Maxus Energy Corp., a U.S.-based subsidiary of Argentina’s state-owned YPF SA, is selling its overriding royalty interests (ORRI) in more than 3,500 wells across five states in a sealed-bid offering handled by EnergyNet.
The assets are located in Oklahoma, Texas, Louisiana, New Mexico and Wyoming. Operators include Apache Corp. (NYSE: APA), BP Plc (NYSE: BP) and XTO Energy Inc., among others.
The assets recently averaged more than $125,000 in monthly net income, according to EnergyNet.
Highlights:
- About 0.000011% to 7.45% ORRI in more than 3,500 wells;
- 10-month average net income of $125,563 per month;
- Six-month average 8/8ths production is 191.907 million cubic feet per day and 5,496 barrels per day of oil; and
- Operators are comprised of Apache, BP America Production Co., Burlington Resources O&G Co. LP, Chevron U.S.A. Inc., Cimarex Energy Co. (NYSE: XEC), Citation Oil & Gas Corp., ConocoPhillips Co. (NYSE: COP), Continental Resources Inc. (NYSE: CLR), Devon Energy Corp. (NYSE: DVN), EOG Resources Inc. (NYSE: EOG), Exxcel Production Co., Hilcorp Energy Co. Inc., Marathon Oil Co., Newfield Exploration Mid-Continent, Noble Energy Inc. (NYSE: NBL), Samson Lone Star LLC, Unit Petroleum Co. and XTO Energy.
Maxus Energy filed for bankruptcy protection in June 2016.
Bids are due at 4 p.m. CT March 2. For information visit energynet.com or contact EnergyNet’s Cody Felton at 281-221-3042.
Recommended Reading
Apache Unveils $555 Million Acquisition of Texas Delaware Basin Properties
2022-08-03 - APA, the holding company of Apache, didn’t disclose the seller but, earlier on Aug. 3, Reuters reported that the company was buying assets in Texas from privately owned Titus Oil & Gas.
Anschutz Exploration Shares Secret to Powder River Basin Success
2022-06-29 - Anschutz Exploration CEO Joe DeDominic shared the private producer’s strategy how to succeed in the Powder River Basin at Hart Energy’s DUG Bakken and Rockies conference.
Diamondback Energy Raises Return of Free Cash Flow to Shareholders
2022-06-21 - The Diamondback Energy board approved an increase to its current commitment to return at least 50% of its free cash flow. The net effect will return 75% of the Permian Basin producer’s FCF during the second half of 2022.
DUG Permian, Eagle Ford: Sheffield Says Energy Security Issues Trump ESG Concerns
2022-05-18 - “Nobody’s going to drop ESG, but energy security has become 10 times more important than ESG,” Pioneer Natural Resources CEO Scott Sheffield told DUG Permian and Eagle Ford attendees.
How Shale Producers Can Win Over Skittish Investors
2022-06-06 - Flush with cash, U.S. shale producers vary in approach to shareholder returns but one, in particular, appears to be well-suited to the industry’s boom-and-bust life cycle.