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Oil, gas capital raises in June: Total raised slows down to $6.84B

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Oil, gas capital raises in June: Total raised slows down to $6.84B

U.S. and Canadian oil and gas companies covered by S&P Global Market Intelligence raised $6.84 billion of capital in June, with approximately $5.43 billion coming from debt offerings. The amount is a decrease from the $8.15 billion of capital collected in the prior month.

Through June, most of the represented oil and gas sectors pulled in lower capital raises compared to the same period last year. Exploration and production was the only sector to record a year-over-year increase, bringing in $25.65 billion year-to-date. Oil and gas storage and transportation companies have collected $17.66 billion, a decrease from the year-ago amount of $31.24 billion. Oil and gas refining and marketing companies brought in $6.86 billion, while integrated oil and gas companies only pulled in $920 million.

Common stock

*Riley Exploration Permian Inc. on June 30 sold 1,666,667 shares of new common stock for $50.0 million. The company will use the proceeds for acquisitions, working capital, debt repayment and general corporate purposes.

* Eco (Atlantic) Oil & Gas Ltd. on June 28 sold 14,945,913 common shares for proceeds of approximately $5.0 million, which the company intends to use for working capital and general corporate purposes.

* Oasis Midstream Partners LP on June 24 sold 3,623,188 common units representing limited partner interests for gross proceeds of $89.1 million. The partnership said it plans to use the proceeds to redeem from parent Oasis Petroleum Inc. a number of common units equal to the number of common units sold in the offering.

* Talos Energy Inc. on June 23 sold 5,000,000 shares of common stock for an undisclosed amount.

* ReGen III Corp. on June 22 sold 9,200,000 common shares for $9.3 million. Proceeds from the deal will be allocated for working capital and general corporate purposes.

* Northern Oil and Gas Inc. on June 16 sold 5,750,000 common shares for proceeds of $100.6 million, which the company said it will use for acquisitions, debt repayment, general corporate purposes and working capital.

* Topaz Energy Corp. on June 8 sold 14,123,150 common shares for $166.4 million. The deal's proceeds will be used for working capital, acquisitions and general corporate purposes.

* Royal Helium Ltd. on June 8 sold 34,500,000 units for proceeds of $14.3 million, which will be intended for acquisitions, working capital and other general corporate purposes.

Preferred stock

* Energy Transfer LP on June 1 sold 900,000 series H fixed-rate reset cumulative redeemable perpetual preferred units for gross proceeds of $900.0 million. Energy Transfer will use the offering's proceeds to repay outstanding debt and for general partnership purposes.

Debt

* Enbridge Inc. on June 24 offered 2.5% unsubordinated notes due 2033 for net proceeds of $995.8 million. Enbridge will use the deal's proceeds to decrease its existing debt and fund capital projects, and for other general corporate purposes.

* Callon Petroleum Co. on June 21 offered $650.0 million of 8.00% senior unsecured notes due 2028. Callon Petroleum will use the offering's proceeds to redeem all $542.7 million of the company's existing 6.25% senior notes due 2023. Interest on the 2028 notes will be payable every six months starting Feb. 1, 2022.

* Colgate Energy Partners III LLC on June 16 issued $500.0 million of 5.875% senior notes due July 1, 2029. Proceeds from the offering will be used for acquisitions, working capital and general corporate purposes.

* Parkland Corp. on June 16 sold 3.875% senior notes due June 16, 2026, for proceeds of $492.9 million, which the corporation will use to repay debt and for working capital and general corporate purposes.

* Comstock Resources Inc. on June 14 issued 5.875% senior unsecured notes due Jan. 15, 2030, for $965.0 million. Interest on the notes is payable every Jan. 15 and July 15, starting Jan. 15, 2022. Comstock will use the deal's proceeds for working capital, debt repayment and general corporate purposes.

* Frontera Energy Corp. on June 10 offered $397.4 million of 7.875% senior notes due June 21, 2028. The corporation intends to use the proceeds for debt repayment, general corporate purposes and working capital.

* SM Energy Co. on June 9 sold $400.0 million of 6.5% senior notes due July 15, 2028. Interest on the notes is payable every Jan. 15 and July 15, starting Jan. 15, 2022. SM Energy plans to use the offering's proceeds to repay debt, and for general corporate purposes and working capital.

* Ascent Resources Utica Holdings LLC on June 9 offered $400.0 million of 5.875% senior unsecured notes due 2029. The company will use the deal's proceeds to repay debt.

* TransCanada PipeLines Ltd. on June 7 issued 2.97% unsecured debentures due 2031 for $414.1 million and 4.33% senior unsecured debentures due 2047 for $211.8 million. Proceeds will be used to repay debt and for general corporate purposes.

Private placements

* JHI Associates Inc. on June 28 issued 5,000,000 common shares for gross proceeds of $10.0 million. The deal included participation from new investor Eco (Atlantic) Oil & Gas.

* Southern Energy Corp. on June 28 completed a brokered private placement of 8,389 convertible debentures for gross proceeds of $6.8 million. The corporation said it will use the proceeds to acquire assets in Mississippi through Southern Energy CMS LLC.

* MMEX Resources Corp. on June 25 closed a private placement of a 10% convertible note for gross proceeds of $78,000. Returning investor GS Capital Partners LLC participated in the transaction. MMEX Resources said it plans to use part of the proceeds to buy a real property tract in Pecos County, Texas, for a planned project.

* Canada Energy Partners Inc. on June 24 closed a non-brokered private placement of 7,062,000 common shares for gross proceeds of $716,000, which the company will use for oil and gas opportunities in West Africa and general working capital, among other uses.

* Electric Hydrogen Co. on June 23 received $24.0 million in a round of funding headed by new investor Breakthrough Energy Ventures LLC. Electric Hydrogen intends to use the proceeds to underpin industrial-scale green hydrogen production and to expand its operations in the Greater Boston and San Francisco Bay areas.

* Leucrotta Exploration Inc. on June 22 completed a private placement of 1,870,000 flow-through units for gross proceeds of $1.1 million. Nine placees participated in the deal.

* Eckard Global LLC on June 21 received $144,000 in funding in a transaction, under which the company issued common shares. Three investors participated in the transaction.

* Huntington Exploration Inc. on June 16 closed a private placement of flow-through units for gross proceeds of $4.9 million, which the company plans to use for Canadian exploration expenses and for general working capital purposes.

* Topaz Energy on June 8 also completed a private placement of 211,000 common shares for gross proceeds of $2.5 million. The deal included participation from several directors, officers and employees of the corporation and their associates.

* Stamper Oil & Gas Corp. on June 7 completed a non-brokered private placement of 20,400,000 units for gross proceeds of $507,000, which will be used for general working capital purposes and as a reserve for asset acquisition investigations.

* Saturn Oil & Gas Inc. on June 4 closed a non-brokered private placement of special warrants and subscription receipts for proceeds of $25.1 million.

* ROK Resources Inc. on June 3 closed a non-brokered private placement of 11,000,000 units for gross proceeds of $1.8 million, which the company intends to use for general corporate purposes and for the payment, operation and development of recently acquired assets in Southern Saskatchewan. The deal included participation from 27 placees.

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