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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

錘頭資源公司和脱碳+收購公司第四公司宣佈13.9億加元的業務合併；合併後的公司將在納斯達克上市
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
  • 組建一家上市的上游石油和天然氣公司的交易，目標是在2030年前在範圍1和範圍2的基礎上實現淨零排放
  • 合併後的公司推進其差異化碳捕獲和封存(CCS)計劃，努力為所有利益相關者創造價值
  • 據估計，錘頭公司的CCS計劃在2023年至2029年期間需要約2.4億加元的資本，到2029年，預計將使錘頭公司的範圍1和範圍2的排放量比2021年的水平減少約79%，即使在預計產量翻了一番之後
  • 合併後的公司資產包括加拿大西部多產的蒙特尼趨勢中的一個大型合併區塊，橫跨艾伯塔省超過11萬英畝的淨面積，其組裝和開發是Hammerhead自2009年成立以來籌集的11.9億加元一級股本的結果
  • 根據儲量評估師20212年12月31日的價格和2022年9月9日的剝離定價，Hammerhead的2P PV10價值約為25億加元。
  • Hammerhead已確定的鑽探庫存超過1,500個地點，預計平均每年生產約30口井，在一個表現最好的陸上盆地，擁有數十年的潛在高回報地點的有吸引力的庫存
  • DCRD預計，Hammerhead的計劃產量和息税前利潤增長將分別超過40%和50%，從2022年預計的31,500-32,500 boe/d和3.75-4.25億加元，到20243年度預計的46,000-48,000 boe/d和6.25-6.75億加元
  • 交易的完成不受最低現金條件的限制；雙方認為，在DCRD信託現金的任何收益之前，Hammerhead現有的資產負債表預期槓桿率為2022年底的0.6倍LTM EBITDA，將提供執行Hammerhead業務計劃所需的流動性
  • 這筆交易對Hammerhead的估值約為DCRD對Hammerhead預計的2024年EBITDA的2.2倍
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