INDIE A&D

摘要

The A&D market's mana,drained by nearly nine months of flabby oil prices,is replenishing,mostly with smallish deals.But a larger liability is looming.So far in 2019,oil and gas deals have taken an indie turn in the market,with mid-sized deals transacting in Alaska and the southern Midland Basin.Management teams are still exploring mergers and large-scale acquisitions,according to a recent snapshot of analyst reports.Companies such as EOG Resources Inc.,Chesapeake Energy Corp.,Pioneer Natural Resources Co.and others are being picked by analysts(Out of thin air? Who knows?)as potential buyers and sellers.Capital One Securities analyst reports identified several potential deal makers-with caveats aplenty: 1.Ring Energy closed its Wishbone acquisition in April and will continue to look at smaller deals-but its balance sheet”likely keeps the company on the sidelines from pursuing larger acquisitions”;2.Pioneer continues to look at monetizing the far end of its drilling inventory-however,a Drillco is much more likely,with a decision expected in the second half of 2019;3.Noble Energy Inc.remains open to acquisitions and consolidation over time-yet CEO Dave Stover told Capital One he believes M&A will play out over time with the volatility in oil,gas and equity prices slowing the pace of deals;and 4.In a July 7 report,Goldman Sachs analysts additionally ranked EOG and Pioneer as top-ranked M&A candidates,which the firm considers a 30% to 50% probability that they could become acquisition targets.