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OneRock Energy Acquires 160,000 Acres in the Powder River Basin
08/31/2023
OneRock acquired Northwoods Management’s assets in Wyoming's Powder River Basin, average production of approximately 5,000 barrels of oil equivalent per day.
In an August 21 press release, OneRock Energy Holdings LLC announced the successful completion of its acquisition of Northwoods Management Co. and related entities in Wyoming's Powder River Basin. The acquired assets, which average around 5,000 barrels of oil equivalent per day, cover 160,000 net acres mainly in Converse, Campbell, and Johnson counties.
OneRock, an investment subsidiary of Pan Management, initially publicized the deal in June. Northwoods had expanded its Powder River Basin holdings by over 112,000 acres through a $500 million purchase from SM Energy Co. in 2018, with financial backing from Apollo.
Who is Pan Management?
Founded in 2013 and headquartered in Houston, Texas, Pan Management is a leading energy investment firm. Specializing in natural gas trading, upstream oil and gas investment, and midstream oil and gas investment, the firm brings decades of combined industry experience to the table. Currently, it oversees a substantial portfolio with more than $2 billion in assets under management.
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Western Expands Powder River Footprint with $885M Acquisition
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Western Midstream will acquire Meritage Midstream's Powder River Basin assets, including gas gathering and an NGL pipeline, for $885 million in cash. A subsidiary of Western Midstream Partners LP is set to acquire Meritage Midstream Services II LLC in an $885 million all-cash transaction, marking a significant expansion in the Powder River Basin for the company.
Non-Core Canadian Assets of Murphy Oil Successfully Divested for $104M
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Houston-based Murphy Oil Corp. has successfully concluded the divestiture of its non-core operated assets located across its Western Canadian terrain, including the assets in the Kaybob Duvernay region and the complete non-operated Placid Montney position through a subsidiary. The divestiture was initially made public in August and was concluded. The transaction yielded cash proceeds of around US$104 million (CA$141 million), slightly lower than the originally anticipated US$112 million.
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The rapid growth of natural gas production in the Permian Basin is pushing existing infrastructure to its limits, and additional pipeline projects are on the horizon to meet rising demand, according to East Daley Analytics. Despite ongoing price volatility—marked by repeated declines—demand for expanded energy markets continues to surge.
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Dominion Energy has struck a major deal by selling half of its stake in the Coastal Virginia Offshore Wind (CVOW) project to Stonepeak, one of the world’s leading infrastructure investors, for $2.6 billion. While Dominion will retain full control over the project’s development and day-to-day operations, this partnership gives Stonepeak a non-controlling 50% interest.
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Landfills are essential to America’s waste management system, yet they face several operational, environmental, and regulatory challenges. With over 2600 active municipal solid waste (MSW) landfills across the country, they occupy an average of more than 600 acres, which is roughly equivalent to 500 football fields. Methane emissions from landfills contribute significantly to global warming, accounting for 15.1% of U.S. methane emissions. As the waste sector is a major contributor to methane emissions, there is a growing emphasis on improved monitoring, reduction technologies, and the integration of renewable natural gas (RNG) solutions to mitigate the impacts of these emissions.