Enverus: Oil dominates, but gas saw major moves in M&A
US data analytics company Enverus in an April 8 report found that while oil dominated upstream merger and acquisition (M&A) activity in Q1 2021, natural gas was attractive in both spending and market moves.
Enverus released a summary of M&A activity during the first quarter, noting a $250mn spend from Northern Oil and Gas (NOG) on Marcellus shale acreage was among the top five deals for the period.
Closed April 6, NOG estimated the assets acquired from a subsidiary of India's Reliance were producing around 80mn ft3/d of natural gas. The Marcellus shale is part of the broader Appalachia shale basin, the most prolific shale natural gas play in the United States.
Vine’s share price, however, has faltered since it opened on the New York Stock Exchange on March 19 at $14/share. Shares were trading at around $12/share as of mid-day April 9.
According to the US Energy Information Administration, however, Haynesville is among the few expected to show any meaningful increase in gas production from March.
First quarter activity, Enverus found, was largely focused on legacy oil plays, with the Bakken and Eagle Ford shales accounting for about 60% of the total value of M&A activity. The total value of all transactions, however, was 88% lower than Q4.