Amplify Energy Cancels PRB, D-J Deal on 'Extraordinary Volatility'
Amplify Energy terminated a multi-basin Rockies acquisition with Juniper...
Amplify Energy terminated a multi-basin Rockies acquisition with Juniper Capital, citing “extraordinary volatility in the market,” the company said April 25.
It was referred to as a “transformational combination” when Amplify announced the transaction as markets opened on January 15.
The deal with Juniper would have added 287,000 net acres in the oil-weighted Denver-Julesburg (D-J) and Powder River Basins, around 115,000 of which were operated and HBP.
The acquired assets produced 7,900 boe/d (81% oil, 90% liquids) as of the third quarter of 2024.
Under the original merger terms, Amplify would have issued 26.7 million shares to Juniper and assumed $133 million in net debt.
Based on Amplify’s closing price of $6.48 per share on Jan. 14—the day before the announcement—the equity portion of the Juniper deal was valued at around $173 million, excluding debt. Juniper will receive an $800,000 cash payment in lieu of any other payable transaction fee, Amplifiy said.
XCL Resources Team Launches X2, Targets Multibillion-Dollar M&A
X2 Resources, led by the team that built XCL Resources, is targeting...
X2 Resources, led by the team that built XCL Resources, is targeting acquisitions of $500 million to multibillion-dollar value across “premier” oil and gas basins, backed by EnCap and other investors.
X2 Resources secured new equity capital commitments from EnCap Investments LP, Westlawn Group, Rice Investment Group (RIG) and its management team, the firms said April 24.
The X2 team is coming off a $2.64 billion sale in Utah to SM Energy and Northern Oil & Gas (NOG) in October 2024. NOG took a 20% non-operated stake in XCL’s Uinta Basin assets.
XCL was the leading developer in the Uinta’s waxy crude oil play, where the company grew production from 10,000 bbl/d to 60,000 bbl/d.
Its operations focused primarily on the prolific Uteland Butte bench, the basin’s most established targets.
XCL drilled 250 wells across 12 of the Uinta’s formations, including underdeveloped zones such as Douglas Creek, Castle Peak and the Wasatch, demonstrating early success in extending the boundaries of the play.
U.S. stocks end higher with Dow, S&P 500 and Nasdaq all scoring weekly gains
The U.S. stock market closed higher Friday, notching...
The U.S. stock market closed higher Friday, notching weekly gains as investors hoped for de-escalation with China in the global trade war.
The Dow Jones eked out a gain of around 0.1% on Friday, while the S&P 500 rose 0.7% and the Nasdaq Composite jumped 1.3%, according to preliminary data from FactSet. All three major U.S. equities benchmarks booked weekly gains.
For the week, the Dow rose 2.5%, the S&P 500 advanced 4.6% and the technology-heavy Nasdaq jumped 6.7%, the preliminary data show.
A new US policy mandating a gradual shift to American-built, flagged...
A new US policy mandating a gradual shift to American-built, flagged and operated vessels for exports is unrealistic and risks undermining the country's LNG market leadership, representatives of the US LNG industry warned. "There are no such vessels in existence today, and building them would take decades, making compliance impossible for the industry," said Center for LNG Executive Director Charlie Riedl.
U.S. supermajor Chevron, along with several other multinational...
U.S. supermajor Chevron, along with several other multinational energy firms, has exited its oil concession blocks in Egypt’s Red Sea region after failing to discover commercial oil or gas reserves.
Despite making substantial investments beyond their initial commitment, one company, which reportedly spent $34 million against an initial commitment of $ 10 million, did not find any viable resources. As a result, Chevron renounced 45% of its stake in Red Sea Block 1, located in the northern Red Sea. The block is jointly held by Chevron and Australia-based oil giant Woodside Energy Group.
