Deals - Acquisition, Mergers, Divestitures
LINN Energy Announces $1.2 Billion Acquisition of BP's Hugoton Basin Properties
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LINN Energy, announced that it signed a definitive purchase agreement to acquire Hugoton Basin properties located in Kansas from BP America Production Company for a contract price of $1.2 billion, subject to closing conditions. The company anticipates the acquisition will close on or before March 30, 2012, and will be financed with proceeds from borrowings under its revolving credit facility.
"This acquisition marks our entry into the largest conventional natural gas field in the U.S., and it is an excellent fit for our business strategy," said Mark E. Ellis, Chairman, President and Chief Executive Officer. "This impactful transaction has a low decline rate of 7 percent and is expected to provide 110 million cubic feet equivalent of liquids-rich production that is 37 percent NGLs. This…
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