Acacia’s Subsidiary Benchmark Energy Completes Acquision of Anadarko Assets
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Acacia Research Corporation said its majority owned subsidiary, Benchmark Energy, has completed its acquisition of certain upstream assets and related facilities in Texas and Oklahoma from a private seller.
The acquisition includes an interest in approximately 470 operated producing wells in the core of the Western Anadarko Basin, as well as a non-operated interest in the undeveloped Cherokee play. The wells are mature, have low-decline profiles, and will add significant diversification to Benchmark’s production, with a balanced pro-forma portfolio of approximately 60 percent liquids and 40 percent natural gas. The assets proximity to Benchmark’s existing operations in Texas creates further potential to develop operational synergies of scale within the basin.
“We are pleased that our Benchmark subsidiary has closed its acquisition of operated producing wells in the Western Anadarko Basin. We are excited to work closely with the Benchmark team as they continue to execute on their strategy of acquiring mature cash flowing properties, improving operations, maximizing production, and most importantly, returning capital,” said MJ McNulty, Jr., Acacia’s chief executive officer.
“With this transformative acquisition now closed, we look forward to continuing to identify and acquire valuable businesses at attractive valuations and deploying disciplined operating and capital allocation methods to create value for our stockholders,” added McNulty.
Benchmark is an independent oil and gas company engaged in the acquisition, production and development of oil and gas assets in mature resource plays in Texas and Oklahoma.
Acacia is a company focused on acquiring and operating attractive businesses across the industrial, healthcare, energy, and mature technology sectors where it believes it can leverage its expertise, significant capital base, and deep industry relationships to drive value. Acacia evaluates opportunities based on the attractiveness of the underlying cash flows, without regard to a specific investment horizon. Acacia operates its businesses based on three key principles of people, process, and performance and has built a management team with demonstrated expertise in research, transactions and execution, and operations and management.
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