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Oil, gas capital raises in August: Total raised soars to $23B on debt offerings

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Oil, gas capital raises in August: Total raised soars to $23B on debt offerings

U.S. oil and gas companies covered by S&P Global Market Intelligence raised roughly $23.14 billion of capital in August, the majority of which came from debt offerings. Private placements and common equity accounted for less than $1 billion of total capital raised.

Oil and gas storage and transportation companies have raised $26.72 billion as of August this year. Oil and gas exploration and production companies so far have contributed $6.01 billion of capital, while oil and gas refining and marketing companies have pulled in $4.20 billion. Integrated oil and gas companies have brought in $21.29 billion since the start of the year.

Common equity

* Zenith Energy Ltd. on Aug. 2 completed a sale of 47,812,500 common shares and 47,812,500 warrants for C$1.9 million in gross proceeds. The Canadian company plans to use the proceeds to fully fund well-deepening operations in two wells at the Jafarli field in Azerbaijan.

Debt

* Exxon Mobil Corp. on Aug. 13 sold $7 billion of senior unsubordinated unsecured notes composed of $750.0 million of 1.902% senior notes due Aug. 16, 2022; $750.0 million of floating rate senior notes due Aug. 16, 2022; $1.25 billion of 2.440% senior notes due Aug. 16, 2029; $750.0 million of 2.995% senior notes due Aug. 16, 2039; fixed rate notes; $1 billion of 2.275% senior notes due Aug. 16, 2026; and $1.50 billion of 3.095% senior notes due Aug. 16, 2049.

* Oneok Inc. on Aug. 12 sold about $2 billion of senior unsecured notes made up of $500.0 million of 2.750% senior notes due Sept. 1, 2024; $750.0 million of 3.400% senior notes due Sept. 1, 2029; and $750.0 million of 4.450% senior notes due Sept. 1, 2049.

* Magellan Midstream Partners LP on Aug. 8 sold roughly $500.0 million of 3.950% senior unsecured notes due March 1, 2050. The partnership plans to use the net proceeds for general partnership purposes, including expansion capital projects.

* Tidewater Midstream & Infrastructure Ltd. on Aug. 8 sold $56.6 million of 5.5% subordinated unsecured debentures due Sept. 30, 2024. It will use the proceeds for acquisitions, debt repayment and general corporate purposes.

* Occidental Petroleum Corp. on Aug. 6 sold $13 billion of debt to help fund its recently completed merger with Anadarko Petroleum Corp. Occidental issued bonds to fund the merger in 10 parts.

Private placements

* Reconnaissance Energy Corp. on Aug. 30 closed a nonbrokered private placement of 17,053,280 units at 20 Canadian cents per unit for gross proceeds of C$3.4 million. Each unit is composed of one common share and one common share purchase warrant. The warrant allows the holder to buy one share at 50 cents per share until Aug. 30, 2024.

* Texas South Energy Inc. on Aug. 30 received $626,667 in funding from 12 investors through a private placement. The company will issue common shares as part of the deal.

* Petro-Victory Energy Corp. on Aug. 30 sold 35,000,000 common shares in a nonbrokered private placement for gross proceeds of C$700,000. It will use half of the proceeds for final payments on working interest acquisitions in Brazil, among other uses.

* Oculus Transport Ltd. on Aug. 21 raised C$45 million in funding from lender Great Rock Capital Partners LLC. The company received senior secured term loans to grow its Canadian oilfield transport and logistics operations.

* Amazing Energy Oil and Gas Co. on Aug. 20 struck a term loan agreement for $400,000, the proceeds of which it will use for general working capital. The loan has an interest rate of 12% per annum and will mature Feb. 20, 2020.

* Petroteq Energy Inc. on Aug. 18 sold 5,481,349 common shares for gross proceeds of $775,611 in a private placement. The company plans to use the proceeds for its extraction technology in Asphalt Ridge, Utah, and for working capital.

* Algonquin Gas Transmission LLC on Aug. 15 sold $500.0 million of debt securities in a private placement.

* Emerald Bay Energy Inc. on Aug. 15 sold up to C$500,000 of units consisting of one common share and one share purchase warrant. It will use the proceeds for land and lease renewals and acquisitions in Texas and for drilling and testing activities.

* Marksmen Energy Inc. on Aug. 15 sold 7,180,000 units for gross proceeds of C$359,000 in a nonbrokered private placement. The units are composed of one common share and one-half common share purchase warrant. The company intends to use the proceeds for well costs, completions and production testing, among other uses.

* Huntington Exploration Inc. on Aug. 14 sold 10,000,000 units for up to C$500,000 in a private placement. It will use the proceeds for general and administrative expenses, to replenish working capital, to evaluate strategic alternatives and for general corporate purposes.

* Vermilion Cliffs Partners LLC on Aug. 12 received $11.0 million in a round of funding from Anvil Energy Partners I Fund, a fund managed by Anvil Capital Partners. The company received a senior secured loan facility under the deal and plans to use the proceeds to acquire a well package supporting the acquisition of producing assets in the Permian Basin.

* Shoal Point Energy Ltd. on Aug. 8 sold 14,831,250 units for gross proceeds of C$1.19 million, which the company will use to fund its obligations under a farm-in agreement and for general corporate purposes.

* Lanzatech NZ Ltd. on Aug. 6 received $72.0 million during a series E round of funding. The company plans to use the proceeds to expand its carbon recycling platform, among other lines of business.

* Northwest Oil & Gas Trading Co. Inc. on Aug. 1 received $100,000 during a venture round of funding from one investor. The company issued common shares under the transaction.

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