Rocky Mountain oil and gas deals rise in 1Q

Oil and natural-gas merger and acquisition activity in the Rocky Mountain region surged to $4.4 billion during the first quarter, according to PricewaterhouseCoopers LLP.

First-quarter oil and gas mergers and acquisitions doubled the $2.2 billion in deal value during the same period a year earlier. PwC’s Rocky Mountain region comprises Colorado, Wyoming, Utah and North Dakota.

The Denver-Julesburg Basin, the prolific oil and gas region that includes territory in Northern Colorado, saw two deals worth $635 million in the first quarter.

“Robust Rocky Mountain deal momentum from 2013 carried through in the first quarter,´ said Rowena Cipriano-Reyes, a Denver-based partner with PwC’s energy practice.

However, the most active shale play for mergers and acquisitions with values greater than $50 million during the first quarter of 2014 was the Eagle Ford in Texas, which had five deals with a total value of $3 billion.

Nationwide, first-quarter deal value totaled $19.8 billion vs. $43 billion during the fourth quarter of 2013. A total of 43 deals greater than $50 million were made during the first quarter compared with 56 deals during the fourth quarter of last year.

Foreign buyers announced 12 deals worth $8.3 billion in the first quarter of 2014. The Gulf of Mexico saw five deals worth $3.9 billion.

PwC does not disclose the names of companies involved in the deals.

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