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

Move carefully on crude exports, refiner urges House subcommittee

04/04/2014 Tight oil formations have helped the US increase its crude production dramatically, an independent refiner conceded. But the nation should proceed ...

Escalera Resources to form Albania joint venture

04/03/2014 Escalera International Co. LLC, a subsidiary of Escalera Resources Co. (formerly Double Eagle Petroleum Co.), has signed a memorandum of understand...

EIA: Ethanol spot prices rise on rail congestion, cold weather

04/03/2014 Spot prices for ethanol have increased steadily since early February, driven by logistical problems and harsh weather conditions, according to the ...

AMP files FERC request for abandonment of Midla Pipeline

04/03/2014 American Midstream Partners LP (AMP) has filed a request with the US Federal Energy Regulatory Commission to abandon use of its 1920s vintage Midla...

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