

Halcon Sells Bakken Asset; Open to Outright Sale of the Company
Multiples
Transaction Details:
Halcon is selling its operated Williston Basin assets to an affiliate of Bruin E&P Partners, a portfolio company of Arclight Capital Partners, for $1.4 billion in cash. In this sale, Halcon is selling off 76% of its total production.
In a call with analysts, Halcon's CEO Floyd Wilson indicated it was open to an outright sale of the company. Halcon seems to be following a trajectory similar to Clayton Williams, who was acquired by Noble Energy. In the short term, however, Halcon plans to add another rig in its Permian assets by year-end.
Current production associated with the assets being sold is approximately 29,000 boe/d, net. According to Halcon's most recent presentation, the company holds ~103,700 net operated acres in the Williston. The asset is 100% HBP.
While Halcon has successfully found a buyer for these assets, SM Energy attempted to sell its Bakken position earlier this year, but pulled the listing after not finding a buyer.
It is important to note that the sale is contingent upon the approval of at least 50% of Halcon's senior note holders (6.75% unsecured notes due 2025).
Williston Basin Deal Activity In Last 12 Months
Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
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Aug-24-2023 |
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Click here | North Dakota | E&P |
Sep-06-2022 |
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Click here | E&P | |
Jul-11-2022 |
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Click here | Texas | E&P |
Jul-06-2022 |
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Click here | Montana | E&P |
Jun-21-2022 |
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Click here | E&P |
Date | Deal Headline | Price | $/acre |
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Apr-03-2023 | Grayson Mill Adds More Bakken, Acquires Ovintiv's Assets For $825 Million | - ![]() |
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Sep-06-2022 | Sitio Royalties, Brigham to Merge in All-Stock Deal Worth $4.8 Billion | - ![]() |
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Jun-08-2022 | Devon Acquires Williston Assets from PE-Backed E&P in $865 Million Cash Deal | - ![]() |
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Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
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Nov-30-2020 |
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Click here | Texas | E&P |
Feb-06-2018 |
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Click here | Texas | E&P |
Feb-06-2018 |
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Click here | Texas | E&P |
Sep-20-2017 |
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Click here | North Dakota | E&P |
Jun-02-2017 |
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Click here | Texas | E&P |
Other Bruin E&P Partners Deals
Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
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Jan-25-2021 |
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Click here | North Dakota | E&P |
Dec-12-2016 |
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Click here | North Dakota | E&P |