Transactions

Select Recent Transactions

Petrie Partners is dedicated solely to energy. From corporate mergers to asset acquisitions and divestitures, from financings to restructurings, our firm is exceptionally well-versed in the challenges and opportunities that are unique to the traditional and renewable sectors of the energy industry.

2024

Merger of Pioneer Natural Resources and ExxonMobil Corporation

Merger of Pioneer Natural Resources and ExxonMobil Corporation

  • All-stock merger valued at $65 billion at announcement
  • Largest upstream transaction of the 21st century

2024

CPX Energy Delaware Basin Drilling Joint Venture with Warwick Investment Group

CPX Energy Delaware Basin Drilling Joint Venture with Warwick Investment Group

  • $150MM development joint venture in the Delaware Basin
  • Drilling commenced immediately and is expected to continue for 12 – 18 months

2024

Permian Resources Development Joint Venture

Permian Resources Development Joint Venture

  • Delaware Basin drilling joint venture
  • Multi-year development program

2024

Intrepid Potash Amends New Mexico Resource Development Agreement with ExxonMobil

Intrepid Potash Amends New Mexico Resource Development Agreement with ExxonMobil

  • Amendment of the existing Potash Area Cooperative Development Agreement with ExxonMobil in the Northern Delaware Basin
  • Combination of upfront and progress payments by ExxonMobil to Intrepid totaling up to $200MM

2024

Flame Resources Combination with Sable Offshore

Flame Resources Combination with Sable Offshore

  • Offshore California de-SPACing combination with Sable Offshore
  • Petrie rendered an independent fairness opinion to the Board of Directors of Flame Acquisition Corp

2024

Altira Technology Fund VII
Strategic Capital Raise

Altira Technology Fund VII
Strategic Capital Raise

  • Secured investments from leading oil and gas operators for this energy-focused technology fund
  • Strategic investors include ConocoPhillips, Coterra, Devon, and Pioneer (Exxon), among others

2023

California Resources Divestiture of Select Onshore California Upstream Properties

California Resources Divestiture of Select Onshore California Upstream Properties

  • Sale of CRC’s remaining 50% interest in the Round Mountain Unit
  • Cash divestiture of this CRC-operated property in Kern County, California

2023

Blue Spruce Private Equity Placement and Strategic Joint Venture with Japex for Helium and CCS Project Development

Blue Spruce Private Equity Placement and Strategic Joint Venture with Japex for Helium and CCS Project Development

  • Secured a strategic investment from JAPEX to fund development of a large helium deposit and related CCUS facility in Wyoming
  • Offsets ExxonMobil’s Shute Creek helium deposit and CCS facility in Wyoming which is one of the top producing helium and carbon capture facilities in the world

2023

Avant Acquisition of Permian Basin Properties

Avant Acquisition of Permian Basin Properties

  • Cash acquisition of producing and development properties from Revenir
  • Revenir assets located in the Northern Delaware basin in Lea and Eddy Counties, New Mexico

2023

Ecopetrol Sale of Certain Non-Producing Assets in the Midland Basin

Ecopetrol Sale of Certain Non-Producing Assets in the Midland Basin

  • Sale of select Midland Basin assets to Continental Resources
  • Acreage was in a non-producing portion of the Rodeo JV that was formed in 2019 by Ecopetrol and Occidental

2023

Midland-Petro D.C. Partners, Sale of Non-Operated Interests in the City of Midland to Northern Oil & Gas

Midland-Petro D.C. Partners, Sale of Non-Operated Interests in the City of Midland to Northern Oil & Gas

  • Producing and development assets under the city of Midland, Texas
  • $330MM cash sale of minority interest, MPDC retained significant interest and operatorship

2023

Midland-Petro D.C. Partners, Sale of Non-Operated Interests in the City of Midland to USEDC

Midland-Petro D.C. Partners, Sale of Non-Operated Interests in the City of Midland to USEDC

  • Producing and development assets under the City of Midland, Texas
  • $225MM cash sale of minority interest, MPDC retained significant interest and operatorship

Page 1 of 2