Sentinel Peak Resources California LLC became the fourth-largest oil producer in California as it completed the acquisition of onshore California assets from the oil and gas subsidiary of Freeport-McMoRan Inc. (FCX) for $592 million in cash, according to a Dec. 30 press release.
Sentinel Peak Resources operates the properties, which currently produce about 28,000 barrels of oil equivalent per day.
Sentinel Peak Resources, based in Denver, has offices in California and is focused on oil development in the state.
According to the agreement, FCX can receive $50 million per year of additional proceeds in 2018, 2019 and 2020 if the price of Brent crude averages $70 per barrel or higher in those calendar years.
During 2016, Phoenix-based FCX completed $6.6 billion in asset sale transactions and retains a portfolio of copper assets.
Recommended Reading
Murphy Shares Drop on 4Q Miss, but ’25 Plans Show Promise
2025-02-02 - Murphy Oil’s fourth-quarter 2024 output missed analysts’ expectations, but analysts see upside with a robust Eagle Ford Shale drilling program and the international E&P’s discovery offshore Vietnam.
The New Minerals Frontier Expands Beyond Oil, Gas
2025-04-09 - How to navigate the minerals sector in the era of competition, alternative investments and the AI-powered boom.
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.
More Players, More Dry Powder—So Where are the Deals?
2025-03-24 - Bankers are back and ready to invest in the oil and gas space, but assets for sale remain few and far between, lenders say.
Haslam Family Office: ‘We Need Hydrocarbons’
2025-01-29 - The managing director of HF Capital—the office for Tennessee's Haslam family—says that as long as oil, gas and other energy sources are lacking capital, there’s an investment opportunity.