Hilcorp Energy leads debt issuers as oil, gas capital raises decline in October

US and Canadian oil and natural gas companies covered by S&P Global Market Intelligence raised $5.88 billion of capital in October, a decline from $10.93 billion raised in September.

The sector completed 11 common equity offerings, three debt offerings and two preferred equity offerings in October. Senior debt offerings accounted for $2.07 billion of the total capital raised, while preferred equity offerings accounted for $3 billion, according to Market Intelligence data. Common equity offerings accounted for $808.2 million.

Most segments notch YOY gains in September

Most of the covered oil and gas segments recorded year-over-year increases in capital raised year to date. The storage and transportation segment led the way, raising $58.69 billion through Oct. 31, an increase of $17.62 billion from the year-ago period.

Exploration and production companies raised $27.59 billion, up $8.6 billion year over year. Integrated oil and gas raised $5.57 billion, compared with no recorded capital raises in the same period last year.

Refining and marketing raised $6.93 billion from January through October, a $5.9 billion decline from the amount raised last year.

– Download a spreadsheet containing Debt Maturity Profile data. – Use our Transactions Statistics page to run a custom screen of debt, equity capital issuances or M&A.

Largest debt offering

Hilcorp Energy I LP completed the largest individual debt issuance in October with $1 billion of 7.250% senior notes due 2035.

Separately, Venture Global LNG gained aggregate gross proceeds of $3 billion upon completing its inaugural offering of 3 million shares of 9% series A preferred stock.