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Penn-Virginia-rebrands-to-Ranger-Oil

Following the close of the Lonestar acquisition, Penn Virginia Corp. plans to rename the combined company to Ranger Oil Corp., shifting its energy development in Texas towards safer and more efficient oil and gas operations. 

This Texas oil & gas giant emerged as an Appalachian coal company in the late 1800s. Over time, the company evolved into a gas and oil manufacturer with assets largely in shale basins. And after the acquisition of Lonestar and Rocky Creek Resources within the past year, they decided to concentrate on Eagle Ford shale, reinventing itself and its values under the new name — Ranger Oil.

The company's consolidated assets now amount to over 140,000 net acres strategically positioned in the Eagle Ford play of south Texas.

It is expected that the company will continue with the two rig programs it operated before the signing of the $370 million merger agreement with Lonestar. Taking this rapid rate of development into account, CapEx is expected to be between $65 million and $75 million in the fourth quarter.

Along with Virginia's expansion through acquisitions, the management team also made a few changes, which positively impacted the company's operational and financial strength. Therefore, from early 2020 through the first half of 2021, Penn Virginia achieved the highest EBITDA margin per boe among all U.S. independent oil and gas companies.

This majorly happened because of the companies balance sheet extensive transformation: by bringing in significant equity capital from an experienced oil and gas equity group and issuing senior unsecured notes to extend maturities. Thus helping Virginia to create an estimated 1.5x LTM leverage.

It is anticipated that Ranger Oil Corp. will rebrand officially on Oct. 18, with the full rebranding to be complete by the year-end of 2021. 

Concerning the strategy, the company will continue to leverage operational and capital efficiency to generate superior returns and continue its long-term free cash flow generation track record, which it has maintained every quarter since fourth-quarter 2019. At current strip prices, Ranger is projected to produce over $200 million in free cash flow in the next 12 months.

As Ranger, the company also plans to continue its disciplined approach to potential consolidation opportunities while maintaining an extremely liquid balance sheet, all the while pledging to achieve a leverage ratio of at least 1.0 times in the next four quarters. 

In addition to these operational improvements, Ranger plans to grow its dominance by drilling longer laterals, creating more wells per pad, and utilizing enhanced completions techniques, hoping to grow in dominance and establish itself as an ESG leader in the industry.

Additionally, due to the merger closing, Lonestar's swapped hedge volumes will be assumed by the company, and most of them will be reset to reflect current market pricing. Although there may be no material impact on the Ranger's leverage metrics, the reset is expected to increase the company's free cash flow and adjusted EBITDAX going forward.

Starting Oct. 18, Ranger Oil will trade under the NASDAQ ticker ROCC.

Restructuration is in a full-speed: Comstock to sell Bakken for $154 million

Comstock Resources decided to go through with asset divestment, selling its Bakken Shale actives for $150M to Northern Oil and Gas. The proceeds from these sales will be reinvested by Comstock Resources Inc. into the Haynesville Shale, at which point the company may acquire additional leasehold and fund drilling activities starting in 2022. Meanwhile, Northern clearly gunning for the pack leading position in the Texas shale play, but whether they succeed or not is remains to be seen.

A $2 billion deal saw Dominion Energy sell Questar Pipelines to Southwest Gas

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A good asset will not sit on the market for long. After a deal with Berkshire Hathaway fell through, Dominion Energy managed to secure another one for Questar Pipelines in a drop of a hat. And get that, it is better than the former one by more than half a billion! Although not everyone is happy with such decisions, it seems that even Carl Icahn’s complaints won't be able to sway Southwest Gas Holdings’ decision. Though we will have our eyes peeled in any case… If everything goes as planned, a $2 billion deal will be closed before the end of the year.

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Shareholder’s payout target was increased by 50% after the largest U.S. independent oil producer surpassed Wall Street’s earnings estimates on growing energy prices, said Houston-based Conoco Phillips Co. on Aug. 4. Due to Western sanctions on major producer Russia throttling energy supply amid a rebound in demand from pandemic lows, oil and gas #prices have soared. Crude has been trading more than 25% higher since the start of the year and results also benefited from high natural gas prices. Meanwhile, shares were down a fraction, to $91.03, in early trading but are up about 26% year to date. Conoco Phillips stated, that the average price obtained for a barrel of oil and gas accelerated 77% from a year earlier to $88.57. The company acknowledges that it has not hedged any of its oil and gas sales to make the most of higher market prices. The capacity of 1.69 million boe/d was in line with Wall Street estimates, however, the company expected the current quarter’s output would be between 1.71 million and 1.76 million boe/d.

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California oil joint venture, Aera Energy, of Exxon Mobil Corp. and ShellPlc is being sold to German asset manager IKAV, according to the agreement of Sept. 1. Shell noted that the sale of its 51.8% membership interest in Aera Energy is for a total consideration of about $2 billion in cash with additional contingent payments based on future oil prices, subject to regulatory approval. However, the total transaction value was not disclosed. Being one of California’s largest oil and gas producers, Aera Energy accounts for nearly 25% of the state’s production. The sale by Exxon Mobil and Shell ends a 25-year-long partnership in California, meanwhile, it persists a streak of divestments of mature oil and gas properties by the two supermajors. Aera Energy LLC operates about 13,000 wells in the San Joaquin Valley in California, producing oil and associated gas. In 2021, Aera took out about 95,000 boe/d. Exxon Mobil’s interests in the Aera oil-production operation in California contained a 48.2% share of Aera Energy LLC and a 50% share of Aera Energy Services Co. held by Mobil California Exploration & Producing Co. Moreover, Exxon Mobil affiliates have signed a separate agreement for the sale of an associated loading facility and pipeline system. The sale effectively ends Shell’s upstream position in California. The company reported that the divestiture is valued to result in a post-tax impairment of $300 million to $400 million, subject to adjustments.

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The completion of the merger between Centennial Resource Development Inc. and Colgate Energy Partners II LLC happened on Sept. 1, sealing the debut of Permian Resources Corp., which is considered the largest pure-play E&P company in the Delaware Basin. Permian Resources’ idea was to combine two successful E&P companies, creating a better, stronger, and more strategically compelling company. Centennial and Colgate announced an agreement to merge in May, denying rumors that Colgate, a privately held independent Midland-based company, had been seeking an IPO. The merger estimated Colgate at about $3.9 billion and consists of 269.3 million shares of Centennial stock, $525 million of cash, and the assumption of approximately $1.4 billion of Colgate’s outstanding net debt. Permian Resources, being the combined company, has a deep inventory of “high-quality” drilling locations on around 180,000 net acres the companies anticipate will provide more than $1 billion of free cash flow in 2023 at current strip prices, in accordance with the company release on Sept. 1.

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