U.S. oil and gas companies covered by S&P Global Market Intelligence raised $18.07 billion of capital in February, up from the $7.21 billion raised in January. Capital raised from common equity offerings totaled $804.2 million, while $16.37 billion was raised through debt offerings and $889.3 million from joint venture and private equity deals.
Capital raised in 2018 by integrated oil and gas companies through February totaled almost $1 billion, down from the comparable 2017 total of $4.0 billion. Oil and gas storage and transportation companies raised $18.32 billion in January and February, compared to $11.31 billion in the previous year. Oil and gas refining and marketing companies raised a total of $1.51 billion in the two months, down from 2017's $2.16 billion. Capital raised by oil and gas exploration and production companies also is trending down, totaling $4.45 billion, compared to the 2017 January-February total of $6.08 billion.
Common equity
* Ring Energy Inc. on Feb. 23 sold 5,300,000 shares of its common stock, with a 30-day overallotment option for an additional 804,000 shares, to raise about $75 million for its 2018 CapEx program and other general corporate purposes.
* Halcón Resources Corp. on Feb. 6 completed a follow-on equity offering to raise about $55.2 million.
* Shell Midstream Partners LP on Feb. 2 sold 25,000,000 shares of its common units to raise about $680 million planned to be used to repay debt and for general partnership purposes.
Debt
* Occidental Petroleum Corp. on Feb. 28 entered into an underwriting agreement to issue and sell about $1.0 billion of its 4.20% senior notes due 2048, priced at 99.272% of the principal amount, to be used to repay $500 million of its 1.50% senior notes due 2018, which matured Feb. 15, and for general corporate purposes.
* Phillips 66 on Feb. 26 sold $1.5 billion of senior notes to reduce its outstanding commercial paper debt and for other general corporate purposes. The offering consisted of $500 million of floating-rate notes due 2021, priced at 100% of par; $800 million of 3.90% notes due 2028, priced at 99.9% of par; and $200 million of 4.875% notes due 2044, priced at 104.688% of par.
* Williams Partners LP on Feb. 26 sold about $800 million of 4.85% senior notes due 2048 at 99.515% of par for proceeds of about $796.1 million. The partnership intended to use the net proceeds of the offering for general partnership purposes such as paying down debt and repaying its $750 million of 4.875% senior notes due 2024.
* Kinder Morgan Inc. on Feb. 22 sold $2 billion of its senior notes to pay down debt and for general corporate purposes. The notes consisted of $1.25 billion of 4.300% notes due 2028 and $750 million of 5.200% notes due 2048.
* Western Gas Partners LP on Feb. 21 sold two series of senior notes totaling $1.1 billion to help pay down revolver debt and for general corporate purposes. The offering composed of $400 million of 4.50% notes due 2028, priced at 99.435% of their face value, and $700 million of 5.30% notes due 2048, priced at 99.169% of their face value.
* Jones Energy Ltd. on Feb. 12 sold about $438.9 million of its 9.25% senior secured lien notes due 2023 in a fixed-income offering.
* Sanchez Energy Corp. on Feb. 7 sold $500 million of its 7.25% senior secured first-lien notes due 2023 at 98.973% of par. The offering was upsized from the original offering for $400 million of the company's senior notes due 2023. Proceeds from the offering was planned to be used to pay down about $95 million in borrowings under its revolving credit facility and for general corporate purposes.
* TransMontaigne Partners LP on Feb. 7 sold $300 million of its senior unsecured notes due 2026 of the partnership and its subsidiary TLP Finance Corp. The notes bear an annual interest rate of 6.125% and were priced at par. Proceeds from the offering was planned to be used to to repay revolver debt, for general partnership purposes and to pay transaction fees and expenses.
* Halcón Resources Corp. on Feb. 7 sold $200 million of its 6.75% senior unsecured notes due 2025, offered as additional notes to the company's 6.75% senior notes due 2025 with $425 million outstanding. Proceeds from the additional offering were intended to be used to help fund Halcón Resources Delaware Basin acquisitions and for general corporate purposes.
* MPLX LP on Feb. 5 sold a total of $5.5 billion of its unsecured senior notes, mostly issued to repay the principal and accrued interest on a $4.1 billion term loan the partnership took out Feb. 1. The offering consisted of five series of senior notes: $500 million of 3.375% senior notes due 2023, $1.25 billion of 4.000% senior notes due 2028, $1.75 billion of 4.500% senior notes due 2038, $1.5 billion of 4.700% senior notes due 2048 and $500 million of 4.900% senior notes due 2058.
* Berry Petroleum Co. on Feb. 2 sold $400 million of its 7% senior unsecured notes due 2026 in a fixed-income offering.
* Enterprise Products Operating LLC on Feb. 1 sold a total of $2.7 billion of notes. The offering included about $1.25 billion of its 4.25% senior unsubordinated unsecured notes due Feb. 15, 2048, $750 million of its 2.8% Senior unsubordinated unsecured notes due Feb. 15, 2021, and $700 million of its fixed-to-floating-rate junior subordinated unsecured notes due Feb. 15, 2078.
Joint venture/private equity
* Citadel Exploration Inc. on Feb. 15 announced that it has received $25,000 in funding through subscription agreements on a private placement of 12,500 shares of series A convertible participating preferred shares.
* Lotus Midstream LLC on Feb. 13 received $400 million in funding from new investor EnCap Flatrock Midstream and management of the company.
* California Resources Corp. on Feb. 7 entered a midstream joint venture, known as Elk Hills Power LLC, with the private equity group of Ares Management LP. The Ares portfolio company gave an investment of $750 million for certain common and preferred equity interests and purchased about 2.34 million California Resources common stock shares for $50 million.
* Holly Energy Partners LP on Feb. 6 sold $110 million of 3,700,000 common stock at $29.73 per share. The HollyFrontier Corp.-owned partnership intends to use the proceeds to repay borrowings under its credit facility and for general partnership purposes.
* Torchlight Energy Resources Inc. on Feb. 6 announced a private placement of two 12% unsecured promissory notes to raise about $4.3 million.
* Ridge Runner Resources LLC on Feb. 5 secured a line of equity financing worth up to $300 million from funds affiliated with the private equity firm Warburg Pincus LLC, which the company plans to use to build acreage positions in the Delaware Basin.
* PetroShare Corp. on Feb. 1 received $25 million in funding from Providence Energy Ltd. and Fifth Partners LLC. PetroShare paid $1.35 million in expenses to Providence Energy for the transaction.


Mushir Shaikh contributed to this article.
