Sanchez Energy CorporationNYSE
Sanchez Energy: The Midstream Leverage
Thu, Oct. 27, 3:37 PM
- Sanchez Energy (SN +2.7%) is in talks to partner with Blackstone (BX +1%) on a deal to purchase Anadarko Petroleum's (APC +1.5%) south Texas oil and gas assets for $3B-$3.5B, WSJ reports.
- Blackstone and the P-E firm’s GSO Capital Partners credit arm likely would fund or participate in the purchase, although the details are not known, according to the report.
- Sanchez reportedly also has been in talks with Apollo Global Management (APO +1.5%) and energy-focused P-E firm EIG Global Energy Partners to participate in the bid.
Mon, Oct. 24, 5:25 PM
- Carrizo Oil & Gas (NASDAQ:CRZO) -1% AH after agreeing to acquire Eagle Ford Shale properties from Sanchez Energy (NYSE:SN) for $181M.
- The deal includes ~15K net bolt-on acres located primarily in the volatile oil window of the Eagle Ford Shale, with estimated net production during September of ~3,100 boe/day (61% oil) from 93 net wells; following the closing of the deal, CRZO will hold more than 100K net acres in the Eagle Ford.
- CRZO also provides Q3 production guidance of 40,762 boe/day, +13% Y/Y, primarily due to stronger than expected results from its Eagle Ford and Delaware Basin assets.
- To help fund the deal, CRZO launches a 5M-share public offering, with an underwriters option to purchase up to an additional 750K common shares.
Sep. 28, 2015, 10:59 AM
- Sanchez Energy (SN +4.5%) agrees to sell pipelines, gathering and compression assets in south Texas to its Sanchez Production Partners (SPP +94.6%) affiliate for $345M to shore up its cash position.
- SN is selling 150 miles of gathering lines and other pieces of infrastructure to the MLP from the Eagle Ford Shale, where SN owns 226K net acres of oil and gas land after doubling its stake a year ago when it bought properties from Royal Dutch Shell for $639M.
- In connection with the acquisition, SPP says it will recommend that its board approve a plan to begin distributions at an initial annualized rate of $1.60/unit.
Aug. 8, 2013, 8:55 AM
- Sanchez Energy (SN) announces agreements to acquire ~40K net acres in the core of the Tuscaloosa Marine Shale trend for ~$78M.
- An unidentified party will receive 342,760 shares plus $56.5M in cash for an undisclosed stake in the play.
- SN also reported substantial growth in Q2 revenue, production and reserves, mainly due to the closing of its Cotulla acquisition from Hess.