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Oil, gas capital raises in December: Market activity slows to $256M trickle

S&P Global Market Intelligence-covered U.S. oil and gas companies raised just $256 million in December 2018, compared to the $2.30 billion of capital raised in November. All of the December capital was raised through joint venture and private equity deals.

In 2018 overall, S&P-covered companies raised about $77.41 billion of capital, which was beat by the 2017 total of $102.53 billion. The biggest dollar difference came from oil and gas exploration and production companies, which just raised $28.41 billion in 2018 in contrast to the $43.08 billion raised in 2017.

For the full year, oil and gas storage and transportation companies' capital raises totaled $43.44 billion, which fell short of the $47.23 billion raised 2017. Refining and marketing companies raised $4.58 billion during the full year 2018, down from their 2017 total of $8.22 billion. Capital raised by integrated oil and gas companies hit a hair below $1 billion, compared to the $4.0 billion raised in 2017.

Joint venture/private equity

* Curocom Energy LLC on Dec. 20, 2018, completed a transaction in which it received roughly $2.8 million on Dec. 19, 2018, in a round of funding. The company plans to use the funding for improvements on the financial structure and profitability of its subsidiaries.

* ETX Energy LLC on Dec. 19, 2018, completed a deal that netted the company $15 million in funding on Dec. 6, 2018, which included participation from 10 investors.

* Bayou Midstream LLC on Dec. 13, 2018, received $75 million in a round of funding from new investor EIV Capital LLC, which it plans to use to develop and purchase Powder River Basin and Bakken Shale midstream assets.

* Cavalcade Midstream LLC on Dec. 12, 2018, received $150 million in funding through a transaction that included participation from new investors NGP Energy Capital Management, Old Ironside Energy LLC and Pearl Energy Investments. Cavalcade issued common shares in the deal.

* Black Ridge Oil & Gas Inc. on Dec. 10, 2018, closed a private placement of two convertible promissory notes for $700,000 in gross proceeds. The deal included participation from an affiliate of the company's directors and officers and Black Ridge Acquisition Corp. for $350,000 each.

* Venture Global LNG on Dec. 6, 2018, closed a transaction where it received about $5 million in funding on Nov. 20, 2018, which included participation from eight investors.

* Entsorga West Virginia LLC on Dec. 4, 2018, received $8 million in a round of funding, which involved the company issuing series 2018-A tax-exempt bonds. The company plans to use proceeds from the transaction to complete construction activities and begin operations at its High Efficiency Biological Treatment renewable resource recovery facility in Martinsburg, W.Va.

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