Oil and Gas Assets for Sale
Market Monitor
SUPERMAJORS ARE IN THE GAMEAI, POWER AND "DEEP VALUE" MAJORS
Natural Gas is Preferred Power Source
SUPERMAJORS ARE IN THE GAME
Up to 5 Bcf/d in Next Four Years
EXXON Leveraging CCUS Assets
Chevron Planning 4GW Power Plant
Utilities and IPPs Becoming FOMO names
Nuclear Realistically a Decade Out
Data Center Power Needs up 4X in Ten Years
Some "Story Stocks" Revenues Years Away
Majors Own Commodity and Pivoting
US Needs ~15% More Power Capacity
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RS 2514MM
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
DEAL ALERT (BAYTEX MAY SELL E/F)
BAYTEX POTENTIAL EAGLE FORD EXITSPECIAL REPORT (OCT 14, 2025)
Media Reporting BTE Exploring EF Sale
BAYTEX POTENTIAL EAGLE FORD EXIT
82,000 BOEPD (81% liquids)
178,000 Net Acres, 800 Risked Locations
Karnes Trough NonOp (Now Under COP)
And Op. via Ranger Oil Buy ($2.6B, 2023)
Sale Would Mark Return Home to Canada
Media Reports Up To $3B Potential Value
Sale Would Wipe Out All Debt, Strategy Shift
Baytex Ranks #11 Top Eagle Ford Operator
Baytex has Growth Pembina Duvernay
Also Cash Flow from Canada Heavy Oil
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RS 2513DA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
03Q25 QUARTERLY M&A REPORT
$9.6B IN 3Q25 - DOWN FROM $13.6B IN 2QDEAL PERSPECTIVES (MEDIA VERSION)
Quick 10 Pages of the Full 25 Page Report
$9.6B IN 3Q25 - DOWN FROM $13.6B IN 2Q
Deals Increase to 22, Up From 16 in 2Q
Close to the 23 Deals/Qtr Avg. Since 2022
Crescent Energy pays $3.6B for Vital
CRC buys Berry Petroleum for $717MM
Stone Ridge Buys COP's Anadarko for $1.3B
MACH Pays $1.3B for Conventional PDP
Hungry Buyer Universe
Minerals and NonOp Continue HOT
Consolidation Ongoing, More Coming
PDP and Conventional Assets Strong
CONTACT EAG FOR FULL 25 PAGE REPORT
RS 2512MA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
CONVENTIONAL PLAYBOOK
LOWER 48 ONSHORE VERTICALUNCONVENTIONALLY CONVENTIONAL!
July 2025, 90-Page Report
LOWER 48 ONSHORE VERTICAL
Seven U.S. Regions
M&A, E&P, Capital Markets
Total: 13.4 Bcfpd & 1.2 MMBopd
Privates: 9.3 Bdfpd & 633 MBopd
Publics: 4.1 Bcfpd & 533 MBopd
~10,000 Private Operators
Just ~1,300 Privates produce >100 Boepd
Top 35 Privates - 12 are Family Owned
Quantum & Kayne Anderson Active in P/E
San Andres, Strawn, Yeso Next Wave
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RS 2507RG
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
DEAL ALERT (CRC BUYS BERRY)
CRC JUMPS AS CALIFORNIA REFORMSSPECIAL REPORT (SEPT 18, 2025)
California Resources Buying Berry Corp.
CRC JUMPS AS CALIFORNIA REFORMS
Pays 15% Premium To Secure Deal
$717MM: $309MM Equity + $408MM Debt
24,300 BOEPD (92% Oil, 2% NGLs, 6% Gas)
120,000 Net Acres, 20,000 in California
Now Produces ~50% of California Oil
Berry's Uinta Assets Give An "Option"
Some Analysts Expect Uinta 2026 Sale
CRC Closed $2.1B AERA Buy July 2024
Golden State Reverses Anti-Oil Stance
Will Approve 2,000 Permits Annually
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RS 2510DA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
Market Monitor
HIGHLIGHTS FROM A&D CONFERENCELETTER FROM DALLAS
Update On A&D Marketplace
HIGHLIGHTS FROM A&D CONFERENCE
It's A Sellers Market!
