Private Equity | Deals - Acquisition, Mergers, Divestitures | Capital Markets
Sumitomo Sells Off Stake in Marcellus JV Project
Email
Print 
Bookmark
Sumitomo Corp. has closed on the sale of its 30% stake in Marcellus Shale Gas development project.
The buyer and sale price were not disclosed.
Sumitomo acquired the stake in the project back in 2010, purchasing the interest from Rex Energy Corp. for $194 million plus $1.2 billion commited to drill 1,100 wells. To-date some 400 wells have been drilled in bultler county.
Operatorship / ownership (70%) of the project transferred to PennEnergy in 2018, when it acquired bankrupt Rex Energy's entire asset portfolio.
This is the second major project / jv dismantling that Sumitomo is involved in. Back in 2015, the company cancelled its JV with Devon Energy Corp., citing the inability to recover enough oil & gas to show a return on invested capital.
Recent Deals/Transactions
| Date Annouced | Category | Headline | Buyer(s) | Seller(s) | Value ($mm) |
|---|---|---|---|---|---|
| 06/05/2025 | E&P | Vermillion Energy Exits US, Sells Power River Basin Asset |
|
|
|
| 05/30/2025 | E&P | EOG Acquires Utica Liquids Focus Encino For $5.6 Billion |
|
|
|
| 05/13/2025 | E&P | TXO Partners Acquires White Rock Assets in the Elm Coulee Field |
|
|
|
| 05/07/2025 | E&P | Permian Resources Bolt-On Assets From APA Corp |
|
|
|
| 05/03/2025 | E&P | Riley Permian Acquires PE-Backed Silverback II For $142million |
|
|
|
| 04/22/2025 | E&P | EQT Acquires Olympus Energy Assets For $1.8 Billion |
|
|
|
| 10/29/2024 | E&P | EQT Sell Remaining NorthEast PA Gas Assets For $1.2 Billion |
|
|
|
| 09/04/2024 | E&P | Crescent Energy Adds More Eagle Ford Acreage For $168 Million |
|
|
|
| 08/20/2024 | E&P | Quantum Backed-Koda Resources, QB Energy Gets Caerus Oil Assets For $1.8 Billion |
|
|
|
| 07/30/2024 | E&P | Permian Resources Acquires More Delaware Basin Property |
|
|
|
| Total |
|