Oil, gas capital raises in September: Total rebounds to $8.47B on debt offerings

U.S. and Canadian oil and gas companies covered by S&P Global Market Intelligence raised roughly $8.47 billion of capital in September, with debt deals contributing $7.21 billion and common stock deals and private placements raking in a combined $1.25 billion. The month's total is nearly double the $4.35 billion collected in the prior month.

Through September, most of the represented oil and gas sectors raised less capital versus the same period a year ago. Only the oil and gas exploration and production companies posted a year-over-year increase after pulling in $30.45 billion year-to-date, compared with $18.37 billion in the same prior-year period. Oil and gas storage and transportation companies raked in $25.21 billion, while oil and gas refining and marketing companies brought in $9.69 billion. Integrated oil and gas companies managed to increase capital collected through the month to $2.27 billion.

Common stock

* Shale gas giant EQT Corp. on Sept. 28 sold 29,819,500 common shares in a public offering for gross proceeds of $596.4 million.

* Magnolia Oil & Gas Corp. on Sept. 23 sold 7,500,000 class A common shares for proceeds of approximately $122.9 million.

* Freehold Royalties Ltd. on Sept. 22 sold 19,067,000 common shares for proceeds of roughly $135.6 million.

* Topaz Energy Corp. on Sept. 21 sold 7,000,000 common shares in a private placement for proceeds of about $108.2 million.

* EZFill Holdings Inc. on Sept. 14 sold 7,187,500 common shares for proceeds of $28.8 million, which the company will use for acquisitions, debt repayment, investment in securities, working capital and general corporate purposes.

Debt

* Enbridge Inc. on Sept. 29 issued 3.4% senior unsubordinated unsecured notes due August 2051 for $505.8 million, 1.6% senior unsubordinated unsecured notes due October 2026 for $500.0 million and 0.55% senior unsubordinated unsecured notes due October 2023 for $499.7 million. The company also offered 4.1% unsecured notes due September 2051 for $313.2 million on Sept. 22 and 3.1% senior unsecured sustainability-linked notes due September 2033 for $861.4 million on Sept. 17. Enbridge said it will use the proceeds from the offerings to pay down existing debt, partially finance capital projects and for other general corporate purposes.

* Rockcliff Energy LLC on Sept. 28 offered senior unsecured notes due September 2029 for proceeds of $700.0 million, which the company intends to use for debt repayment, working capital and general corporate purposes.

* CNX Midstream Partners LP on Sept. 15 sold $400.0 million of 4.750% senior notes due April 2030. The partnership will use the transaction's proceeds to purchase the roughly $400 million outstanding of its 6.5% senior notes due 2026 in a cash tender offer and to redeem any of the 2026 notes that remain outstanding after the tender offer is completed.

* Cheniere Energy Partners LP on Sept. 13 offered 3.25% senior notes due January 2032 for $1.20 billion. Interest on the notes is payable every Jan. 31 and July 31, starting on July 31, 2022. Cheniere Energy Partners plans to use the deal's proceeds mainly to refinance all of the partnership's outstanding senior notes due 2026 and a portion of Sabine Pass Liquefaction LLC's senior notes due 2022.

* Cenovus Energy Inc. on Sept. 9 issued $744.6 million of 3.75% senior notes due February 2052 and $497.8 million of 2.65% senior notes due January 2032. Interest on the 2052 notes is payable every Feb. 15 and Aug. 15, starting Feb. 15, 2022, while interest on the 2032 notes is payable every Jan. 15 and July 15, starting Jan. 15, 2022. Cenovus Energy will use the proceeds from the offerings for working capital, debt repayment, investment in securities and general corporate purposes.

* Enterprise Products Operating LLC on Sept. 7 offered 3.3% senior notes due February 2053 for $991.7 million. Interest on the notes, which are guaranteed by parent company Enterprise Products Partners LP, is payable every Feb. 15 and Aug. 15, starting Feb. 15, 2022. Enterprise Products Operating plans to use the deal's proceeds for general company purposes, which include growth capital investments and debt repayment.

Private placements

* Easton Energy LLC on Sept. 30 secured $245.0 million in a round of funding from a fund managed by Global Infrastructure Management LLC. Easton Energy issued non-convertible preferred shares in the deal, the proceeds of which will be used to fund the organic growth of the company's asset base and other strategic growth opportunities.

* Goodnight Trail Resources LLC on Sept. 27 received an undisclosed amount in a round of funding, in which the company issued preferred equity. The deal included participation from a private credit fund managed by FLC Credit Partners. Goodnight Trail Resources intends to use the deal's proceeds to fund the purchase of its assets by existing operator Redbud E&P Inc.

* Petrus Resources Ltd. on Sept. 22 completed the private placement of 18,181,818 common shares for gross proceeds of $7.9 million, which the company plans to use to slash the outstanding C$73.0 million under its first lien loan.

* Petro Viking Energy Inc. on Sept. 21 closed a nonbrokered private placement of 10,000,000 units for approximately $2.0 million. The company will use the deal's proceeds for general working capital purposes.

* Petrolympic Ltd. on Sept. 17 completed a nonbrokered private placement of 4,000,000 units for gross proceeds of $314,000, which the company intends to use to explore the Belcourt and Rayon D'Or properties in Quebec.

* Electric Hydrogen Co. on Sept. 16 received an undisclosed amount in funding headed by new investor Energy Impact Partners LLC. Electric Hydrogen plans to use the proceeds from the deal for the commercialization of proprietary electrolysis technology manufacturing and for product development.

* Avanti Energy Inc. on Sept. 14 completed a nonbrokered private placement of 882,353 common shares for gross proceeds of approximately $1.2 million, which the company will use to develop its helium properties in North America and also for drilling activities beginning in early fall.

* Petro-Victory Energy Corp. on Sept. 3 closed a private placement for about $4.0 million. The corporation said it will use the gross proceeds to retire two existing secured loans and for general working capital purposes.