Antero to buy Marcellus nonoperated interest from Statoil

Antero Resources Corp., Denver, has agreed to acquire certain nonoperated interest in the Marcellus shale in West Virginia from Statoil ASA for $96 million in cash. The deal is expected to close by the end of the third quarter.

Content Dam Ogj Online Articles 2016 07 Statoil Marcellus Map

Antero Resources Corp., Denver, has agreed to acquire certain nonoperated interest in the Marcellus shale in West Virginia from Statoil ASA for $96 million in cash. The deal is expected to close by the end of the third quarter.

The 11,500 acres, operated by Southwestern Energy Co., are primarily in Wetzel, Tyler, and Doddridge counties. Average working interest is 19%.

The acreage overlaps with some of the 55,000 net acres of undeveloped Marcellus leasehold—including Wetzel, Tyler, and Doddridge counties—in Antero’s acquisition from Southwestern that was agreed upon in June (OGJ Online, June 10, 2016). Antero and Statoil have agreed on a price equivalent to that of the Antero-Southwestern deal.

Content Dam Ogj Online Articles 2016 07 Statoil Marcellus Map

For Statoil, the Antero deal marks the firm’s third divestiture of Marcellus assets over the past 2 years.

In December 2014, Statoil agreed to reduce its working interest in its nonoperated southern Marcellus assets to 23% from 29% in a deal with Southwestern (OGJ Online, Dec. 23, 2014). Last May, Statoil agreed to sell its operated properties primarily in Wetzel, Tyler, and Harrison counties, W.Va., to EQT Corp. (OGJ Online, May 2, 2016).

Still present in the Marcellus, Statoil is retaining its operated properties in Ohio as well as its 350,000-net-acre nonoperated position.

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