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Riviera Resources to Exit Upstream Biz; Sell Assets
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Anadarko Basin-focused Riviera Resources announced that it will be selling its remaining assets and exiting the upstream business, according to its Q2 report.
Thus far in 2020, the Company has closed four transactions generating aggregate proceeds of approximately $69 million. The four transactions include the sale of properties located in the Uinta Basin, the sale of properties located in East Texas, and the Oklahoma City Office building.
In August 2020, the company also inked a new deal, agreeing to sell its Anadarko Basin asset for $15.8 million.
The Company has engaged EnergyNet to help sell its remaining upstream assets, with plans to close in the fourth quarter of 2020. After closing these transactions, the Company will completely exit the upstream business.
Riviera will continue to own Blue Mountain Midstream LLC.
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