M&A Deal Summary

Marathon Oil Acquires Ensign Natural Resources

On November 2, 2022, Marathon Oil acquired oil/gas exploration company Ensign Natural Resources from Warburg Pincus and Kayne Anderson Capital Advisors for 3.0B USD

Acquisition Highlights
  • This is Marathon Oil’s 11th transaction in the Oil/Gas Exploration sector.
  • This is Marathon Oil’s 2nd largest (disclosed) transaction.
  • This is Marathon Oil’s 8th transaction in the United States.
  • This is Marathon Oil’s 3rd transaction in Texas.

M&A Deal Summary

Date 2022-11-02
Target Ensign Natural Resources
Sector Oil/Gas Exploration
Buyer(s) Marathon Oil
Sellers(s) Warburg Pincus
Kayne Anderson Capital Advisors
Deal Type Add-on Acquisition
Deal Value 3.0B USD
Advisor(s) Evercore Group
J.P. Morgan Securities (Financial)
Sidley (Legal)

Target

Ensign Natural Resources

Houston, Texas, United States
Ensign Natural Resources is an exploration and production company focused on acquiring, developing and producing U.S. unconventional resources. Ensign Natural Resources was founded in 2017 and is based in Houston, Texas. ​

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Buyer(S) 1

Buyer

Marathon Oil

Houston, Texas, United States

Category Company
Founded 1886
Sector Oil/Gas Exploration
Employees1,700
Revenue 6.4B USD (2023)
DESCRIPTION
Marathon Oil's corporate headquarters in Houston, Texas.
Marathon Oil's corporate headquarters in Houston, Texas.

Marathon Oil is an international oil exploration and production company. Marathon has net proved reserves of more then 2 billion barrels of oil equivalent across North America, Europe and Africa. Marathon Oil was formed in 1887 and is based in Houston, Texas.


DEAL STATS #
Overall 11 of 11
Sector (Oil/Gas Exploration) 11 of 11
Type (Add-on Acquisition) 6 of 6
State (Texas) 3 of 3
Country (United States) 8 of 8
Year (2022) 1 of 1
Size (of disclosed) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-25 Marathon Oil - U.K. Business

Aberdeen, United Kingdom

Marathon Oil Corp. - U.K. Business includes Marathon Oil U.K. LLC and Marathon Oil West of Shetland Limited. MOUK holds 37%-40% operated interests in fields in the Greater Brae Area and MOWOS holds a 28% interest in the BP plc operated Foinaven Field unit and a 47% interest in Foinaven East, respectively.

Sell $140M

Seller(S) 2

SELLER

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 238 of 251
Sector (Oil/Gas Exploration) 24 of 25
Type (Add-on Acquisition) 81 of 90
State (Texas) 25 of 25
Country (United States) 133 of 137
Year (2022) 10 of 13
Size (of disclosed) 8 of 63
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 Citeline

New York, New York, United States

Citeline is a provider of specialist intelligence, data, and software for clinical trials, drug development, and regulatory compliance. Citeline is based in New York City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-07 CityMD

New York, New York, United States

CityMD is an urgent care provider founded by a passionate group of emergency medicine physicians, CityMD's mission is to serve its communities by providing quality medical care through convenient access and an exceptional experience. The company's unwavering commitment to treating everyone with respect and genuine kindness while offering exceptional services and a cost-effective alternative to the ER. CityMD was founded in 2010 and is based in New York City.

Sell -
SELLER

Kayne Anderson Capital Advisors

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1984
PE ASSETS 36.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kayne Anderson Capital Advisors is an alternative investment management firm focused on hedge funds, public funds, energy private equity, growth private equity, real estate private equity, and mezzanine finance opportunities. Kayne's energy private equity group focuses on $20 to $100 million investments in high-growth exploration and production, midstream and oilfield service companies. The energy group considers both majority or minority stakes in public and private businesses. Kayne's growth private equity practice involves structured investments in public and private companies looking for capital to finance expansion. This group will also consider middle-market leveraged transactions and management buyouts. Kayne's real estate private equity group invests in established, cash-flow generating projects. Areas of interest include student housing and campus-oriented retail properties, amongst other opportunistic investments. The Group looks for acquisitions of $25 to $100 million. Kayne's mezzanine team looks to provide $20 to $35 million of capital for mid-market businesses with $100 to $500 million of sales and $10 to $50 million of EBITDA. Kayne Capital Advisors was formed in 1984 and is based in Los Angeles with additional offices in Armonk, New York; New York City, and Houston.


DEAL STATS #
Overall 82 of 85
Sector (Oil/Gas Exploration) 43 of 43
Type (Add-on Acquisition) 33 of 34
State (Texas) 32 of 32
Country (United States) 71 of 73
Year (2022) 5 of 7
Size (of disclosed) 1 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-31 Land Run Minerals V

Oklahoma City, Oklahoma, United States

Land Run Minerals V is a private energy company focused on the acquisition and management of mature royalty assets. Land Run Minerals V is based in Oklahoma City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-16 Search Optics

San Diego, California, United States

Search Optics is a digital marketing company that provides websites and online marketing services for the North American automotive industry. These services include Blueprint Platform™—a mobile-first website platform, managed paid search, search engine optimization, content and e-mail marketing, programmatic display, social media, local search, reputation management. Search Optics was founded in 1998 and is based in San Diego, California.

Sell -