Neptune Energy Acquisition, Valuation, Funding & Investors

Neptune Energy was acquired by Eni for $4.9B in June 2023, a 1.3x multiple on $3.9B of revenue.

Neptune Energy acquisition price

$4.9B

Acquired by Eni · Jun 2023

Neptune Energy revenue at acquisition

$3.9B

Last twelve months · Jun 2023

Neptune Energy revenue multiple at acquisition

1.3x

EV/Revenue · Jun 2023

Key investors in Neptune Energy

Neptune Energy Overview

About Neptune Energy

Neptune Energy is a London-headquartered independent oil and gas exploration and production company with assets in the North Sea, North Africa, and Asia-Pacific. It operates 18 licenses in the UK Southern North Sea, producing 40,000 barrels of oil equivalent daily from fields like Cygnus and Greater Pegasus. Acquired from Engie in 2018, the firm focuses on low-carbon developments and carbon capture initiatives across the Netherlands and Germany.


Founded

2015

HQ

United KingdomLondon

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$3.9B (Jun 2023)

Valuation

$4.9B (acquired Jun 2023)

Neptune Energy Acquisition

Neptune Energy was acquired by Eni for $4.9B on 23 June 2023.

The acquisition price implies a 1.3x revenue multiple on $3.9B of revenue.

Neptune Energy, an independent global exploration and production company operating oil and gas fields across the UK, Norway, Germany, Algeria, the Netherlands, and Indonesia, agreed to be acquired in a $4.9 billion all-cash transaction announced on June 23, 2023. Eni will acquire the Neptune Global Business (excluding Norway and Germany) for an enterprise value of approximately $2.6 billion, while Vår Energi, 63% owned by Eni, will acquire the Neptune Norway Business for $2.3 billion. Neptune's German business remains with existing shareholders as a standalone entity. The deal adds high-quality, low-carbon intensity assets predominantly weighted toward natural gas (80% of 484 million boe 2P reserves net to Eni), with 2023 production estimated at around 130-135 kboed. It complements Eni's operations by enhancing scale in key areas like North Sea gas production, Algeria supplies to Europe, and Indonesia LNG, while supporting energy security and decarbonization goals including CCUS opportunities. Eni expects over $500 million in synergies and more than 100 kboed low-emission production addition over 2024-2026. Completion was conditional on regulatory approvals and targeted for Q1 2024, funded by Eni's liquidity with effective date January 1, 2023. The transaction supports Eni's strategy to increase gas production share to 60% and achieve net zero upstream emissions by 2030.

Neptune Energy acquisition details
AcquirerDateTypePriceEV/Revenue
23 Jun 2023Strategic M&A$4.9B1.3x

Neptune Energy Funding History

Neptune Energy has raised 1 funding round.

Neptune Energy funding rounds
DateStageInvestorsDeal Summary
Jun 2015Undisclosed stageCVC Capital Partners (lead); Carlyle Group (lead); Sam Laidlaw (lead)The Carlyle Group and CVC Capital Partners agreed to fund Neptune Oil & Gas, a new London-headquartered upstream investment vehicle led by former Centrica chief executive Sam Laidlaw. The platform was created to acquire large oil and gas portfolios in the North Sea, North Africa and South East Asia. Carlyle invested through Carlyle International Energy Partners and CVC through funds it manages. The vehicle later traded as Neptune Energy.

Who has invested in Neptune Energy?

3 investors have backed Neptune Energy across its funding rounds, including CVC Capital Partners, Carlyle Group and Sam Laidlaw.

Lead investors include CVC Capital Partners, Carlyle Group and Sam Laidlaw.


Neptune Energy Investors

Investors in Neptune Energy by funding rounds participated
InvestorHQRoundsRoleFirst check
Sam LaidlawAustraliaMelbourne1LeadJun 2015

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Neptune Energy

Neptune Energy has acquired 1 company to date.

