The oil and gas industry’s buy/sell frenzy continues apace with billion-dollar deals practically tripping over each other. If you’re keeping count, we’ll rattle off the latest just since Monday. Denver-based Bonanza Creek (soon to be Civitas Resources) will acquire rival Crestone Peak Resources after purchasing Extraction Oil & Gas last month. Upon closing, Civitas will hold an enterprise value of $4.5 billion, 500,000+ acres in the Bakken, and 160 MMBPD of production. Houston-based Contango and KKR’s energy unit Independence Energy will merge in an all-stock deal valued at $5.7 billion and producing assets from Texas to Colo. A new company name is soon to come along with plans to shop for even bigger buys. The latest deal marks Contango’s fourth acquisition in the last 18 months. Reese Energy Consulting today is following news from Houston-based Plains All American, which has announced the sale of its Pine Prairie and Southern Pines gas storage facilities on the Gulf Coast. Just shy of that magic billion-dollar number, the all-cash purchase by Hartree Partners comes in at $850 million.
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