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Energen Sells San Juan & Delaware Permian; Increase Drilling/DUCs
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Energen Corporation announced that it has closed or signed purchase and sale agreements for its non-core Delaware Basin and San Juan Basin assets. Including all sales transactions with multiple, undisclosed buyers, the total gross proceeds of $551.7 million are subject to standard closing costs and transaction fees. Asset sales not yet closed are expected to close by mid-August. The company expects to incur minimal taxes in association with these transactions.
Net production associated with all the non-core properties being sold averaged 9.0 thousand oil-equivalent barrels per day (9,000 boepd) in April 2016, of which only 34 percent was oil; the majority of the production is in the San Juan Basin. In the Delaware Basin, the non-core assets for which sales are closed or pending largely…
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