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Divestiture • Oil/Gas Exploration

ConocoPhillips Acquires Kelt Exploration - Liquids-Rich Montney Acreage

On July 22, 2020, ConocoPhillips acquired oil/gas exploration company Kelt Exploration - Liquids-Rich Montney Acreage from Kelt Exploration for 375M USD

Acquisition Context
  • This is ConocoPhillips’ 3rd transaction in the Oil/Gas Exploration sector.
  • This is ConocoPhillips’ 4th largest (disclosed) transaction.
  • This is ConocoPhillips’ 1st transaction in Canada.
  • This is ConocoPhillips’ 1st transaction in Alberta.

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M&A Deal Summary
Date July 22, 2020
Target Kelt Exploration - Liquids-Rich Montney Acreage
Sector Oil/Gas Exploration
Buyer(s) ConocoPhillips
Sellers(s) Kelt Exploration
Deal Type Divestiture
Deal Value 375M USD

Target Company

Kelt Exploration - Liquids-Rich Montney Acreage

Calgary, Alberta, Canada
Kelt Exploration Ltd.'s Liquids-Rich Montney Acreage is is 140,000 net acres in the liquids-rich Inga-Fireweed asset Montney zone.
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Buyer Overview 1

Buyer

ConocoPhillips

Houston, Texas, United States
Category Company
Founded 1917
Sector Oil/Gas Exploration
Employees11,800
Revenue 54.7B USD (2024)
DESCRIPTION
Entrance to ConocoPhillips' corporate campus in Houston, Texas.
Entrance to ConocoPhillips' corporate campus in Houston, Texas.

ConocoPhillips is an integrated energy company with operations and activities across the world. ConocoPhillips was incorporated in 1917 and is based in Houston, Texas.

Deal Context for Buyer #
Overall 6 of 8
Sector: Oil/Gas Exploration 3 of 5
Type: Divestiture 1 of 1
State: Alberta 1 of 1
Country: Canada 1 of 1
Year: 2020 1 of 2
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-12 ConocoPhillips - Oil-Weighted Producing Property

United States

ConocoPhillips' Oil-Weighted Producing Property provides upside from additional pay sands in existing well bores and potential opportunities for future drilling.

Sell $20M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-19 Concho Resources

Midland, Texas, United States

Concho Resources, Inc. is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. Concho Resources was founded in 2006 and is based in Midland, Texas.

Buy -

Seller Profile 1

SELLER

Kelt Exploration

Calgary, Alberta, Canada
Category Company
Sector Oil/Gas Exploration
DESCRIPTION

Kelt Exploration Ltd., headquartered in Calgary, Alberta is an oil and gas company.

Deal Context for Seller #
Overall 1 of 1
Sector: Oil/Gas Exploration 1 of 1
Type: Divestiture 1 of 1
State: Alberta 1 of 1
Country: Canada 1 of 1
Year: 2020 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-02 Capio Exploration

Calgary, Alberta, Canada

Capio Exploration Ltd. is a privately held exploration and production company focused on full cycle exploration opportunities and strategic acquisitions in western Canada.

Buy CA$165M

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