The deal to acquire Sandia’s interests increases the Franklin Mountain purchase price to $1.543 billion. (Source: Shutterstock/ Coterra Energy Inc.)
Coterra Energy Inc. has added more interests related to its $3.95 billion Permian Basin deal with Franklin Mountain Energy and Avant Natural Resources.
Coterra will buy an additional 1,650 net royalty acres from Sandia Minerals LLC for $43 million, according to a Dec. 31 Securities and Exchange Commission (SEC) filing. The royalty interests were excluded from its initial Franklin Mountain acquisition. Sandia’s interests are owned by Franklin Mountain Royalty Investments, according to the SEC filing.
The deal to acquire Sandia’s interests increases the Franklin Mountain purchase price to $1.543 billion. Franklin Mountain’s November deal with Coterra includes 40.89 million shares of Coterra stock worth about $1 billion. The separate Avant transaction is valued at $1.45 billion.
The Franklin Mountain and Avant deals will add between 400 and 550 net locations, mostly within Lea County, New Mexico.
Recommended Reading
Baker Hughes Appoints Ahmed Moghal to CFO
2025-02-24 - Ahmed Moghal is taking over as CFO of Baker Hughes following Nancy Buese’s departure from the position.
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
Artificial Lift Firm Flowco’s Stock Surges 23% in First-Day Trading
2025-01-22 - Shares for artificial lift specialist Flowco Holdings spiked 23% in their first day of trading. Flowco CEO Joe Bob Edwards told Hart Energy that the durability of artificial lift and production optimization stands out in the OFS space.
Chevron Technology Ventures Would Like to See the Manager
2025-03-13 - Chevron Corp.’s Chevron Technology Ventures, which turns 25 this year, pays close attention to leadership teams when making investment decisions in technology startups.
Equinor Commences First Tranche of $5B Share Buyback
2025-02-07 - Equinor began the first tranche of a share repurchase of up to $5 billion.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.