Utah's Uinta Basin Records a $2B Deal with Colorado Companies
The transaction includes 126,000 net acres of oil and gas development in Utah's Uinta Basin area.
A roughly $2 billion deal between two Denver-based oil and natural gas companies closed this week, part of a larger pair of transactions worth a total of $4.3 billion.
FourPoint Resources LLC spent $2 billion with Ovintiv Inc. (NYSE: OVV) on Wednesday to acquire oil and gas wells and other operational assets in northeast Utah’s Uinta Basin area. The transaction included 126,000 net acres of oil and gas development area and operations that Ovintiv said produced 29,000 barrels of crude oil and equivalents daily.
The transaction was first announced Dec. 10.
FourPoint expects to start work immediately to grow production and cash flow from the Uinta Basin assets, said George Solich, chairman and CEO of FourPoint, when the deal was first announced last year. FourPoint partnered with private equity firms Quantum Capital Group and Kayne Anderson for the purchase from Ovintiv.
The sale to FourPoint helps Ovintiv fund its expansion elsewhere.
The company is buying oil and gas assets in Canada near where Ovintiv already has operations.
Ovintiv’s $2.3 billion purchase of assets in the Alberta Montney region from Paramount Resources is expected to close in this year’s first financial quarter.
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Just wondering if the investors anticipate help from the Trump Energy Emergency declaration in getting the crude shipped through Colorado by rail.