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RSPP

RSP Permian

$41.66

-0.2 (-0.48%)

16:13
10/13/16
10/13
16:13
10/13/16
16:13

RSP Permian announces $2.4B acquisition of Silver Hill Energy Partners

RSP Permian announced it has entered into definitive agreements to acquire Silver Hill Energy Partners and Silver Hill E&P II for $1.25B of cash and 31M shares of RSP common stock in aggregate, implying a total purchase price of approximately $2.4B. Silver Hill is comprised of two privately held entities controlled by affiliates of Kayne Anderson Capital Advisors and Ridgemont Equity Partners that collectively own ~68,000 gross / ~41,000 net acres in northeast Loving and northwest Winkler Counties, Texas with ~15 MBoe/d of current net production from 58 producing wells and ~3,200 gross / ~1,950 net total undeveloped locations. While both transactions will have an effective date of November 1, 2016, the two transactions will close separately. SHEP I is expected to close in the fourth quarter of 2016, with Silver Hill receiving approximately $604M of cash and 15M RSP Shares. SHEP II is expected to close in the first quarter of 2017, with Silver Hill receiving approximately $646M of cash and 16M RSP Shares. Both transactions are subject to certain closing conditions, customary purchase price adjustments, and regulatory and third party approvals. Upon closing of SHEP II, Kayne Anderson, Ridgemont and other Silver Hill shareholders are expected to collectively own approximately 20% of RSP's outstanding shares pro forma for the issuance to Silver Hill and the concurrent equity offering that will fund a portion of the consideration for the acquisition. In addition, RSP expects to add Kyle D. Miller, CEO of Silver Hill, to RSP's Board of Directors upon closing SHEP II.

RSPP RSP Permian
$41.66

-0.2 (-0.48%)

08/10/16
GSCO
08/10/16
DOWNGRADE
Target $39
GSCO
Neutral
RSP Permian downgraded to Neutral from Buy at Goldman
Goldman Sachs analyst John Nelson downgraded RSP Permian to Neutral citing valuation. The analyst believes the current valuation is reflective of the company's growth potential. He raised his price target for the shares to $39 from $38.
08/11/16
ADAM
08/11/16
NO CHANGE
Target $42
ADAM
Buy
RSP Permian price target raised to $42 from $35 at Canaccord
Canaccord raised its price target on RSP Permian to $42 from $35 to reflect the company's move back into growth mode. The firm believes the company is one of the best operators in the Midland Basin with a top-tier asset base and improving leverage profile. Canaccord reiterated its Buy rating on RSP Permian shares.
08/24/16
WELS
08/24/16
INITIATION
WELS
Outperform
RSP Permian initiated with an Outperform at Wells Fargo
Target $44-$48.
09/13/16
FBRC
09/13/16
INITIATION
Target $55
FBRC
Outperform
RSP Permian initiated with an Outperform at FBR Capital
FBR Capital analyst Joseph Allman started RSP Permian with an Outperform rating and $55 price target.

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