HOUSTON, Feb. 9, 2018 /PRNewswire/ -- 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.
Cautionary Statement Regarding Forward-Looking
Statements
This release includes certain forward-looking statements and
projections of EP Energy. We have made every reasonable effort to
ensure that the information and assumptions on which these
statements and projections are based are current, reasonable, and
complete. However, a variety of factors could cause actual results
to differ materially from the projections, anticipated results or
other expectations expressed, including, without limitation, the
volatility of and sustained low oil, natural gas, and NGL
prices; the supply and demand for oil, natural gas and NGLs;
the company's ability to meet production volume targets; changes in
commodity prices and basis differentials for oil and natural gas;
the uncertainty of estimating proved reserves and unproved
resources; the future level of service and capital costs; the
availability and cost of financing to fund future exploration and
production operations; the success of drilling programs with regard
to proved undeveloped reserves and unproved resources; the
company's ability to comply with the covenants in various financing
documents; the company's ability to obtain necessary governmental
approvals for proposed E&P projects and to successfully
construct and operate such projects; actions by the credit rating
agencies; credit and performance risk of our lenders, trading
counterparties, customers, vendors, suppliers and third party
operators; general economic and weather conditions in geographic
regions or markets served by the company, or where operations of
the company are located, including the risk of a global recession
and negative impact on oil and natural gas demand; the
uncertainties associated with governmental regulation, including
any potential changes in federal and state tax laws and
regulations; competition; and other factors described in the
company's Securities and Exchange Commission filings. While the
company makes these statements and projections in good faith,
neither the company nor its management can guarantee that
anticipated future results will be achieved. Reference must be made
to those filings for additional important factors that may affect
actual results. EP Energy assumes no obligation to publicly update
or revise any forward-looking statements made herein or any other
forward-looking statements made by EP Energy, whether as a result
of new information, future events, or otherwise.
Contact
Investor and Media
Relations
Bill Baerg
713-997-2906
bill.baerg@epenergy.com
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SOURCE EP Energy Corporation