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Oil, gas capital raises in September: Capital raised slows to nearly $11B

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Oil, gas capital raises in September: Capital raised slows to nearly $11B

U.S. oil and gas companies covered by S&P Global Market Intelligence raised about $10.85 billion of capital in September, dropping from the roughly $23.14 billion raised in August. Debt offerings accounted for almost all of the September capital raises.

As of Sept. 30, oil and gas storage and transportation companies have brought in $35.37 billion. Year-to-date capital raises by oil and gas exploration and production companies clocked in at $7.65 billion, while those by oil and gas refining and marketing companies were $4.76 billion. Integrated oil and gas companies have pulled in $21.29 billion since the beginning of the year.

Common equity

* Plains GP Holdings LP on Sept. 18 completed a sale of class A common shares for $330.8 million in gross proceeds.

* Plains All American Pipeline LP — in which Plains GP owns a noneconomic controlling general partner interest and an indirect limited partner interest — on Sept. 18 sold $321.4 million of limited partner common units.

* Contango Oil & Gas Co. on Sept. 13 completed a sale of common shares for a total of $42.5 million. Proceeds from the transaction will go to acquisitions, debt repayment, investment in securities and general corporate purposes.

* Canadian Overseas Petroleum Ltd. on Sept. 4 issued common shares worth about $600,000. The company will use the proceeds from the deal for general corporate purposes.

Debt

* Calumet Specialty Products Partners LP on Sept. 27 sold $550.0 million of 11.000% senior unsecured notes due April 15, 2025. Net proceeds will be used to repay or repurchase its existing senior notes.

* Noble Energy Inc. on Sept. 24 closed its offering of about $500.0 million of its 3.25% senior unsecured notes due Oct. 15, 2029, and $500.0 million of 4.2% senior unsecured notes due Oct. 15, 2049. The company will allot the proceeds to debt repayment and general corporate purposes.

* Transcanada Pipelines Ltd. on Sept. 18 closed a sale of debt for $525.9 million.

* Gibson Energy Inc. on Sept. 17 sold C$500.0 million of 3.60% senior unsecured notes due Sept. 17, 2029. Proceeds will go to acquisitions, debt repayment and general corporate purposes.

* Pembina Pipeline Corp. on Sept. 12 issued 2.560% series 14 senior unsecured medium-term notes due June 1, 2023, and 3.310% series 15 senior unsecured medium-term notes due Feb. 1, 2030, for C$600.0 million each. The company also sold 4.540% series 13 senior unsecured medium-term notes due April 3, 2049, for C$300.0 million. Pembina will use the proceeds to pay off debt, fund its capital program and for general corporate purposes.

* WPX Energy Inc. on Sept. 10 completed a sale of fixed-rate senior unsecured notes due 2027 for $600.0 million, of which the proceeds will be used to repay debt and for general corporate purposes.

* Cheniere Energy Partners LP on Sept. 9 sold $1.5 billion of 4.500% senior unsecured notes due Oct. 1, 2029. The partnership plans to use the net proceeds to prepay outstanding term loans under its senior secured credit facilities due 2024 and fund the sixth liquefaction train at its Sabine Pass terminal in Louisiana.

* Plains All American Pipeline on Sept. 9 issued senior unsecured notes for $998.0 million. The partnership plans to use the net proceeds to partly repay its existing senior notes, and, pending such repayment, for general partnership purposes.

* MPLX LP on Sept. 4 closed its offering of $1.0 billion of floating-rate senior unsecured notes due Sept. 9, 2021, and $1.0 billion of floating-rate senior unsecured notes due Sept. 9, 2022. MPLX will use the net proceeds to repay, redeem or otherwise retire the senior notes of Andeavor Logistics LP, which the company acquired in July.

* Enable Midstream Partners on Sept. 4 sold $549.0 million of 4.150% senior unsecured notes due Sept. 15, 2029. The partnership will use the net proceeds to fund the repayment at maturity of Enable Oklahoma Intrastate Transmission LLC's senior notes and for debt repayment.

* Phillips 66 Partners LP on Sept. 3 issued 3.150% senior unsecured notes due Dec. 15, 2029, for $598.7 million, and 2.450% senior unsecured notes due Dec. 15, 2024, for $299.3 million. Proceeds will go to the repayment of its debt, repayment or redemption of senior notes, and general partnership purposes.

Private placements

* Gen III Oil Corp. on Sept. 30 closed a nonbrokered private placement of 10,907,500 units for gross proceeds of C$2.18 million. Proceeds will go to project engineering, working capital and general corporate purposes.

* Point Loma Resources Ltd. on Sept. 27 completed a private placement of units for C$1.7 million, the proceeds from which will be used for qualified exploration and development expenses and general corporate purposes.

* Renaissance Oil Corp. on Sept. 25 issued 13,333,333 units to Energy Mexican Services LLC for $2.0 million, with proceeds to be used for the acquisition of additional oil and gas rights in Mexico, funding of capital expenditures and general corporate purposes.

* FuelFox on Sept. 25 raised $2.0 million in a funding round. The company will use the proceeds to raise its market share in Birmingham, Ala., among other purposes.

* Highlands EnviroFuels LLC on Sept. 24 received about $40,000 from nine investors in a funding round. The company will allot the proceeds to preliminary process design engineering and office rent, among other uses.

* Foothills Exploration Inc. on Sept. 19 issued a convertible redeemable note under a private placement for $115,000. The producer will use the proceeds to retire two convertible notes with existing lenders and for general corporate and working capital purposes.

* Petroteq Energy Inc. on Sept. 17 secured $880,000 in funding from an investor. The company issued convertible debt in the transaction. Petroteq on Sept. 3 also raised $480,000 from a private placement of unsecured convertible debentures. It will allocate its proceeds for its extraction technology in Asphalt Ridge, Utah, and for working capital.

* Molori Energy Inc. on Sept. 17 raised C$850,000 from a nonbrokered private placement of 5,666,667 common shares. The proceeds will be used for general corporate and working capital purposes.

* Booster Fuels Inc. on Sept. 11 obtained $4.0 million in funding from an investor. The company issued securities in the transaction.

* Discovery Energy Corp. on Sept. 6 received $250,000 in funding. The company issued common shares in the transaction. It will use the proceeds to pay its directors, executives or promoters.

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