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$690-Million-Deal-Moves-Ahea-Crescent-Energy-to-Complete-Purchase-of-EP-Energy's-Uinta-Assets

On March 30, Crescent Energy closed the acquisition of Uinta Basin assets in Utah that were previously owned by EP Energy for $690 million, a few hundred million dollars below the original price. While a total cash consideration of about $815 million was announced at the time of the transaction's announcement back in February.

At least according to Crescent CEO David Rockecharlie, the accretive deal increases Crescent's Rockies position and adds significant cash flow and a portfolio of high-quality oil-weighted undeveloped sites.

Crescent's acquisition of Uinta indicates its competitive strength and ability to simultaneously deliver shareholder value through accretive acquisitions and to create long-term value for its shareholders through the consolidation of its businesses in today's market. 

 

Upon closing of the Uinta transaction, Crescent's lenders increased the borrowing base under the revolving credit facility to $1.8 billion and the committed amount to $1.3 billion, an increase of $600 million from its previous level.

EP Energy had owned these assets earlier, according to a news release from Crescent Energy on Feb. 16 that was dedicated to the Uinta acquisition. The Uinta comprises about 145,000 contiguous net acres, most of it producing oil (roughly 65%), about 30,000 boe/d.

A year after EP Energy emerged from a bankruptcy process that handed control to its creditors, EnCap Investments agreed to take over EP Energy's assets in the Eagle Ford and Uinta basins for $1.55 billion.

Although U.S. antitrust regulators threatened to hinder EnCap's acquisition of EP Energy, citing the private equity firm's dominant position in the Uinta shale formation as a concern.

According to Reuters, the U.S. government agencies finally approved EnCap's $1.5 billion purchase of EP Energy on the condition that EP Energy's entire Utah oil business be sold. If the assets from Utah hadn't been sold, there would have been just three producers that sell Uinta Basin crude oil to refineries in Salt Lake City, and consumers would have paid more in prices.

Crescent Energy was formed in December when Contango Oil & Gas and KKR went for an all-stock merge. KKR remains the company's partner, but Contango serves as its subsidiary as it manages a portfolio of assets in the Lower 48.

Having completed the Uinta acquisition, Crescent Energy expects to operate two rigs off Uinta for the remainder of the year. In addition to its acquired Uinta assets, Crescent's pro forma year-end 2021 provided reserves totaled 598 million boe, of which 83% was developed, 55% was liquid, and its provided PV-10 was $6.2 billion. Based on the production type curves used in Crescent's third-party reserve reports, a 22% decline rate for its proved developed producing reserves is expected for the first year.

Moreover, on March 30, the company reiterated its previously announced capital investment strategy and production and cost guidance for 2022. Investments in the Eagle Ford and Uinta basins will account for 80%-85% of the $600 million-$700 million capital program for 2022.

Concerning the Uinta acquisition, the Company added additional oil hedges as part of its risk management practices. Together with the expected Uinta volumes, Crescent now has derivative agreements in place covering approximately 60% of its expected total production in 2022.

Likewise, if you wish to remain in the loop concerning the U.S.’ strategic resources and gain insights into how this information can benefit your business, please contact our Houston sales office or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data.

Tel. +1 713-203-3128

Email: treitmeier@hartenergy.com

To Be or Not To Be: Bakken Assets Could Fetch $5 Billion for Exxon Mobil

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Exxon Mobil Corp. is weighing prospects of selling its assets in North Dakota’s Bakken, after gauging interest from potential buyers — 5 billion is the issue price, at least according to rumors. The price point came about after the news that the oilgiant is in the final round of hiring bankers to help launch the sale. Yet Exxon Mobil itself stays tight-lipped regarding the situation.

Pine Wave Energy and Silver Hill Reached an Agreement Over Haynesville Assets — Deal is Sealed

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Looks like Pine pulled the plug on its properties in Caddo Parish, Louisiana, and Harrison and Panola counties, Texas. Which includes a total of 12,500 acres and ownership interests in 10 operated wells with a production capacity of 100 million cubic feet per day along with 18 miles of naturalgas gathering pipelines. Did Pine just give up on Haynesville?

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In order to sell its part of the sprawling Eagle Ford Shale acreage, Chesapeake Energy Corp. on January 18 concluded an agreement to trade its Brazos Valley region assets to WildFire Energy I LLC for $1.425 billion.

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On January 6, Phillips 66 announced that it plans to acquire more than 43% of DCP Midstream LP for $3.8 billion, expanding the business in the oil & gas business.

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On January 5 Northern Oil & Gas (NOG) concluded a deal to acquire working interests in Midland-Petro D.C. Partners LLC (MPDC)'s Mascot Project in the Midland Basin, according to a January 9 press release. Firstly estimated at $330 million in cash, the deal was signed with an additional 3.25% working interest added to the 36.7% agreed upon when the transaction was announced on October 19. NOG paid $29 million more for the additional interests, which now totalled 39.958%. Finally, the deal closed for $320 million in cash and $43 million in debt at signing in October with the finance of Minnetonka, Minn.-based NOG with cash on hand, operating free cash flow, and assistance from its revolving credit facility.

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