Statoil Sells Marcellus Assets | Russell T. Rudy Energy LLC
“World Oil” reports that for the third time in two years, Norwegian oil and gas producer, Statoil, is involved in asset sales in the southern Marcellus shale in West Virginia. This is part of the company’s strategy to sell non-core, onshore assets in the U. S.
In December, 2014 Statoil reduced its working interest in non-operated Marcellus properties from 29% to 23%. The sale to Southwestern Energy was valued at $394 million. In May of this year, Statoil sold its operated properties in West Virginia to EQT Corporation for $407 million.
Now Statoil is selling its 19% working interest in approximately 11,500 acres. These properties in Wetzel, Tyler and Doddridge Counties of West Virginia are operated by Southwestern Energy. The buyer, Antero Resources Corporation, recently bought Southwestern Energy’s interest in these assets. Antero agreed to pay Statoil the same price that it paid Southwestern, which will net the seller $96 million.
The Norwegian company will retain its operated properties in the Ohio portion of the Marcellus shale as well as its 350,000 net acres in the area which it does not operate.
Torgrim Reitan, executive VP, Development and Production-U.S., observed “The U. S. business is one of the focus areas in Statoil’s international strategy. We will continue actively to manage the portfolio, optimize field developments, and set up efficiency improvements and cost reduction measures.”
Statoil oil maintains that these sales of southern Marcellus assets will increase the company’s financial flexibility and focus on core areas to maximize value creation.
To read the article in its entirety, please go to http://www.worldoil.com/news/2016/8/1/statoil-sells-wva-assets-to-antero-in-96-million-deal .
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