EV Energy Partners LP (NASDAQ: EVEP) announced Oct. 20 it closed the sale of its 9% interest in Cardinal Gas Services LLC (CGS) to E1 and a Korean consortium led by Samchully Asset Management Co. Ltd. for $162 million.
The sale was made in conjunction with France's Total SA (NYSE: TOT), which also sold its 25% interest in CGS for roughly $450 million.
EVEP intends to use the net proceeds of the disposition to repay amounts outstanding under its revolving credit facility. Availability under the revolving credit facility may be used to fund future activities, including acquisitions of oil and natural gas properties.
BofA Merrill Lynch was financial adviser on the transactions.
Recommended Reading
Occidental Reports ‘Great Progress’ on Net-zero Pathway, DAC
2024-02-21 - Most of Occidental Petroleum’s planned $600 million investment in emerging low-carbon ventures for 2024 will go to direct air capture facility STRATOS, CEO Vicki Hollub says.
Baker Hughes Marks Hydrogen Milestones
2024-01-29 - The energy technology company is involved with several hydrogen projects as it works to accelerate the hydrogen economy.
1PointFive, AT&T Enter Carbon Removal Pact
2024-03-13 - 1PointFive said it is also participating in AT&T’s Connected Climate Initiative to collaborate on carbon removal solutions like direct air capture.
Baker Hughes Makes Flare Emissions Breakthrough
2024-03-14 - Baker Hughes has developed a new application for flare.IQ, its emissions abatement technology.
Energy Transition in Motion (Week of April 5, 2024)
2024-04-05 - Here is a look at some of this week’s renewable energy news, including the U.S. Environmental Protection Agency’s $20 billion ‘green bank.’