Japan's Marubeni Corp said March 26 it has sold part of its interests in Eagle Ford Shale assets in Texas to two U.S. independent oil and gas developers for an undisclosed sum.
The sale is part of the Japanese trading company's effort to reshuffle its asset portfolio to strengthen its financial health, it said.
In 2012, Marubeni acquired a 35% working interest in about 52,000 net acres in the Eagle Ford from Dallas-based Hunt Oil Co. The companies had agreed at the time to jointly acquire additional acreage in the shale play, Marubeni said.
Marubeni's Eagle Ford sale was completed as the closing terms and conditions of the contract have been met, according to the company press release. The buyers were not disclosed.
Recommended Reading
ONEOK Offers $7B in Notes to Fund EnLink, Medallion Midstream Deals
2024-09-11 - ONEOK intends to use the proceeds to fund its previously announced acquisition of Global Infrastructure Partners’ interest in midstream companies EnLink and Medallion.
Talos Ups Buybacks, Pays Down Debt Post $1.29B QuarterNorth Deal
2024-07-22 - Talos Energy said it repaid $325 million in debt since closing its $1.29 billion cash-and-stock acquisition of E&P QuarterNorth in March.
Archrock Offers Common Stock to Help Pay for TOPS Transaction
2024-07-23 - Archrock, which agreed to buy Total Operations and Production Services (TOPS) in a cash-and-stock transaction, said it will offer 11 million shares of its common stock at $21 per share.
The ABCs of ABS: Financing Technique Shows Flexibility and Promise
2024-07-29 - As the number of ABS deals has grown, so have investors’ confidence with the asset and the types of deals they are willing to underwrite.
Halliburton Sees NAM Activity Rebound in ‘25 After M&A Dust Settles
2024-07-19 - Halliburton said a softer North American market was affected by E&Ps integrating assets from recent M&A as the company continues to see international markets boosting the company’s bottom line.