LINN Energy Sells Granite Wash, Cleveland Assets for $1.95 Billion
Multiples
Transaction Details:
Closing Announcement - December 15, 2014
LINN Energy, LLC announced that LINN has closed the previously announced sale of its entire position in the Granite Wash and Cleveland plays located in the Texas Panhandle and western Oklahoma to privately held institutional affiliates of EnerVest, Ltd. and FourPoint Energy, LLC at a contract price of $1.95 billion, subject to pre- and post-closing purchase price adjustments.
The Company intends to use combined net proceeds from these sales to repay in full the $1.3 billion term loan, which is the only remaining interim financing from its $2.3 billion acquisition from Devon Energy Corporation which closed on August 29, 2014, and reduce borrowings under its revolving credit facility.
Initial Announcement - October 3, 2014
LINN Energy, LLC has signed a definitive agreement to sell its entire position in the Granite Wash and Cleveland plays located in the Texas Panhandle and western Oklahoma to privately held institutional affiliates of EnerVest, Ltd., for a contract price of $1.95 billion.
Proceeds from these sales are expected to finance the Company's $2.3 billion acquisition of assets from Devon Energy Corporation, which closed in August 2014. Both of today's announced sales are expected to be tax efficient upon successful completion of a reverse 1031 like-kind exchange.
The Granite Wash and Cleveland properties sold include approximately 145,000 net acres, 195 MMcfe/d of current production, 755 Bcfe of year-end 2013 proved reserves and related midstream facilities.
The sale of Granite Wash and Cleveland properties is expected to close in the fourth quarter of 2014 with an effective date of September 1, 2014.
RBC Richardson Barr, Scotia Waterous and Wells Fargo acted as financial advisors to LINN during the Granite Wash and Cleveland play transaction. Jefferies LLC acted as financial advisor to FourPoint Energy and EnerVest in connection with this transaction.
Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
---|---|---|---|---|---|
Mar-02-2022 | - | - | Click here | Oklahoma | E&P |
Nov-10-2021 | - | - | Click here | Texas | E&P |
May-18-2021 | - | - | Click here | Oklahoma | E&P |
Apr-26-2021 | - | - | Click here | Oklahoma | E&P |
Dec-03-2020 | - | - | Click here | Oklahoma | E&P |
Date | Deal Headline | Price | $/acre |
---|---|---|---|
Nov-13-2023 | Mach Acquires Anadarko Assets from PE-Backed Paloama Partners | - | - |
Jul-31-2018 | Penn Virginia Sells Off Oklahoma Assets to Undisclosed Buyer | - | - |
Oct-08-2016 | Fairway Resources Partners Scores 223,000 Net Acres In The Anadarko Basin | - | - |
Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
---|---|---|---|---|---|
Feb-14-2018 | - | - | Click here | Texas | E&P |
Jan-16-2018 | - | - | Click here | Utah | E&P |
Dec-19-2017 | - | - | Click here | Texas | E&P |
Oct-23-2017 | - | - | Click here | South Dakota | E&P |
Oct-04-2017 | - | - | Click here | Wyoming | E&P |
Other Enervest Ltd. Deals
Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
---|---|---|---|---|---|
Mar-20-2018 | - | - | Click here | Texas | E&P |
May-17-2016 | - | - | Click here | Texas | E&P |
May-17-2016 | - | - | Click here | Texas | E&P |
Nov-05-2015 | - | - | Click here | Virginia | E&P |
Sep-22-2015 | - | - | Click here | Oklahoma | E&P |