US and Canadian oil and natural gas companies covered by S&P Global Market Intelligence raised about $6.35 billion of capital in June, a decrease from the $8.63 billion raised in May.
The sector completed six common equity offerings and 12 debt offerings in June. Debt offerings accounted for almost $6.34 billion of the total capital raised, according to Market Intelligence data.
All segments notch YOY gains in first half
All three covered oil and gas segments recorded year-over-year increases in capital raised in the first half of 2023. The storage and transportation segment raised $21.06 billion, almost double the amount raised in the same time frame in 2022. Refining and marketing companies raised $6.21 billion, more than four times the year-ago level. Exploration and production companies raised $10.51 billion, about 5% higher year over year.
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Largest debt offerings in June
For debt offerings, Civitas Resources Inc. issued the most by value of all the tracked companies in June, with $2.7 billion in total from two offerings. The oil and gas producer issued $1.35 billion of 8.750% senior notes due 2031 and $1.35 billion of 8.375% senior notes due 2028. Civitas Resources planned to use the net proceeds from both offerings for acquisitions and investments.
Cheniere Energy Partners LP issued the largest single offering in the month. The midstream company issued $1.4 billion of 5.95% senior notes due 2033. It planned to use the proceeds to repay debt and for acquisitions and investments.
Gibson Energy Inc. issued three debt offerings that added up to $683.5 million in total. The Canadian midstream company issued US$265.8 million of 5.80% senior unsecured medium-term notes due 2026, US$265.8 million of 5.75% senior unsecured medium-term notes due 2033, and US$151.9 million of 6.20% senior unsecured medium-term notes due 2053. Gibson Energy expects to use the proceeds for securities investments, debt repayment, acquisitions and working capital.
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