El Paso to sell E&P arm in $7.15 billion deal

By OGJ editors

El Paso Corp. reported late Feb. 24 it had entered into a definitive agreement to sell its exploration and production business, EP Energy Corp., for $7.15 billion to affiliates of Apollo Global Management LLC and Riverstone Holdings LLC, who are joined by Access Industries Inc. and other parties.

El Paso’s entering into an agreement to divest its E&P business was contemplated in Kinder Morgan Inc.’s announced agreement to acquire El Paso in late 2011 (OGJ Online, Oct. 17, 2011).

The sale of EP Energy is dependent upon completion of the KMI-El Paso transaction, which is expected to close in the second quarter, subject to customary regulatory approvals. The sale of EP Energy is also expected to close about the same time as that transaction.

“We are pleased that this pending sale will allow the El Paso exploration and production assets to be kept intact as a single entity,” said KMI Chairman and Chief Executive Officer Richard D. Kinder.

Related Articles

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring

03/21/2014

The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected