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EP Energy Sells Prized Gas Asset; Haynesville; More Action Needed
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A debt-laden EP Energy has recently sold 13% of overall production for $420 MM to Covey Park Energy LLC.
It seems likely that EP Energy will use the proceeds to pay down some its outstanding $4.8 Billion in debt, as a $500 MM portion is due in 2018.
However, there is still a $1.2 Billion amount due in 2019, which will take further asset sales, equity, or financing to meet.
The Haynesville asset owned by EP Energy represented ~20% of the company's gas reserves, with 100% proved developed reserves.
With three main assets remaining - the Eagle Ford, Permian, and Altamont - it will remain to be seen if a further opportunity for acquisition opens within the next two years. The Altamont asset could be a likely candidate, with the second-lowest production and available reserves for the…
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