Hot Minerals and NonOp Sectors!
Will Public Markets Continue Shrinking?
Gas Buying Strong!
Update On Private Equity Action...
ABS Funding Driving PDP Consolidation
Delaware Primed For More Consolidation
Average Shale Breakevens $50-$60
Conventional Consolidation Players
Exploration Making a Comeback?
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RS 2503MM
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
DEAL ALERT (CRESCENT BUYS VITAL)
CREATES PERMIAN AS THIRD CORESPECIAL REPORT (SEPT 3, 2025)
Crescent Energy Buying Vital Energy
CREATES PERMIAN AS THIRD CORE
Pays 15% Premium To Secure Deal
$3.05B Via $750MM Equity + $2.3B Debt
138,000 BOEPD (45% Oil, 28% NGLs)
285,000 Net Acres, ~1,000 Locations
Vaults Crescent to Top 10 Pubic E&Ps
Deals Adds to Eagle Ford, Uinta Core
CRGY also shows >$40B in Permian Targets
And >$20B in Eagle Ford Growth Targets
Crescent Soon Selling $1B Non-Core Legacy
Legacy is in WY EOR, Barnett, DJ & Anadarko
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RS 2509DA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
Market Monitor
HIGHLIGHTS FROM ENERCOMLETTER FROM DENVER
Key Takeaways & Curated Slides
HIGHLIGHTS FROM ENERCOM
Global Oil Demand is NOT Going Away
Companies Stress Testing Lower Oil Prices
We Need To Put The "E" Back In E&P
A&D Active To Strengthen Portfolios
E&P Optimizing For Stronger Economics
OFS Innovating Water, P&A Solutions
Canada Sees Deep Basin IRRs > 50%
International New Activity & Hot Spots
-Namibia, Columbia & Guyana
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RS 2501MM
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
DEAL ALERT (COP SELLS OKLAHOMA)
COP TARGETS ANOTHER $2.5 B TO SALESPECIAL REPORT (AUGUST 12, 2025)
Stone Ridge Buys COP's Anadarko Assets
COP TARGETS ANOTHER $2.5 B TO SALE
Flywheel Energy to Operate Assets
Pays $1.3 billion for 40,000 Boepd
120 MMcf/d, 12,800 b/d NGL, 7,200 bbl/d
250,000 Net Acres, Mostly Marathon Legacy
Stone Ridge Targeted $5-$10 B in 2025 Buys
Bought Out JV Ptnr Wincoram Earlier This Yr
Recently Paid >$1 B for Terra Energy Ptnrs
SRE Owns Material Gas in AR, CO & WY
Also an ABS Issuer & Partners w/Gunvor
COP Has Sold $2.5 B Post Marathon Buy
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RS 2508DA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
02Q25 QUARTERLY M&A REPORT
$13.4B IN 2Q25 - DOWN FROM $17.0B IN 1QDEAL PERSPECTIVES (MEDIA VERSION)
Quick 11 Pages of the Full 34 Page Report
$13.4B IN 2Q25 - DOWN FROM $17.0B IN 1Q
Drop to 12 Deals - From 22 in 1Q
Compares to 23 Deals/Qtr avg. since 2022
EOG Makes Transformative $5.6B Utica Buy
Viper Acquires Sitio Royalties for $4.1B
EQT Pays $1.8B for Olympus Energy
Flywheel Acquires Terra I (Piceance Gas)
Terra Reboots with $300MM from Kayne
P/E Funds 16 Teams So Far in 2025
Diversified & Carlyle Armed w/$2.0B
Deals Expanding Beyond Permian
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RS 2502MA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
MARCELLUS/UTICA REGION STUDY V2
APPALACHIAN BASINAPPALACHIAN BASIN PERSPECTIVES V2
April 22, 2025. 51-Page Report.
