U.S. oil and gas companies covered by S&P Global Market Intelligence raised $7.21 billion of capital in January. Capital raised from common equity offerings totaled to $1.02 billion, while $4.45 billion was raised through debt offerings and $350 million from preferred shares. Capital raised from joint venture and private equity deals had a total transaction value of $1.38 billion for the month.
Capital raised by oil and gas storage and transportation companies totaled $4.80 billion, up from the January 2017 total of $4.44 billion. Capital raised by oil and gas exploration and production companies went down year over year, totaling $2.41 billion compared to the January 2017 total of $2.61 billion.
* Oneok Inc. on Jan. 4 sold about 19 million shares of its common stock to raise $1.04 billion. The Jan. 4 offering was made to fund its recently announced NGL project.
* Diamondback Energy Inc. on Jan. 24 sold $300 million of its 5.375% senior notes due 2025, priced at 104.0%. The offering was upsized from the original offering for $250 million of the company's senior notes due 2025. Net proceeds from the offering were intended to be used to help repay revolver debt.
* Buckeye Partners LP on Jan. 18 sold $400 million of its 6.375% junior subordinated notes due 2078 that were priced at 99.474% of par. Proceeds from the transaction, which closed Jan. 24, were expected to be used to help repay revolver debt and for general partnership purposes.
* Sunoco LP, with its subsidiary Sunoco Finance Corp., on Jan. 9 sold a total of $1.75 billion worth of senior notes, upsized to $2.2 billion Jan. 9. Proceeds from the offerings, which consisted of senior notes due 2023, senior notes due 2026 and senior notes due 2028, were planned to be used to reduce debt, buy back common units and pay closing costs related to its $3.30 billion deal with 7-Eleven Inc.
* Spectra Energy Partners LP subsidiary Texas Eastern Transmission LP on Jan. 9 sold a total of $800 million of senior notes, comprising nearly $400 million of 3.50% senior notes due 2028 and nearly $400 million of 4.15% senior notes due 2048. The proceeds from the offering were intended to be used to fund expansion projects and CapEx on the Texas eastern pipeline system.
* SemGroup Corp. on Jan. 16 sold $350 million worth of its 7% series A convertible preferred shares, priced at $1,000 per share. SemGroup planned to use net proceeds from the private placement to fund future capital needs and for general corporate purposes. Investors included funds managed by Warburg Pincus, CIBC Atlantic Trust and Tortoise Capital Advisors LLC.
Joint venture/private equity
* Mid-Con Energy Partners on Jan. 31 completed the sale of $15 million worth of 9,803,921 8% class B convertible preferred units at $1.53 per unit, for general corporate purposes, including funding acquisitions.
* Golden Renewable Energy LLC on Jan. 30 received an undisclosed amount of funding from Fortistar LLC, planned to be used to help ramp up renewable fuel production units and develop plastic disposal projects.
* Petroshale Inc. on Jan. 25 closed a $75 million strategic financing transaction with First Reserve Corp. First Reserve acquired series A preferred shares in the Petroshale's subsidiary PetroShale (US) Inc.
* Stone Road Energy LLC on Jan. 24 received a $15.4 million investment funding from Seacoast Capital.
* MMEX Resources Corp. on Jan. 25 issued and delivered a $173,000 8% convertible note to GS Capital Partners. The discounted notes resulted in the company receiving $150,000. The notes mature Jan. 23, 2019.
* Stronghold Energy II Holdings LLC on Jan. 19 received equity funding for gross proceeds of up to $150 million. Included in the transaction are funds affiliated with Warburg Pincus LLC.
* Wayfinder Resources LLC on Jan. 18 received an undisclosed amount of funding. The transaction was led by Lime Rock Partners.
* Salt Fork Resources, LLC on Jan. 18 received an undisclosed amount of funding from Riverstone Holdings LLC.
* Rosehill Resources Inc. on Jan. 17 announced a private placement for $100 million of its senior secured second lien notes, issued at 97% of par, and $150 million of its series B redeemable preferred stock. Both the notes and series B stock bear an annual interest rate of 10%.
* Texas South Energy Inc. on Jan. 12 announced a private placement of 650,000 common shares at 2 cents per share, to gross about $13,000.
* Neighborhood Fuel Inc. on Jan. 12 said it has received $2 million in funding on Dec. 28, 2017, issuing common shares in the transaction. The minimum investment accepted from any outside investor is $3.
* Offen Petroleum Inc. on Jan. 10 received an undisclosed amount of funding from Lariat Partners, a new investor.
* Northwoods Energy LLC on Jan. 10 received $851.7 million in funding from four investors, including new investors Apollo Investment Fund VIII LP and Apollo Natural Resources Partners II LP.
* Yoshi Inc. on Jan. 4 received $13.66 million in funding from 40 investors.
* Elk Petroleum Inc. on Jan. 4 received $5 million in funding from two investors.