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OneRock Energy Acquires 160,000 Acres in the Powder River Basin
08/31/2023
OneRock acquired Northwoods Management’s assets in Wyoming's Powder River Basin, average production of approximately 5,000 barrels of oil equivalent per day.
In an August 21 press release, OneRock Energy Holdings LLC announced the successful completion of its acquisition of Northwoods Management Co. and related entities in Wyoming's Powder River Basin. The acquired assets, which average around 5,000 barrels of oil equivalent per day, cover 160,000 net acres mainly in Converse, Campbell, and Johnson counties.
OneRock, an investment subsidiary of Pan Management, initially publicized the deal in June. Northwoods had expanded its Powder River Basin holdings by over 112,000 acres through a $500 million purchase from SM Energy Co. in 2018, with financial backing from Apollo.
Who is Pan Management?
Founded in 2013 and headquartered in Houston, Texas, Pan Management is a leading energy investment firm. Specializing in natural gas trading, upstream oil and gas investment, and midstream oil and gas investment, the firm brings decades of combined industry experience to the table. Currently, it oversees a substantial portfolio with more than $2 billion in assets under management.
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Western Expands Powder River Footprint with $885M Acquisition
Western Midstream will acquire Meritage Midstream's Powder River Basin assets, including gas gathering and an NGL pipeline, for $885 million in cash. A subsidiary of Western Midstream Partners LP is set to acquire Meritage Midstream Services II LLC in an $885 million all-cash transaction, marking a significant expansion in the Powder River Basin for the company.
Triple Advantage Vital Energy's $1 Billion M&A Enhances Permian Portfolio, Cash Flow
Vital Energy, focused on the Permian Basin, plans quick debt reduction after securing $1.165 billion in deals, adding key Midland and Delaware basin inventory.
Kinetik Holdings recently announced a series of transactions in the energy sector. They struck a deal to buy Durango Permian infrastructure for $765 million. At the same time, they're selling their 16% share in the Gulf Coast Express Pipeline to ArcLight Capital Partners for $540 million. The total purchase cost includes $510 million in cash paid immediately and an additional $30 million that will be paid later, depending on whether they decide to expand further.
Recently, the Permian has seen significant acquisitions: Exxon Mobil purchased Pioneer Natural Resources for about $60 billion. Diamondback Energy's $26 billion deal to acquire Endeavor Energy Resources is currently on hold due to requests from the U.S. Federal Trade Commission. Occidental’s acquisition of CrownRock for $12 billion in the Midland.
EOG Resources is pushing boundaries in Ohio's Utica oil play and now drilling on the Sable pad, also located in Noble County. This site features the 3.7-mile lateral currently under construction. The company's first multi-well pads in the area Timberwolf and Xavier have each produced over 200,000 barrels of oil since their inception—Timberwolf in August and Xavier in October. A third site, the four-well White Rhino pad in Noble County, is also showing promising early results, according to Keith Trasko, EOG’s Senior Vice President of Exploration and Production, who noted the wells are performing as expected in their initial weeks.