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Oil, gas capital raises in August: Total raised jumps to $18.47B on debt

U.S. oil and gas companies covered by S&P Global Market Intelligence raised approximately $18.47 billion of capital in August, a boost from the roughly $5.78 billion of capital collected in July. Debt offerings contributed most with $17.48 billion, while capital raised from common stock and private placements totaled $987 million.

All of the represented oil and gas sectors brought in higher capital raises in August versus the prior-year period. Oil and gas storage and transportation companies pulled in $40.98 billion, while integrated oil and gas companies raked in $44.09 billion. Oil and gas exploration and production companies raised $17.69 billion, and oil and gas refining and marketing companies secured $13.88 billion.

Common stock

* Panhandle Oil and Gas Inc. on Aug. 28 sold $8.2 million of class A common shares. Panhandle Oil and Gas said it will use the deal's proceeds for acquisitions, general corporate purposes, investment in securities and working capital.

* Gevo Inc. on Aug. 25 sold $28.5 million of common stock. Gevo plans to use the offering's proceeds for debt repayment, general corporate purposes and working capital.

* Reconnaissance Energy Africa Ltd. on Aug. 20 sold $17.4 million of common units. The company will use the deal's proceeds for working capital and general corporate purposes.

* Southwestern Energy Co. on Aug. 14 sold $158.1 million of common shares. The company offered 63,250,000 common shares, including overallotment. Southwestern said it plans to use the proceeds to fund the partial redemption of Montage Resources Corp.'s notes following the companies' all-stock merger. Southwestern may also use the proceeds for general corporate purposes, investments and reduction of balance under the company's credit agreement.

* Zenith Energy Ltd. on Aug. 6 sold $800,000 of common units. The company will use the deal's proceeds for acquisitions, working capital and general corporate purposes.

Debt

* New Fortress Energy LLC on Aug. 19 issued 6.75% senior secured notes due Sept. 15, 2025, for $1.00 billion. The company plans to use the offering's proceeds for acquisitions, debt repayment, working capital and general corporate purposes.

* Range Resources Corp. on Aug. 18 issued 9.25% senior notes due Feb. 1, 2026, for $300.0 million. The corporation will use the proceeds from the offering to repay its debt.

* Southwestern Energy on Aug. 18 sold $350.0 million of 8.375% senior notes maturing on Sept. 15, 2028. Southwestern Energy will also use the proceeds from the deal to fund the partial redemption of Montage Resources' notes.

* Antero Resources Corp. on Aug. 18 sold $250.0 million of its senior unsecured notes maturing on Sept. 1, 2026. The corporation plans to use the proceeds to repay its debt and for general corporate purposes and working capital.

* Comstock Resources Inc. on Aug. 14 issued 9.75% senior notes due 2026 for proceeds of $301.5 million. Comstock intends to use the offering's proceeds for debt repayment, general corporate purposes and working capital.

* Occidental Petroleum Corp. on Aug. 12 sold $1.50 billion of its 6.625% senior notes due 2030, $900.0 million of its 5.875% senior unsecured notes due 2025 and $600.0 million of its 6.375% senior unsecured notes due 2028. The integrated oil and gas corporation said it will use the proceeds from the deals to repay its debt.

* Targa Resources Partners LP on Aug. 11 sold $1.00 billion of its 4.875% senior notes due 2031. Targa Resources Partners plans to use the offering's net proceeds to fund a concurrently launched cash tender offer and to slash the partnership's borrowings under its senior secured revolving credit facility.

* MPLX LP on Aug. 11 sold $1.50 billion of its 2.650% senior unsubordinated unsecured notes due 2030 and $1.50 billion of its 1.750% senior unsubordinated unsecured notes due 2026. MPLX will use the deals' proceeds to repay its existing debt.

