Divestiture Archives - Page 3 of 4

Bonanza Creek Divests Cotton Valley Assets, Becomes Wattenberg Pure Play

August 8, 2018

Bonanza Creek Energy (NYSE: BCEI) sold its Mid-Continent assets this week to an undisclosed buyer for $117 million in cash, based on a February 1, 2018 effective date, the company reported. The divested operations include approximately 11,000 net acres located in Lafayette and Columbia Counties, primarily targeting the Cotton Valley formation. The divested operations include proved reserves as of December 31, 2017 of approximately 12 MMBoe (100% proved developed) and

Enbridge Sells U.S. Midstream for $1.1 Billion

May 9, 2018

Enbridge Inc. (ticker: ENB) said its indirect subsidiary, Enbridge (U.S.) Inc., has entered into an agreement to sell Midcoast Operating, L.P. and its subsidiaries to AL Midcoast Holdings, LLC (an affiliate of ArcLight Capital Partners, LLC) for a cash purchase price of US$1.120 billion. “The sale of Midcoast is an important step in our shift towards a pure regulated pipeline

Alta Mesa Deal: ARM Energy Sold Kingfisher Midstream to Silver Run II for $1.55 Billion

February 12, 2018

ARM Energy Holdings LLC said that the company and its partners have sold Kingfisher Midstream, LLC to Silver Run Acquisition Corporation II, in exchange for an aggregate consideration of up to $1.55 billion. The transaction consideration is comprised of $800 million in cash, ~$550 million in Silver Run II stock and up to ~$200 million in additional Silver Run II

SM Energy Sells 112,200 Acres for $500 Million

January 10, 2018

Unloads PRB, increasing concentration on Midland and Eagle Ford SM Energy Company (ticker: SM) said that it entered into a definitive agreement to sell a majority of the company’s Powder River basin assets for a cash purchase price of $500 million. The buyer was undisclosed. President and CEO Jay Ottoson said, “Divestiture of these assets is consistent with our strategy

Carrizo Divests a Portion of Eagle Ford Acreage

December 12, 2017

Carrizo Oil & Gas, Inc. (ticker: CRZO) announced today that it entered into an agreement to divest a portion of its assets in the Eagle Ford shale for $245 million in cash. The divested assets include approximately 24,500 net acres, located primarily in the downdip area of the volatile oil window, and had associated net production during the third quarter

Devon joins shale firms to cut spending as oil hovers at $30- oil and gas 360

Devon Energy Monetizes Assets, Raises CapEx and Production Guidance

June 16, 2016

Pioneer Natural Resources Acquires Midland Basin Acreage with $827 Million Secondary Offering Devon Energy Corp. has been piling up the assets sales so far in 2016, announcing on June 15, 2016, the most recent divestiture of assets in the Midland Basin for a cumulative $858 million. This is comprised of two separate transactions, both in the Midland Basin. In the

Supermajors Selling Billions in Assets to Offset Oil Downturn

February 8, 2016

Shell leads the way with $30 billion divestiture plan Earnings season has gone as expected thus far, as the majority of energy companies are reporting losses and writedowns due to the commodity downturn. Some are fighting to maintain their dividends at all costs, while others are abandoning the investor incentive in hopes of adding some protection to their balance sheets.

Whiting Petroleum Pads Balance Sheet with $75 Million Sale of Niobrara Water Business

December 17, 2015

Gas Plant Sales on the Horizon? Whiting Petroleum (ticker: WLL), a Denver-based exploration and production company with operations focused on the Bakken Shale and Denver Julesburg Basin, has closed on the sale of its DJ water business for $75 million. The buyer, Tallgrass Energy Partners LP (ticker: TEP), announced the transaction via a press release on December 17, 2015. Tallgrass

Interested in Acquiring STACK Acreage? Range Resources is Listening.

December 16, 2015

RRC Takes Next Step in Divestiture Plan Less than one month after selling its Nora assets in Virginia for $876 million, Range Resources (ticker: RRC) has another attractive piece of acreage on the block. The Fort Worth-based E&P is marketing its leasehold in the STACK (Sooner Trend Anadarko Basin Canadian and Kingfisher Counties) trend of Oklahoma, according to a recent

Resolute Energy Enhances Balance Sheet with $177.5 Million Non-core Asset Sale

November 23, 2015

2015 Asset Sales to Date Reach $275 Million Resolute Energy (ticker: REN) has agreed to sell its Gardendale assets for $177.5 million, concluding a “limited marketing process” that began in late September. The buyer was not named. The company has now sold nearly $275 million in assets since March 2015, including the divestures of its Midland Basin and Powder River

Petrobras Moving Forward with $58 Billion in Asset Sales

November 13, 2015

Union strike costing Brazil $25 million lost revenue per day: Reuters Management of Petrobras (ticker: PBR) indicates there are no changes in its plan to sell $15 billion in assets by year-end 2016, despite a union strike that is restricting production levels. Brazil’s state-owned integrated oil company intends to sell as much as $58 billion overall by 2019, with the

Resolute Energy Divests Hilight Field for $55 Million, Solidifies Balance Sheet

September 17, 2015

Resolute Energy Corporation (ticker: REN), an exploration and production company based in Denver, Colorado, took a step to enhance its liquidity by selling its Hilight Field asset for $55 million. The divesture, announced on September 16, 2015, is intended to reduce debt and will close before October 6. REN management began marketing the properties in June, and the company will

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