Brigham Minerals, Inc. Announces Core Midland Basin Acquisition
23 Août 2022 - 12:00AM
Business Wire
Brigham Minerals, Inc. (NYSE: MNRL) (“Brigham Minerals,”
“Brigham,” or the “Company”), today announced it has entered into a
definitive purchase and sale agreement to acquire certain mineral
and royalty interests in the Midland Basin from royalty funds
managed by Avant Natural Resources, LLC and its affiliates for
approximately $132.5 million in cash subject to certain closing
adjustments (the “Midland Acquisition”).
MIDLAND ACQUISITION CONTINUES PERMIAN CONSOLIDATION AND VALUE
CREATION
- Acquiring approximately 3,900 net royalty acres in the core of
the Midland Basin in Martin and Midland Counties
- Well diversified position to be developed by highly active
operators including Endeavor Energy Resources, Pioneer Natural
Resources and ExxonMobil
- 253 gross wells spud on acreage over last twelve months
- 2023 estimated production totaling between 750 - 950 boepd with
60% oil
- 2023 estimated mid-teens EBITDA yield
- 0.5 net DUCs and 0.5 net permits as of Q2 2022 resulting in
12.0 net pro forma activity wells as of June 30th
- Brigham intends to finance the acquisition through a
combination of cash on hand and borrowings under the Company’s
revolving credit facility
- Post-close pro forma liquidity totaling ~$124 million(1) and
less than 0.6x net debt / Adj. LQA EBITDA
- July 1, 2022 effective date with anticipated close in
mid-October 2022, subject to continued diligence and closing
conditions
Robert M. (“Rob”) Roosa, Chief Executive Officer, commented,
“Our continued success consolidating core minerals is clearly
demonstrated by our largest acquisition to date. Our patient and
disciplined approach allowed us to capture the opportunity to
significantly increase our Midland Basin footprint under highly
active, top performing operators including Endeavor, Pioneer and
ExxonMobil, who in total are operating more than 40 rigs in the
basin. I personally view this acquisition as the highest quality
Midland Basin package we’ve evaluated to date given both the
diversification across two of the most prolific geologic counties
in the lower 48 and the high-quality operator composition. As a
result, we anticipate this acquisition will generate industry
leading activity as well as strong production and cash flow growth.
We’ve purposefully maintained a conservative balance sheet and have
continued to high grade our portfolio to maintain flexibility to
capture these types of opportunities, and subsequent to closing the
acquisition still maintain flexibility with net debt to LQA EBITDA
at less than 0.6x.”
(1)
Based on estimated pro forma redetermined
borrowing base
ABOUT BRIGHAM MINERALS, INC.
Brigham Minerals is an Austin, Texas, based company that
acquires and actively manages a portfolio of mineral and royalty
interests in the core of some of the most active, highly economic,
liquids-rich resource basins across the continental United States.
Brigham Minerals’ assets are located in the Delaware and Midland
Basins in West Texas and New Mexico, the Anadarko Basin of
Oklahoma, the DJ Basin in Colorado and Wyoming, and the Williston
Basin in North Dakota. The Company’s primary business objective is
to maximize risk-adjusted total return to its shareholders by both
capturing organic growth in its existing assets as well as
leveraging its highly experienced technical evaluation team to
continue acquiring minerals.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains forward-looking statements. All
statements, other than statements of historical facts, included in
this press release that address activities, events or developments
that the Company expects, believes or anticipates will or may occur
in the future are forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release specifically include the expectations of
plans, strategies, objectives and anticipated financial and
operating results of the Company, including production and other
guidance within this press release. These statements are based on
certain assumptions made by the Company based on management’s
experience and perception of historical trends, current conditions,
anticipated future developments and other factors believed to be
appropriate. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Company, which may cause actual results to differ
materially from those implied or expressed by the forward-looking
statements. These include, but are not limited to, operator capital
discipline and inflation impacts on their cash flows, the Company’s
ability to integrate acquisitions into its existing business,
changes in oil, natural gas and NGL prices, weather and
environmental conditions, the timing of planned capital
expenditures, availability of and competition for acquisitions,
operational factors affecting the commencement or maintenance of
producing wells on the Company’s properties, the condition of the
capital markets generally, as well as the Company’s ability to
access them, economic and competitive conditions, including those
resulting from the current conflict between Russia and Ukraine and
elevated inflation levels resulting from global supply and demand
imbalances, the proximity to and capacity of transportation,
uncertainties regarding environmental regulations or litigation,
global or national health events, including the ongoing spread and
economic effects of the ongoing COVID-19 pandemic, potential future
pandemics, the actions of the Organization of Petroleum Exporting
Countries and other significant producers and governments and the
ability of such producers to agree to and maintain oil price and
production controls and other legal or regulatory developments
affecting the Company’s business and other important factors. These
and other applicable uncertainties, factors and risks are described
more fully in the Company's filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2021, and any subsequently filed
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Should one or more of these risks or uncertainties occur, or should
underlying assumptions prove incorrect, the Company’s actual
results and plans could differ materially from those expressed in
any forward-looking statements.
Any forward-looking statement speaks only as of the date on
which such statement is made and the Company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise
except as required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220822005649/en/
At the Company: Brigham Minerals, Inc. Blake C. Williams Chief
Financial Officer (512) 220-1500
InvestorRelations@brighamminerals.com
Brigham Minerals (NYSE:MNRL)
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