APPALACHIAN BASIN
MARCELLUS & UTICA
M&A, E&P, Capital Markets, Midstream
34.1 Bcfpd and 148,000 Bopd
~34-Rigs Running, 782-Wells Online 2024
Basin Constrained by Takeaway
Low Cost Structures Bode Well in Higher Gas
EQT, EXPAND, ANTERO Top 3 Producers
Power Gen and LNG Driving Demand Growth
Challenges In Takeaway Persist Short Term
Utica Oil Setting Records, Mainly E. Ohio
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STUDY 4003MA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
01Q25 QUARTERLY M&A REPORT
$17.0B IN 1Q25 - UP FROM $9.6B IN 4QDEAL PERSPECTIVES (MEDIA VERSION)
Quick 10 Pages of the Full 29 Page Report
$17.0B IN 1Q25 - UP FROM $9.6B IN 4Q
Rebound to 21 Deals - From Record Low 11
Compares to 22 Deals/Qtr avg. since 2022
Diamondback Involved in ~50% of Deal Value
FANG Buys Double Eagle IV for $4.1B
FANG Dropsdown $4.3B to VIPER
IPO: Infinity Natural Resources Goes Public
Elk Range (NGP) Buys OXY's DJ Minerals
Citadel Buys Paloma (Haynesville), $1.2B
Validus Buys 89 Energy III (SCOOP), $850MM
P/Es Continue Buying With ~$2B Last 2 Qtrs
CONTACT EAG FOR FULL 29 PAGE REPORT
STUDY 1007MA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
Northern Rockies Study
SIX BASINS IN WYOMING, UTAH, COLORADONORTHERN ROCKIES REPORT
March 21, 2025; 50-Page Report
SIX BASINS IN WYOMING, UTAH, COLORADO
Uinta, Piceance, Green River
Powder River, Wind River, Bighorn
M&A, E&P, Capital Markets, Operations
Stacked Oil Pays, Horizontal Redevelopment
Conventional Gas Plays, Emerging Plays
Gross Production: 438 MBopd & 5.0 Bcfpd
High Deal Flow, $6.5 Billion in 2024
305 Operators Provide Ample Opportunities
Deal Activity Continuing, P/E Active
Lower Cost Inventory vs. Permian, EF, HV
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STUDY 8002MA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
PERMIAN (DB) REGIONAL STUDY V2
DELAWARE BASINDELAWARE BASIN REPORT - Vol 2
February 28, 2025; 48-Page Report
DELAWARE BASIN
M&A, E&P, Capital Markets, Operations
STACKED PAY. BONE SPRING & WOLFCAMP
>25,000-Horizontal Wells. 10,000 Verticals.
~160 RIGS RUNNING.
2,341-Drill Permits Issued Last 6 Months
1,885-DUCs Pending
Gross Production: 3.2 MMBopd & 14.8 Bcfpd
Delaware Reported $9 B in M&A, 8.5% Market
P/E Exits While Public Companies Buying
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STUDY 3002MA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
DEAL ALERT (FANG, DE IV, VNOM)
FANG BUYS DE IV, ALSO VNOM DROPDOWNFEBRUARY 21, 2025 SPECIAL REPORT
Diamondback Deals Continue
FANG BUYS DE IV, ALSO VNOM DROPDOWN
Buys Double Eagle IV Assets for $4.1 Billion
Dropsdown $4.2 Billion to Viper
40,000 Core Midland Acres from DE IV
Largely Undeveloped. (Inventory Play)
Most Attractive Midland Asset Remaining
Dropdown to Viper is Largest Royalty Deal
Viper gets Royalties Carved from Endeavor
Report Includes FANG Deal History
Comparative Look at Royalty Companies
DE IV Founders Involved with $14B in Exits
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STUDY 1012MA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
SOUTH TEXAS REGIONAL VOL. 2
EAGLE FORD & AUSTIN CHALKEAGLE FORD & AUSTIN CHALK
February 12, 2025 Study. 44-Pages
EAGLE FORD & AUSTIN CHALK
Some Conventional Comments
45 Rigs Running - Down 10% From Year Ago
574 Permits Issued Last 6 Mns
616 DUCs - Up From 520 in July 2023
1.1 MMbopd and 6.8 Bcfpd
Oil Vols Flat, Gas Vols Up 50% Since 2020
COP, EOG and Crescent are Top 3 Producers
Covers M&A, E&P, Capital
$3.3 billion in Pure EF A&D in 2024
Crescent Dominates Buying w/4 Deals
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STUDY 1008MA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
04Q24 QUARTERLY M&A REPORT
$9.6B IN 4Q24 - DOWN FROM $12.5B IN 3QDEAL PERSPECTIVES (MEDIA VERSION)
Quick 9 Pages of the Full 25 Page Report
$9.6B IN 4Q24 - DOWN FROM $12.5B IN 3Q
$105B in 2024 Versus Record $192B in 2023
Average is $83B per Year since 2015
Record Low 11 Deals in 4Q
Average is 40 Deals per Quarter since 2015
Biggest Deal is Coterra's $3.95B Delaware
FourPoint Buys OVV's Uinta for $2.0B
CRGY Vaults to EF's #2 and #3 Gas & Oil Op.
