M&A Deal Summary

Denbury Acquires Penn Virginia

On October 28, 2018, Denbury acquired oil/gas exploration company Penn Virginia for 1.7B USD

Acquisition Highlights
  • This is Denbury’s 8th transaction in the Oil/Gas Exploration sector.
  • This is Denbury’s 2nd largest (disclosed) transaction.
  • This is Denbury’s 8th transaction in the United States.
  • This is Denbury’s 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2018-10-28
Target Penn Virginia
Sector Oil/Gas Exploration
Buyer(s) Denbury
Deal Type Add-on Acquisition
Deal Value 1.7B USD
Advisor(s) Jefferies (Financial)
Skadden, Arps, Slate, Meagher & Flom
Gibson, Dunn & Crutcher (Legal)

Target

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.

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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 8 of 8
Sector (Oil/Gas Exploration) 8 of 8
Type (Add-on Acquisition) 5 of 5
State (Pennsylvania) 1 of 1
Country (United States) 8 of 8
Year (2018) 1 of 1
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-15 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.

Buy $1.1B
Mergr

Product

Company

Legal