EP Energy Announces Closing of Eagle Ford Acreage Acquisition
OREANDA-NEWS. February 12, 2018. EP Energy Corporation (NYSE: EPE) today announced that it has closed the previously announced acquisition of certain producing properties 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 Russell Parker, president and chief executive officer of EP Energy Corporation. "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."
About EP Energy
The EP Energy team is driven to deliver superior returns for our investors by developing the oil and natural gas that feeds America's growing energy needs. The company focuses on enhancing the value of its high quality asset portfolio, increasing capital efficiency, maintaining financial flexibility, and pursuing accretive acquisitions and divestitures. EP Energy is working to set the standard for efficient development of hydrocarbons in the U.S. Learn more at epenergy.com.