M&A Deal Summary

PDC Energy Acquires Great Western Petroleum

On May 6, 2022, PDC Energy acquired oil/gas exploration company Great Western Petroleum from EIG Partners for 543M USD

Acquisition Highlights
  • This is PDC Energy’s 3rd transaction in the Oil/Gas Exploration sector.
  • This is PDC Energy’s 2nd largest (disclosed) transaction.
  • This is PDC Energy’s 3rd transaction in the United States.
  • This is PDC Energy’s 2nd transaction in Colorado.

M&A Deal Summary
Date 2022-05-06
Target Great Western Petroleum
Sector Oil/Gas Exploration
Buyer(s) PDC Energy
Sellers(s) EIG Partners
Deal Type Add-on Acquisition
Deal Value 543M USD

Target

Great Western Petroleum

Denver, Colorado, United States
Great Western Petroleum is an independent oil & gas company focused on the liquids-rich area of the DJ Basin. Great Western Petroleum was founded in 2005 and is based in Denver, Colorado.

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Buyer(S) 1

Buyer

PDC Energy

Denver, Colorado, United States
Category Company
Founded 1969
Sector Oil/Gas Exploration
Employees520
Revenue 4.3B USD (2022)
DESCRIPTION

PDC Energy is a natural gas company. PDC maintains a balanced liquids to natural gas portfolio through horizontal drilling while maintaining a solid balance sheet and ample liquidity. PDC Energy was founded in 1969 and is based in Denver, Colorado.

DEAL STATS #
Overall 3 of 3
Sector (Oil/Gas Exploration) 3 of 3
Type (Add-on Acquisition) 2 of 2
State (Colorado) 2 of 2
Country (United States) 3 of 3
Year (2022) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-26 SRC Energy

Denver, Colorado, United States

SRC Energy, Inc. is a domestic oil and natural gas exploration and production company. SRC's core area of operations is in the Denver-Julesburg Basin, which encompasses Colorado, Wyoming, Kansas, and Nebraska.

Buy $1.7B

Seller(S) 1

SELLER

EIG Partners

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1982
PE ASSETS 39.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

EIG Global Energy Partners specializes in private investments in energy and energy-related infrastructure around the world. Specific areas of interest include upstream oil and gas, midstream, power generation, renewables, and related infrastructure. EIG manages a variety of funds that provide hybrid debt and structured equity financing solutions to energy projects and companies. The Firm also offers credit/direct lending vehicles that target higher credit-quality project finance instruments. EIG Global Energy Partners is headquartered in Washington, District of Columbia.

DEAL STATS #
Overall 7 of 11
Sector (Oil/Gas Exploration) 5 of 7
Type (Add-on Acquisition) 3 of 5
State (Colorado) 1 of 1
Country (United States) 5 of 9
Year (2022) 1 of 2
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-06 HIF Global

Santiago, Chile

HIF Global is an eFuels company, developing projects to convert hydrogen made using low-cost renewable power into carbon neutral liquid eFuels that can be transported and utilized in existing infrastructure. HIF Global is based in Santiago, Chile.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-20 ELC

Savannah, Georgia, United States

ELC is an LNG liquefaction facility located near Savannah, Georgia. ELC began full commercial operations in August 2020 and is comprised of 10 Movable Modular Liquefaction Units with a nameplate capacity of approximately 2.5 million tons per annum of liquefied natural gas (LNG) for export, which is equivalent to approximately 350 million cubic feet (MMcf) per day of natural gas.

Sell -
Mergr

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