* Chevron Corp. subsidiary Chevron USA Inc. on Aug. 10 sold $750.0 million of its 2.343% unsubordinated notes due 2050, $750.0 million of its 1.018% unsubordinated notes due 2027, $750.0 million of its 0.687% unsubordinated notes due 2025, $500.0 million of its floating rate senior unsubordinated unsecured notes due 2023, $500.0 million of its 0.426% unsubordinated notes due 2023, $400.0 million of its 0.333% unsubordinated notes due 2022, and $350.0 million of its floating rate unsubordinated unsecured notes. Chevron USA will use the proceeds from the offerings for debt repayment, general corporate purposes and working capital.

* Concho Resources Inc. on Aug. 10 issued 2.4% senior unsecured notes due 2031 for $498.8 million. The company plans to use the deal's proceeds for debt repayment, general corporate purposes and working capital.

* Pioneer Natural Resources Co. on Aug. 6 sold $1.10 billion of its 1.9% senior notes due 2030. The company intends to use the offering's proceeds to repay debt and for general corporate purposes and working capital.

* Husky Energy Inc. on Aug. 5 sold $943.7 million of its 3.5% unsubordinated notes due 2028. The Calgary, Alberta-based company will use the proceeds to repay its debt and invest in securities, and for working capital and general corporate purposes.

* Boardwalk Pipelines LP on Aug. 4 issued 3.400% senior notes due 2031 for $499.4 million. The partnership plans to use a part of the deal's proceeds to retire all of Texas Gas Transmission LLC's outstanding $440.0 million of 4.50% senior notes due 2021.

* Apache Corp. on Aug. 3 sold $750.0 million of its 4.875% senior notes due 2027 and $500.0 million of its 4.625% senior notes due 2025. Apache will use the deals' proceeds for debt repayment, general corporate purposes and working capital.

Private placements

* HighPeak Energy Inc. on Aug. 24 received an undisclosed amount of equity funding.

* Avalon Exploration and Production LLC on Aug. 21 received $1.3 million in funding, which included participation from four investors. The company issued nonconvertible debt in the transaction.

* Cheniere Corpus Christi Holdings LLC on Aug. 20 sold $768.7 million of its 3.520% senior notes due 2039 in a private placement. The company said it plans to use the proceeds to repay a part of its existing senior debt, unwind selected interest rate hedging instruments and pay fees related to the deal.

* Empire Petroleum Corp. on Aug. 20 closed a securities purchase agreement, under which the corporation issued common shares for total gross proceeds of $525,000.

* Petroteq Energy Inc. on Aug. 18 received gross proceeds of $150,000 during a private placement of convertible debentures and warrants. The company on Aug. 14 also closed a private placement of 5,000,000 common shares for gross proceeds of $300,000.

* Canuc Resources Corp. on Aug. 11 completed a nonbrokered private placement of 1,500,000 common shares for gross proceeds of $169,000. The corporation on Aug. 4 also received gross proceeds of $487,000 in another private placement of its common shares.

* Cypress Hills Resource Corp. on Aug. 11 closed a nonbrokered private placement of up to 10,000,000 common shares for gross proceeds of $526,000. The corporation said it intends to use the deal's proceeds for asset evaluations, debt repayment and general working capital.

* Arctic Hunter Energy Inc. on Aug. 7 completed a nonbrokered private placement of 1,000,000 units for gross proceeds of $37,000. The company intends to use the proceeds for new costs related to acquisitions of new exploration assets, and for other expenses.

* Zenith Energy on Aug. 6 received gross proceeds of $800,000 during a private placement of 90,000,000 units. Zenith Energy said it plans to use the proceeds to provide additional funding for its acquisition campaign in Africa and for general working capital purposes.

* James Bay Resources Ltd. on Aug. 5 closed a nonbrokered private placement of 4,316,667 units for gross proceeds of $196,000. The company intends to use the proceeds from the transaction for working capital.

* Hillcrest Petroleum Ltd. on Aug. 4 completed a private placement of more than 20,000,000 units for gross proceeds of $765,000. The deal included participation from 14 investors.

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