Equinor Buys EQT's Marcellus Non-OP
Globally, Energy Deals of $263 B in 2024
Expect 2025 Trend Up Over 4Q 2024
CONTACT EAG FOR FULL 25 PAGE REPORT
STUDY 1006MA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
EAGLE FORD (REFRAC) STUDY
SUPPLEMENT TO S. TEXAS REGIONALEAGLE FORD REFRAC REPORT
November 2024 (32 page) Report
SUPPLEMENT TO S. TEXAS REGIONAL
Eagle Ford and Eagle Ford Extension Area
430 ReFracs by 33 Operators Studied
COP, Devon, Marathon Dominate ReFrac's
~60% ReFrac's Are Good, Payback <12 mos
ReFracs Can Extend Tier 1 Inventory
Successful ReFracs Seen at $35 oil by COP
Shale 2.0 uses tech, efficiency, analytics
Highly Specialized Techniques
Simultaneous Completions Is Modern Trend
Simul Fracs avg IP180s of 107/boepd/1000'
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RS 2411SR
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
03Q24 QUARTERLY M&A REPORT
3Q24 NO PUBLIC MERGERS SINCE 2022DEAL PERSPECTIVES (MEDIA VERSION)
Quick 9 Pages of The Full 26 Page Report
3Q24 NO PUBLIC MERGERS SINCE 2022
$12.4B in 3Q24 - Down from $30.6B in 2Q
19 3Q Deals - Down from 22 in 2Q
Private Equity Drives Top Two Deals of 3Q
Permian Still Leads with 7 of 19, or 37%
Viper Acquired Tumbleweed for $1.1 Billion
Post Oak Buys $475 MM of assets
Conventional Assets Heat Up
APA Sells non-core Permian Conventionals
Private Equity Back on the Rise
EnCap Closes Fund 12 with > $5.25 Billion
CONTACT EAG FOR FULL 26 PAGE REPORT
STUDY 1005MA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com
02Q24 QUARTERLY M&A REPORT
2Q24 DEAL VALUE SLOWS SOMEDEAL PERSPECTIVES (MEDIA VERSION)
Quick 9 Pages of The Full 39 Page Report
2Q24 DEAL VALUE SLOWS SOME
$30.6B in 2Q24 - Down from $51.2B in 1Q
22 2Q Deals - Down from 26 in 1Q
Public Companies Buy 98% of Deals
Permian Cools with <10% Vs. 52% in 2023
Conoco Buys Marathon for $22.5 Billion
SM + NOG Stake Ground in Uinta for $2.2B
Crescent Energy Buys SilverBow for $2.1B
Public Company Consolidation Continues
Conoco Says $2B on Chopping Block
Street Talk Still Has Devon on the Hunt
CONTACT EAG FOR FULL 39 PAGE REPORT
STUDY 1004MA
Energy Advisors Group
Mr. Blake Dornak
VP - Marketing
4265 San Felipe Street Ste 650
Houston, TX 77027
Phone: 713-600-0123
Email: bdornak@energyadvisors.com