U.S. and Canadian oil and gas companies covered by S&P Global Market Intelligence raised $4.35 billion in August, slightly up from the $3.65 billion of capital collected in the prior month. Debt offerings contributed most of the month's capital, bringing in $3.20 billion.
Through August, most of the represented oil and gas sectors again pulled in lower capital raises compared to the same period a year earlier. Year-to-date, only oil and gas exploration and production companies recorded a year-over-year boost, raking in $28.88 billion, up from $17.70 billion in the same year-ago period. Oil and gas storage and transportation companies pulled in $19.67 billion, while oil and gas refining and marketing companies collected only $9.69 billion. The capital raised by integrated oil and gas companies stayed flat month over month at $920 million.
* Spartan Delta Corp. on Aug. 18 sold 29,703,000 common shares for proceeds of $118.7 million, which the company intends to use for acquisitions.
* Tidewater Renewables Ltd. on Aug. 18 sold 10,000,000 common shares for $118.7 million. The company will use the offering's proceeds for debt repayment, working capital and general corporate purposes.
* Ecoark Holdings Inc. on Aug. 6 sold 3,478,261 shares of common stock for $20.0 million. The company plans to use the proceeds for general corporate purposes and working capital.
* Green Plains Inc. on Aug. 5 sold 5,462,500 common shares for proceeds of $174.8 million, which will be used for acquisitions, working capital and general corporate purposes.
* Laredo Petroleum Inc. on Aug. 4 sold common shares for $75.0 million. The company will use the proceeds to repay debt and for working capital, acquisitions and general corporate purposes.
* Tellurian Inc. on Aug. 3 sold 40,250,000 new common shares for approximately $120.8 million, which the company intends to use for acquisitions, investment in securities, working capital and general corporate purposes.
* Cheniere Corpus Christi Holdings LLC on Aug. 17 completed a private offering of 2.742% senior unsecured notes due Dec. 31, 2039, for $750.0 million. The company will use the proceeds to prepay part of the principal amount outstanding under its term loan credit facility.
* Southwestern Energy Co. on Aug. 16 offered $1.20 billion of 5.375% senior notes due March 15, 2030. Interest on the notes is payable every March 15 and Sept. 15, starting on March 15, 2022. The proceeds will be used to fund the tender offers for the company's outstanding 7.50% senior notes due 2026 and 4.95% senior notes due 2025, to repay borrowings under its credit agreement, to repay other debt and for general corporate purposes.
* Tallgrass Energy Partners LP on Aug. 11 closed an offering of 6% senior notes due Sept. 1, 2031, for proceeds of $500.0 million, which the partnership will use to fund a concurrent cash tender offer to purchase its outstanding 5.50% senior notes due 2024 and to redeem any of the 2024 notes outstanding after the tender offer.
* Hess Midstream Operations LP on Aug. 2 issued $750.0 million of 4.25% senior notes due Feb. 15, 2030. Interest on the notes is payable every Feb. 15 and Aug. 15, starting on Feb. 15, 2022. The partnership plans to use the proceeds to repurchase 31 million class B units from affiliates of Hess Corp. and Global Infrastructure Partners.
* Gelum Capital Ltd. on Aug. 31 closed a nonbrokered private placement of 1,100,000 units for gross proceeds of $87,000, which the company will allocate for the exploration of its Eldorado Gold Property and general working capital.
* Decklar Resources Inc. on Aug. 30 completed a nonbrokered private placement of 5,000,000 common units for gross proceeds of approximately $4.0 million. The company plans to use the proceeds for development capital and general corporate purposes.
* Yorkton Ventures Inc. on Aug. 27 closed a private placement of 1,735,000 common shares for gross proceeds of $344,000. The deal included participation from existing investor ESG Global Impact Capital Inc.
* Petro-Victory Energy Corp. on Aug. 25 completed a private placement of unsecured notes for proceeds of $792,000, which the corporation will use for operational flexibility to increase its activity on its licenses while determining options for the development of its portfolio onshore Brazil.
* Brightmark RNG Holdings LLC on Aug. 24 secured an undisclosed amount in an equity round of funding. Returning investors Brightmark LLC and Chevron USA Inc. participated in the transaction, the proceeds of which will be used by Brightmark RNG to fund the construction of infrastructure and commercial operation of 10 dairy biomethane projects.
* SeaChange Group LLC on Aug. 19 completed a private placement for proceeds of $245,000.
* HB2 Origination LLC on Aug. 18 received $7.5 million during a private placement of subordinated voting subscription receipts. The company plans to use the proceeds for corporate and general working capital purposes.
* Black Knight Energy LLC on Aug. 17 received an equity investment of $500.0 million in a deal that included participation from new investors.
* Cielo Waste Solutions Corp. on Aug. 4 secured $11.2 million during a round of placement. Cielo Waste intends to use the deal's proceeds to buy a site near Edmonton in Alberta, Canada, which will be used for the corporation's planned 100%-owned waste-to-high-grade renewable fuel facility and for working capital purposes, among others.
* Presidio Petroleum LLC on Aug. 4 closed a private placement for an undisclosed amount. The company plans to use the proceeds to speed up its acquisition-driven growth strategy in the Mid-Continent region and to recapitalize its balance sheet.