M&A Deal Summary

Denbury Acquires ConocoPhillips - Cedar Creek Anticline Oil & Gas Properties

On January 15, 2013, Denbury acquired oil/gas exploration company ConocoPhillips - Cedar Creek Anticline Oil & Gas Properties from ConocoPhillips for 1.1B USD

Acquisition Highlights
  • This is Denbury’s 7th transaction in the Oil/Gas Exploration sector.
  • This is Denbury’s 3rd largest (disclosed) transaction.
  • This is Denbury’s 7th transaction in the United States.

M&A Deal Summary
Date 2013-01-15
Target ConocoPhillips - Cedar Creek Anticline Oil & Gas Properties
Sector Oil/Gas Exploration
Buyer(s) Denbury
Sellers(s) ConocoPhillips
Deal Type Divestiture
Deal Value 1.1B USD

Target

ConocoPhillips - Cedar Creek Anticline Oil & Gas Properties

United States
ConocoPhillips - Cedar Creek Anticline Oil & Gas Properties is a major geological feature in eastern Montana and western North Dakota that extends for approximately 126 miles in a northwest-southeast direction and ranges from two to six miles in width. CCA is a series of producing oil units, each of which could be considered a field by itself. Commercial quantities of oil were first discovered in the South Pine Unit of CCA in the early 1950s. The original oil in place at all CCA fields, including those not owned by Denbury, is estimated at over three billion barrels of oil.

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Buyer(S) 1

Buyer

Denbury

Plano, Texas, United States
Category Company
Founded 1951
Sector Oil/Gas Exploration
Revenue 1.7B USD (2022)
DESCRIPTION
Entrance to Denbury Resources' corporate headquarters in Plano, Texas.
Entrance to Denbury Resources' corporate headquarters in Plano, Texas.

Denbury is an independent energy company with operations and assets focused on Carbon Capture, Utilization, and Storage (“CCS”) and Enhanced Oil Recovery (“EOR”) in the Gulf Coast and Rocky Mountain regions. For over two decades, the Company has maintained a unique strategic focus on utilizing CO2 in its EOR operations and since 2012 has also been active in CCS through the injection of captured industrial-sourced CO2. It currently injects over four million tons of captured industrial-sourced CO2 annually, with an objective to fully offset its Scope 1, 2, and 3 CO2 emissions by 2030, primarily through increasing the amount of captured industrial-sourced CO2 used in its operations. Danbury was incorporated in 2003 and is based in Plano, Texas.

DEAL STATS #
Overall 7 of 8
Sector (Oil/Gas Exploration) 7 of 8
Type (Divestiture) 3 of 3
Country (United States) 7 of 8
Year (2013) 1 of 1
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-20 Debury Resources - Bakken Assets

North Dakota, United States

Denbury's Bakken Shale assets consist of approximately 196,000 net acres in North Dakota and Montana for onshore oil production.

Sell $1.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-28 Penn Virginia

Radnor, Pennsylvania, United States

Penn Virginia Corp. is a pure-play independent oil and gas company engaged in the development and production of oil, NGLs and natural gas, operating in the Eagle Ford shale in south Texas.

Buy $1.7B

Seller(S) 1

SELLER

ConocoPhillips

Houston, Texas, United States
Category Company
Founded 1917
Sector Oil/Gas Exploration
Employees9,500
Revenue 56.1B USD (2023)
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. The Company's key focus areas include operating producing assets, executing major developments and exploring for new resources in promising areas. ConocoPhillips' portfolio includes resource-rich North American shale and oil sands assets; lower-risk legacy assets in North America, Europe, Asia and Australia; several major international developments; and a growing inventory of global conventional and unconventional exploration prospects. ConocoPhillips was incorporated in 1917 and is based in Houston, Texas.

DEAL STATS #
Overall 6 of 10
Sector (Oil/Gas Exploration) 2 of 6
Type (Divestiture) 5 of 9
Country (United States) 5 of 9
Year (2013) 1 of 1
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-04 Phillips 66

Houston, Texas, United States

Phillips 66 is an energy and logistics company. Its midstream segment gathers, processes, transports and markets natural gas; and transports, stores, fractionates and markets natural gas liquids (NGL) in the United States. In addition, this segment transports crude oil and other feedstocks to refineries and other locations, delivers refined and specialty products to market, and provides terminaling and storage services for crude oil and petroleum products. Its chemicals segments consists of our 50 percent equity investment in Chevron Phillips Chemical Company LLC (CPChem), which manufactures and markets petrochemicals and plastics on a worldwide basis. Its refining segment buys, sells and refines crude oil and other feedstocks at refineries in the United States and Europe. Its marketing and specialties segment purchases for resale and markets refined petroleum products (such as gasolines, distillates and aviation fuels), mainly in the United States and Europe. Phillips 66 was founded in 1875 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-22 Brazoria Interconnector Gas Pipeline

Houston, Texas, United States

Brazoria Interconnector Gas Pipeline LLC is a 42-inch natural gas pipeline in Brazoria County, Texas, with a capacity of approximately 1.8 billion cubic feet per day. It extends 30.5 miles between Stratton Ridge on its south end to a point near Iowa Colony in northern Brazoria County.

Sell -
Mergr

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