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Hammerhead Resources Inc. And Decarbonization Plus Acquisition Corporation IV Announce C$1.39B Business Combination; Combined Company To Be Listed On Nasdaq

Hammerhead Resources Inc. And Decarbonization Plus Acquisition Corporation IV Announce C$1.39B Business Combination; Combined Company To Be Listed On Nasdaq

锤头资源公司和脱碳+收购公司第四公司宣布13.9亿加元的业务合并；合并后的公司将在纳斯达克上市
Benzinga Real-time News ·  2022/09/26 07:04
  • Transaction to form a publicly traded upstream oil and gas company with a path toward achieving net zero emissions on a Scope 1 and Scope 2 basis by 2030
  • Combined company to advance its differentiated carbon capture and sequestration ("CCS") program in an effort to create value for all stakeholders
  • Hammerhead's CCS program is estimated to require approximately C$240 million1 of capital between 2023 and 2029, and, by 2029, is expected to reduce Hammerhead's Scope 1 and Scope 2 emissions by approximately 79% of 2021 levels, even after an anticipated doubling of production volumes
  • Combined company's assets to include a large consolidated block of acreage in the prolific Montney trend in Western Canada, spanning over 110,000 net acres in Alberta, the assembly and development of which is the result of over C$1.19 billion of primary equity raised by Hammerhead since its founding in 2009
  • Hammerhead's 2P PV10 value was approximately C$2.5 billion based on the reserve evaluator's price deck at December 31, 20212 and C$4.1 billion based on strip pricing at September 9, 2022
  • With an identified drilling inventory of over 1,500 locations and an anticipated on-stream count averaging around 30 wells per year, Hammerhead boasts an attractive multi-decade inventory of potential high-return locations in a top-performing onshore basin
  • DCRD expects Hammerhead's planned production and EBITDA growth to be in excess of 40% and 50%, respectively, from 2022 projected levels of 31,500-32,500 boe/d and C$375-425 million to an expected 46,000-48,000 boe/d and C$625-675 million in 20243
  • The closing of the transaction is not subject to a minimum cash condition; the parties believe that Hammerhead's existing balance sheet with expected leverage, prior to any proceeds from DCRD's cash in trust, of 0.6x LTM EBITDA at year-end 2022, will provide the liquidity necessary to execute on Hammerhead's business plan
  • The transaction values Hammerhead at approximately 2.2x DCRD's projected 2024 EBITDA for Hammerhead
  • 组建一家上市的上游石油和天然气公司的交易，目标是在2030年前在范围1和范围2的基础上实现净零排放
  • 合并后的公司推进其差异化碳捕获和封存(CCS)计划，努力为所有利益相关者创造价值
  • 据估计，锤头公司的CCS计划在2023年至2029年期间需要约2.4亿加元的资本，到2029年，预计将使锤头公司的范围1和范围2的排放量比2021年的水平减少约79%，即使在预计产量翻了一番之后
  • 合并后的公司资产包括加拿大西部多产的蒙特尼趋势中的一个大型合并区块，横跨艾伯塔省超过11万英亩的净面积，其组装和开发是Hammerhead自2009年成立以来筹集的11.9亿加元一级股本的结果
  • 根据储量评估师20212年12月31日的价格和2022年9月9日的剥离定价，Hammerhead的2P PV10价值约为25亿加元。
  • Hammerhead已确定的钻探库存超过1,500个地点，预计平均每年生产约30口井，在一个表现最好的陆上盆地，拥有数十年的潜在高回报地点的有吸引力的库存
  • DCRD预计，Hammerhead的计划产量和息税前利润增长将分别超过40%和50%，从2022年预计的31,500-32,500 boe/d和3.75-4.25亿加元，到20243年度预计的46,000-48,000 boe/d和6.25-6.75亿加元
  • 交易的完成不受最低现金条件的限制；双方认为，在DCRD信托现金的任何收益之前，Hammerhead现有的资产负债表预期杠杆率为2022年底的0.6倍LTM EBITDA，将提供执行Hammerhead业务计划所需的流动性
  • 这笔交易对Hammerhead的估值约为DCRD对Hammerhead预计的2024年EBITDA的2.2倍
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