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Oil, gas capital raises in November: Debt by big companies raise totals to $10B

U.S. oil and gas companies covered by S&P Global Market Intelligence raised about $10.46 billion of capital in November, with the bulk coming from debt offerings. Common equity and private placements made up about $375.8 million of the total.

As of November, oil and gas storage and transportation companies have raised $43.15 billion. Oil and gas exploration and production companies have so far pulled in $11.82 billion, while oil and gas refining and marketing companies have contributed $4.79 billion. Integrated oil and gas companies have brought in $21.32 billion since the start of the year.

Common equity

* Diamond S Shipping Inc. on Nov. 21 completed an offering of $64.4 million of common shares.

* Antero Midstream Corp. on Nov. 6 sold $169.3 million of common stock.

Debt

* Hess Midstream Partners LP on Nov. 25 sold $550.0 million of 5.125% senior notes due June 15, 2028, in a private placement. The partnership plans to use the net proceeds to finance its acquisition of Hess Infrastructure Partners LP, including debt repayment under Hess Infrastructure Partners' credit facilities and partly fund the distribution to its sponsors.

* Diamondback Energy Inc. on Nov. 20 sold about $3 billion of senior debt. The sale is composed of $1.20 billion of 3.500% senior unsecured notes due Dec. 1, 2029; $798.9 million of 3.250% senior unsecured notes due Dec. 1, 2026; and $999.6 million of fixed-rate senior unsecured notes due 2024. The oil and gas producer plans to use the proceeds for acquisitions, debt repayment and general corporate purposes.

* Dominion Energy Gas Holdings LLC on Nov. 18 sold about $1.50 billion of senior debt, made up of $600 million of 2019 series A 2.50% senior notes due 2024; $600 million of 2019 series B 3.000% senior unsecured notes due Nov. 15, 2029; and $300 million of 2019 series C 3.90% senior notes due 2049. The sales are part of its planned offerings after restructuring as a pipeline, gas storage and LNG processing entity.

* Targa Resources Corp. subsidiary Targa Resources Partners LP and Targa Resources Partners Finance Corp. on Nov. 13 sold $1.0 billion of 5.500% senior unsecured notes, which will mature on March 1, 2030. Proceeds will be used to repay credit facility borrowings and for general partnership purposes, including senior note redemptions or repurchases, working capital and funding capital expenditures.

* Enbridge Inc. on Nov. 13 sold roughly $2 billion of senior notes. The offering is composed of $500 million of 2.500% senior notes due 2025, $1 billion of 3.125% senior notes due 2029 and $500 million of 4.000% senior notes due 2049. Enbridge intends to use the net proceeds to pay down debt and for general corporate purposes.

* Murphy Oil Corp. on Nov. 13 completed an offering of $550.0 million of 5.875% senior unsecured notes due Dec. 1, 2027. Proceeds will be used for debt repayment.

* Cheniere Corpus Christi Holdings LLC on Nov. 6 sold $1.5 billion of 3.700% senior notes due Nov. 15, 2029. The Cheniere Energy Inc. subsidiary will use the proceeds to prepay a portion of amounts outstanding under its term loan credit facility due 2024.

Private placements

* Delphi Energy Corp. on Nov. 26 sold $38.8 million of common shares in a brokered private placement deal. The deal included participation from existing investor Luminus Management LLC. Proceeds will be used to fund its capital expenditures and develop its reserves.

* MTB Corp. on Nov. 26 sold $1.5 million under a securities purchase agreement for a 10% original issue discount senior secured convertible note due Nov. 15, 2020. The company will use the proceeds to repay debt and for working capital purposes.

* Avanti Energy Inc. on Nov. 26 sold about $500,000 worth of common shares under a nonbrokered private placement deal. Proceeds will be allocated for general working capital purposes.

* Sonoro Energy Ltd. on Nov. 25 closed a nonbrokered private placement offering for $1.2 million of convertible debentures bearing an interest of 8% per annum, with an expiry date of Nov. 25, 2021. The convertible debentures have been issued to Sonoro's Indonesian partner for funds advanced to Sonoro for the Selat Panjang oil and gas project.

* Petroteq Energy Inc. on Nov. 21 received $70,400 in funding after issuing common shares to a single investor. The company also issued common shares to six investors, receiving $765,333 in funding on Nov. 12. On Nov. 8, Petroteq issued convertible promissory notes to one investor for $435,294 in funding.

* Petro-Victory Energy Corp. on Nov. 19 received $2.0 million in a private placement of nonconvertible debentures carrying an interest rate of 9% per annum, as well as 26,300,000 warrants. The company plans to use the proceeds to finalize initial working interests in Brazil, developing its Brazil onshore portfolio and for general working capital.

* Paramount Resources Ltd. on Nov. 15 closed a private placement deal for class A common shares for gross proceeds of $28.4 million. The deal included participation from Treherne Resources Ltd. and other investors. Proceeds will be used to prefund part of Paramount's 2020 development program in the Karr and Wapiti production areas.

* HOP Energy LLC on Nov. 14 received $45.0 million in a debt round of funding, with participation from new lender Comvest Credit Partners.

* Contango Oil & Gas Co. on Nov. 1 sold $22.1 million of series B contingent convertible preferred shares under a private placement transaction. Contango will use the proceeds to fund part of the purchase price and transaction expenses for its acquisition of oil and gas properties from White Star Petroleum LLC or for general corporate purposes such as funding acquisitions and its 2019 capital program.

* Zenith Energy Ltd. on Nov. 1 sold $1.4 million of common shares under a private placement transaction. Proceeds will be used to fund preparations for planned drilling operations at one of its wells in the Muradkhanli oilfield in Azerbaijan and for general working capital.

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