Deals this week: NGL Energy, Double Eagle Energy, Oasis Petroleum


NGL Energy Partners has announced pricing and upsizing of a private placement of senior notes to raise $700 million. The 7.5% senior notes are issued at 100% of par and will expire on 1 November 2023. 

The company has upsized the offering from $400 million to $700 million, and the proceeds are intended to be used by NGL Energy to reduce borrowings under its revolving credit facility.

The offering is expected to close on 24 October, subject to the satisfaction of customary closing conditions.

Double Eagle Energy Permian plans to raise approximately $3 billion through the issue of shares in an initial public offering (IPO).

"Double Eagle Energy Permian plans to raise approximately $3 billion through the issue of shares in an initial public offering (IPO)."

Double Eagle Energy was formed through the merger of Double Eagle Lone Star and Veritas Energy Partners Holdings.

The merged entity owns more than 63,000 net acres in Midland Basin, Texas, US.

Oasis Petroleum has agreed to buy 55,000 net acres in Divide County in the Williston Basin, North Dakota, the US, from SM Energy Company.

The deal includes a cash consideration of $785 million, which will be funded by Oasis Petroleum through the issuance of shares, and borrowings under its revolving credit facility.

The acreage includes approximately 226 gross operated drilling locations and is estimated to yield approximately 12,400 barrels of oil equivalent per day (boed) during this year's fourth quarter.

Scheduled for completion on 1 December, the deal will allow Oasis Petroleum to expand its oil and gas assets base in the Williston Basin.

Mazarine Energy BV has secured a commitment from Carlyle International Energy Partners for an equity investment of $500 million.

The investiture allows the company to fund the acquisitions of onshore oil fields in Romania.

SM Energy Company has agreed to buy oil and gas assets located in the Howard and Martin counties in Midland Basin, Texas, US, from QStar.

The $1.6 billion deal will be funded by SM Energy through a combination of cash and equity.

The assets extend across an area of 35,700 net acres and have a combined net production capacity of approximately 2,400boed.

Petrie Partners and Jefferies are the financial advisors to SM Energy and QStar, respectively.

Scheduled for completion in mid-December, the deal will allow SM Energy to expand its oil and gas assets portfolio in the Midland Basin.