EP Energy Closes $245 Million Eagle Ford Acreage Acquisition, Texas
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EP Energy has completed a previously announced acquisition of certain producing assets and undeveloped acreage in the Eagle Ford operating area in South Texas.
The company also closed on the previously announced divestiture of certain assets in its Altamont acreage in the Uinta Basin.
The aggregate cash paid for the acquired properties was approximately $245 million, subject to post-closing adjustments, while the divested properties generated estimated proceeds of approximately $180 million, also subject to post-closing adjustments.
“We are pleased to deliver on an early achievement for the company under the new leadership team,” said EP Energy President and CEO Russell Parker.
“The acquisition is the largest to date for the company, and we were able to complete the transactions in a balance sheet friendly manner bringing forward value from the divestiture. We are also pleased that our team has already integrated the newly acquired assets into our operations. We now look to further optimize these assets and grow production.”
Source: Energy Business Review
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