EP Energy Corp., Houston, intends to evaluate strategic alternatives. Options might be a corporate sale, merger, or other business combination, or other transactions, the independent said in a Mar. 12 release.
Credit Suisse Securities (USA) LLC and Jefferies LLC are advising.
In February, the company closed the divestiture of its Southern Midland basin assets. Post-sale, the company holds about 410,000 gross (270,000 net) acres in the Uinta basin in Northeastern Utah and the Eagle Ford. Average daily net production for fourth-quarter 2020 pro-forma for the transaction was 44,000 boe/d and 28,000 b/d of oil. Yearend 2020 net debt and liquidity, pro-forma for the transaction was about $95 million and $465million, respectively.
EP Energy filed voluntary petitions under Chapter 11 reorganization in the US Bankruptcy Court for the Southern District of Texas in October 2019 (OGJ Online, Oct. 4, 2019). It emerged from bankruptcy in October 2020 having reduced its pre-petition debt by $4.4 billion.
