U.S. oil and gas companies covered by S&P Global Market Intelligence raised $2.84 billion of capital in July, with more than half of the raises comprising $1.77 billion in debt offerings. The rest of the total capital raised came from private placements of $1.07 billion.
Oil and gas storage and transportation companies have raised $23.64 billion in capital so far during the year. Oil and gas exploration and production companies have brought in $5.99 billion, while oil and gas refining and marketing companies have contributed $4.13 billion since the start of the year. Integrated oil and gas companies have already exceeded the previous year's total capital raised at $1.31 billion through July.
* CITGO Holding Inc. on July 24 sold $1.37 billion of 9.25% senior secured notes due Aug. 1, 2024, in a private placement deal. It will use the proceeds to repay debt.
* Global Partners LP on July 24 sold 7% senior unsecured notes due Aug. 1, 2027, in a private placement transaction worth $400.0 million. The partnership plans to use the proceeds to fund the purchase of its 6.25% senior notes due 2022 and to pay down borrowings under its credit agreement.
* MyPetrolPump Inc. on July 30 sold $17.6 million of common shares to two investors in a venture capital round of funding.
* Cuda Oil and Gas Inc. on July 30 sold $5.4 million of its units, which consist of 1 common share and half of a share purchase warrant. It will use proceeds from the sale to fund and execute its natural gas miscible flood program in Wyoming and for development drilling, working capital and general corporate purposes.
* Sierra Energy on July 29 sold $33.0 million of common stock in a round of funding led by new investor Breakthrough Energy Ventures Fund, a fund managed by Breakthrough Energy Coalition. Sierra plans to use part of the proceeds to develop and commercialize its FastOx gasification technology, designed to convert waste into renewable energy and fuels without burning.
* Sylios Corp. on July 29 sold three convertible promissory notes priced at $14,000 per note in a private placement transaction for total proceeds of $42,000. The notes are scheduled to mature July 29, 2020, with an interest rate of 8% per annum. Sylios also issued 256,667 warrants to each investor that participated in the deal.
* Petroteq Energy Inc. on July 25 sold $5.4 million of common shares in a private placement deal, with participation from a single investor. On July 22, Petroteq sold $300,000 of unsecured convertible debentures and warrants under a private placement. Petroteq also sold $1.6 million of common shares and warrants in a private placement transaction, with participation from seven investors.
* Paleo Resources Inc. on July 25 sold $2.0 million of 7.5% subordinated secured convertible debentures under a private placement. It will use the proceeds to develop Paleo Resources' properties in Joffre, Alberta and Polk County in Texas as well as for general working capital purposes.
* Summus Solutions NV on July 25 sold $400,000 of common shares in a nonbrokered private placement deal and will use the proceeds for general corporate purposes.
* DXI Energy Inc. on July 25 sold $300,000 of common shares in a nonbrokered private placement deal. The company plans to use the proceeds to fund its Woodrush project in northeastern British Columbia and for general working capital.
* Foothills Exploration Inc. on July 22 sold a convertible promissory note in a private placement deal for $78,000 in gross proceeds. The note is convertible into Foothills common shares and will mature July 17, 2020. On July 11, Foothills sold a convertible redeemable note for gross proceeds of $236,000. The note bears an interest rate of 12% per annum and will mature July 11, 2020. The company will use the proceeds from both deals for general corporate and working capital purposes and to retire two convertible notes with existing lenders.
* NordAq Energy Inc. on July 19 sold $15.1 million of common shares in a growth round of funding, with participation from one investor.
* Comstock Resources Inc. on July 16 sold $300.0 million of common shares and $175.0 million of series B perpetual convertible preferred stock for total gross proceeds of $475.0 million. Participating investors included Arkoma Drilling LP and Williston Drilling LP. Upon closing of the private placement deal, American businessman Jerry Jones' total investment in the company will be $1.1 billion.
* Genera Energy Inc. on July 16 received over $118.0 million in equity funding and will use the proceeds to produce its Earthable line of sustainable agricultural fiber products, among other purposes.
* Hillcrest Petroleum Ltd. on July 5 sold C$20,000 of units consisting of a common share and a warrant, with participation from a single investor.
* NGL Energy Partners LP on July 2 sold $400 million of 9% class D preferred units and will use the proceeds to partly fund its $892.5 million acquisition of all the assets of New Mexico-based Mesquite Disposals Unlimited LLC and Mesquite SWD Inc.