MLP & Utica consolidation lead US activity while Canada sees year's first billion-dollar deal

摘要

PLS REPORTS that the US upstream deal markets are showing further signs of recovery, driven by continuing Utica and MLP consolidation and strong deal flow by a number of companies in the Arkoma Basin. Gulfport Energy made its second large dry gas Utica acquisition in as many months, agreeing June 9 to buy 35,325 net acres in eastern Ohio along with associated wells and midstream assets for $406.6 million. The acquisition is being carried out via a series of transactions with American Energy Appalachia Holdings, which is changing its name to Ascent Resources and transitioning to a fully independent operating company outside the American Energy Partners platform. The acreage forms a contiguous bolt-on with drilling units that overlap with both Gulfport's existing leasehold and a $301 million acreage "deal from Paloma Partners III announced in April.