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    ERF   CA2927661025

ENERPLUS CORPORATION

(ERF)
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Enerplus : U.S. energy E&P deals jump to $3.4 bln in Q1 as shale consolidates -Enverus

04/07/2021 | 03:21pm EDT

April 7 (Reuters) - U.S. oil and gas exploration and production deals rose fivefold in the first quarter over a year-ago, according to consultancy Enverus, in a foreshadowing of recent blockbuster shale mergers.

Some $3.4 billion in deals were struck in the first quarter, compared with $600 million a year-ago, as the coronavirus pandemic slammed the brakes on fuel demand and the oil market. Deal-making has accelerated this quarter versus last year as oil prices recovered, but is down from $27.8 billion in the fourth quarter of 2020.

All top five first-quarter deals involved a private company, according to Enverus, a trend it expects to continue this year, including Pioneer Natural Resources Co's purchase of privately-held DoublePoint Energy LLC for $6.4 billion earlier this month.

"We’re going to continue to see activity trend upwards,” said Andrew Dittmar, a senior analyst with Enverus.

Private companies are more willing to make deals as public companies divest non-core assets and stock prices rise, he said.

Deal activity slowed sharply in the second quarter of last year, with just $2.8 billion in asset sales and mergers, as producers grappled with historically low oil prices, pulled back on drilling and shut wells to avoid losses.

The deals last quarter include Equinor ASA's $900 million sale of Bakken shale properties to private-equity backed Grayson Mill Energy, and Ovintiv's $880 million sale of shale properties to Validus Energy.

Samson Resources also in March closed a sale of its Powder River Basin assets to Continental Resources. That same month Enerplus completed its $465 million cash acquisition of Bakken shale operator Bruin E&P. (Reporting by Liz Hampton Editing by Marguerita Choy)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ENERPLUS CORPORATION -2.98% 6.355 Delayed Quote.64.57%
EQUINOR ASA -2.00% 162.4 Real-time Quote.14.33%
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Financials
Sales 2021 1 902 M 1 521 M 1 521 M
Net income 2021 388 M 310 M 310 M
Net Debt 2021 1 118 M 895 M 895 M
P/E ratio 2021 5,20x
Yield 2021 1,83%
Capitalization 1 682 M 1 344 M 1 345 M
EV / Sales 2021 1,47x
EV / Sales 2022 1,28x
Nbr of Employees 360
Free-Float 86,5%
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 9,13 CAD
Last Close Price 6,55 CAD
Spread / Highest target 60,3%
Spread / Average Target 39,3%
Spread / Lowest Target 22,1%
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Managers and Directors
NameTitle
Ian C. Dundas President, Chief Executive Officer & Director
Jodine Jenson Labrie Chief Financial Officer & Senior Vice President
Hilary A. Foulkes Chairman
Wade D. Hutchings Chief Operating Officer & Senior Vice President
Robert Bruce Hodgins Independent Director
Sector and Competitors
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ENERPLUS CORPORATION64.57%1 344
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CNOOC LIMITED16.85%48 235
EOG RESOURCES, INC.42.95%41 608
CANADIAN NATURAL RESOURCES LIMITED25.20%36 303
PIONEER NATURAL RESOURCES COMPANY30.31%30 564