Warburg Pincus Places RimRock Oil & Gas for Sale: Sources

It is Warburg Pincus’ second attempt to sell RimRock Oil & Gas in just over a year, the sources told Reuters. A 2021 auction process failed to secure a buyer for the Bakken gas producer at the valuation that Warburg sought.

Shariq Khan and David French, Reuters

Private equity firm Warburg Pincus has placed its portfolio company RimRock Oil & Gas up for sale, three people familiar with the matter said, aiming to take advantage of the upswing in commodity prices to offload the Bakken gas producer.

It is Warburg’s second attempt to sell the gas producer in just over a year, the sources noted. A 2021 auction process failed to secure a buyer at the valuation that Warburg sought.

While current commodity price volatility makes it more challenging to appraise energy assets, RimRock is now expected to achieve a valuation in the high hundreds of millions of dollars, up from the target price last year of upwards of $500 million, the sources added.

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