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BP Has Acquired Archaea Energy for $4.1 Billion Developing Its bioenergy business
02/09/2023
BP acquired renewable natural gas (RNG) provider Archaea Energy Inc. for $4.1 billion on December 28, marking a milestone in the growth of BP’s strategic bioenergy business.
The acquisition, announced in October, was finalized following BP’s completion of regulatory requirements and Archaea obtaining shareholder approval.
BP sees a golden opportunity to extend its bioenergy business by bringing Archaea fully into the company. Based in Houston, Archaea Energy operates 50 RNG and landfill gas-to-energy facilities in the U.S. and is anticipated providing a quick 50% rise to BP’s biogas supply volumes, BP said in October.
In October, BP announced it had agreed to purchase Archaea, subject to regulatory and Archaea shareholder approval. Having received those approvals and with the transaction complete, Archaea broadens BP’s presence in the US biogas industry, improving its ability to support customers’ decarbonization aims and progressing its goal to decrease the average lifecycle carbon intensity of the energy products it sells.
Bioenergy is one of the most significant strategic transition growth engines that BP is going to proliferate through this decade. BP anticipates investment into its transition growth businesses to achieve more than 40% of its total annual capital expenditure by 2025, targeting to increase this to about 50% by 2030.
Gas & low carbon energy (G&LCE) integrates BP’s existing natural gas capabilities with significant growth in low and zero-carbon businesses and markets. The company is investing in and building renewable energy capacity of 20 gigawatts by 2025 and 50 gigawatts by 2030. It grows up its integrated gas portfolio, including equity gas, LNG, and merchant portfolio, and further develops its bioenergy offer solutions for aviation, marine, and heavy-duty transportation, creating a distinctive position in hydrogen and CCUS, including a 10% market share of hydrogen in core markets.
Archaea Energy is one of the largest renewable natural gas producers in the U.S., with an industry-leading RNG platform and expertise in developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low-carbon fuel.
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CA$375 Million Bolt-on Deal to Expand Crescent Point
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On December 9, Crescent Point Energy Corp. announced a purchase and sale agreement to develop its core Kaybob Duvernay assets, which will bolt on production, the midstream infrastructure and technical data. With the deal, the company has committed more than US $1 billion to the play. Crescent Point, the Alberta-based company, is purchasing almost 65,000 net acres from Paramount Resources Ltd. for CA $375 (US $274 million) cash. The assets estimate more than 4,000 boe/d, 50% liquids, and include a gas plant, associated pipelines, water infrastructure, and seismic data. The acquired asset’s production consists of 35% condensate, 15% NGL, and 50% shale gas.
Matador Expands In Delaware; Purchases Acreage from Advance Energy at $1.6 Billion
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On January 24, Matador spread the word that it will add oil- and gas-producing assets in Lea County, N.M., and Ward County, Texas, and some midstream infrastructure. Most of the acreage is strategically situated in Matador’s Ranger asset area in Lea County. The bolt-on includes about 18,500 net acres, 99% held by production, in the core of northern Delaware. The deal would also extend Matador’s inventory by 406 gross (203 net) drillable horizontal locations with prospective targets in the Wolfcamp, Bone Spring, and Avalon formations.
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Shell overturned a landmark court order demanding it cut emissions by nearly half. Is this a victory for Big Oil or just a delay in the climate accountability movement?
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Before it was Expand Energy, the largest natural gas-weighted exploration and production company in the U.S., it was Chesapeake Energy. This company faced and survived nearly every extreme the energy industry could throw, including bankruptcy. With its recent $7.4 billion merger with Southwestern Energy, Expand Energy has achieved a new milestone: it’s the largest natural gas producer in the U.S., powered by substantial reserves and resources across crucial shale regions.
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Oil companies across the Gulf of Mexico are springing into action as Tropical Storm Rafael bears down, marking yet another disruption in a storm-laden season. BP, Chevron, Equinor, and Shell are evacuating offshore staff and preparing for potential impacts on their platforms, an all-too-familiar ritual for Gulf operators this year.