• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 17 hours Satellite Moons to Replace Streetlamps?!
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 11 hours EU to Splash Billions on Battery Factories
  • 14 hours U.S. Shale Oil Debt: Deep the Denial
  • 22 hours The Balkans Are Coming Apart at the Seams Again
  • 7 hours Owning stocks long-term low risk?
  • 10 hours The Dirt on Clean Electric Cars
  • 2 days OPEC Is Struggling To Deliver On Increased Output Pledge
  • 1 day Uber IPO Proposals Value Company at $120 Billion
  • 1 day 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 5 hours The end of "King Coal" in the Wales
Goldman Sachs: Oil Unlikely To Reach $100

Goldman Sachs: Oil Unlikely To Reach $100

Goldman Sachs’ chief commodities analyst…

The Mini-Bear Market For Crude

The Mini-Bear Market For Crude

The hedge fund withdrawal from…

The Second Oil And Gas IPO Since The Crash

Rig

WildHorse Resource Development Corp, an independent oil and gas field operator focused on the Eagle Ford shale in Texas, has filed for an initial public offering with the Securities and Exchange Commission, planning to raise US$650 million.

The money, the company said, will go towards completing the acquisition of Burleson North. Burleson County is a legacy producing part of Eagle Ford, which also has conventional oil deposits.

WildHorse did not specify the number of stock to be issued or the price range for the offering, only saying that it had applied to be listed on the NYSE under the symbol WRD. The bookrunners are BofA Merrill Lynch, BMP Capital Markets, Wells Fargo, Barclays, and Citigroup, with another eight institutions as co-managers.

According to the company’s prospectus, it has net acreage of 374,938 acres in two states: Louisiana and Texas. It boasted production growth at a compound annual rate of 57 percent between January 2014 and September 2016. The latest production rate is 14,000 bpd.

WildHorse’s IPO is only the second one since the price crash from 2014. The first one, of Extraction Oil & Gas, took place last month. The company sold 33.3 million shares at US$19, registering a 15-percent gain in the first day of trading. This gave Extraction Oil & Gas a market value of US$2.4 billion. At the time, the WSJ noted that the last IPO of a U.S. energy company had taken place when oil was twice as expensive.

In a sign that the industry may be getting used to the new price normal, another company has been reportedly preparing for a listing: Double Eagle Energy Holdings. The Fort Worth-based firm has acreage in the Permian Basin, the most attractive shale play at the moment. According to several bankers, the company could be worth up to US$3 billion.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News