Last acquisition by Neptune Energy was on May 11th 2017. Neptune Energy acquired ENGIE E&P International for $7.3B.


Latest Acquisitions by Neptune Energy

ENGIE E&P International
Description
ENGIE E&P International is a Paris-headquartered oil and gas producer with assets in Egypt, Algeria, and Vietnam. It extracts natural gas and crude oil from fields like North Alexandria in the Mediterranean and operates LNG facilities in collaboration with partners such as Eni and BP. With production averaging 100,000 barrels of oil equivalent per day, the company focuses on low-emission developments including carbon capture projects. Established through mergers tracing to 1967, ENGIE E&P supplies hydrocarbons to European markets via pipelines like Transmed.
HQ CountryFrance
HQ City
Paris
Deal Date11 May 2017
Valuation$7.3B
EV/Revenue
EV/EBITDA

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Neptune Energy Competitors

Neptune Energy competitors include listed companies like OGDC, Sinopec Oilfield Service, CNX Resources and California Resources, and private ones like Cepsa and Transportadora Associada de Gás.

Public and private companies comparable to Neptune Energy
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
OGDCPakistanPakistanPublicly listed$1.6B$920M$4.9B2.4x
Sinopec Oilfield ServiceChinaChinaPublicly listed$12B$833M$4.8B0.7x
CNX ResourcesUnited StatesUnited StatesPublicly listed$2.1B$1.5B$5B3.1x
California ResourcesUnited StatesUnited StatesPublicly listed$3.4B$1.1B$4.8B1.3x
CepsaSpainMadridPrivate--$12B-
Transportadora Associada de GásBrazilRio de JaneiroPrivate--$4.2B-

Neptune Energy Public Comps

Neptune Energy is no longer listed, but its public comps include OGDC, Fervo Energy, Aegis Logistics, Warrior Met Coal, Sinopec Oilfield Service, CNX Resources, California Resources, Delek US Holdings, Icahn Enterprises and J-Power.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
OGDC$1.6B$920M2.3x2.4x4.0x-
Fervo Energy$138K($53M)24149.2x833.8x(62.5x)(55.3x)
Aegis Logistics$864M$158M6.0x5.3x32.9x27.3x
Warrior Met Coal$1.3B$234M3.7x2.6x20.5x9.2x
Sinopec Oilfield Service$12B$833M0.7x0.7x10.7x-
CNX Resources$2.1B$1.5B3.4x3.1x4.7x5.7x
California Resources$3.4B$1.1B1.4x1.3x4.3x3.8x
Delek US Holdings$11B$782M0.7x0.6x10.0x4.3x

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Common questions about Neptune Energy

When was Neptune Energy founded?Neptune Energy was founded in 2015.
Where is Neptune Energy headquartered?Neptune Energy is headquartered in London, United Kingdom.
Is Neptune Energy publicly listed?No, Neptune Energy was acquired by Eni in June 2023.
Who acquired Neptune Energy?Neptune Energy was acquired by Eni in June 2023.
How much was Neptune Energy acquired for?Neptune Energy was acquired for $4.9B in June 2023, a 1.3x revenue multiple.
What was Neptune Energy's last funding round?Neptune Energy's last funding round was a undisclosed-stage round in June 2015, led by CVC Capital Partners, Carlyle Group and Sam Laidlaw.
Who are Neptune Energy's investors?Neptune Energy's investors include Sam Laidlaw, Carlyle Group and CVC Capital Partners.
Which companies are comparable to Neptune Energy?Companies comparable to Neptune Energy include OGDC, Sinopec Oilfield Service, CNX Resources, California Resources, Cepsa and Transportadora Associada de Gás.
How many companies has Neptune Energy acquired?Neptune Energy has acquired 1 company, including ENGIE E&P International.
What was the largest acquisition by Neptune Energy?The $7.3B acquisition of ENGIE E&P International in May 2017 is the largest acquisition Neptune Energy has made to date.

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