company, marking Offen's first expansion into the Chicagoland and Great Lakes region. The deal adds over 150 retail gas station/convenience-store customers and municipal accounts, and Offen will establish an operations center in Chicago and hire Gas Depot operations personnel.