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Stock Market & Financial Investment News

News Breaks
June 27, 2014
07:04 EDTECA, APOJupiter Resources to acquire Encana's Bighorn assets for C$2B
Jupiter Resources has agreed to acquire Encana’s (ECA) Bighorn assets in the Alberta Deep Basin for C$2B before closing adjustments. These properties include approximately 360,000 net acres of land and first quarter production of 319 mmcfe/d of liquids-rich natural gas. The transaction is subject to satisfaction of normal closing conditions, as well as regulatory approvals, and is expected to close by the end of the third quarter of 2014. Jupiter Resources is a portfolio investment of funds managed by affiliates of Apollo Global Management (APO).
News For APO;ECA From The Last 14 Days
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September 2, 2015
08:32 EDTAPOApollo pressing on with plans for McGraw Hill Education IPO, Reuters says
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August 26, 2015
07:39 EDTAPOPiper Jaffray lowers estimates for asset managers below consensus
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August 25, 2015
06:03 EDTECAEncana agrees to sell Haynesville assets for $850M
Encana announced that its wholly-owned subsidiary, Encana Oil & Gas, has reached an agreement to sell its Haynesville natural gas assets, located in northern Louisiana, to GEP Haynesville, a joint venture formed by GeoSouthern Haynesville, LP and funds managed by GSO Capital Partners LP. Total cash consideration to Encana under the transaction is $850M. In addition, through the transfer of current and future obligations, Encana will reduce its gathering and midstream commitments, which will be substantially complete through 2020, by approximately $480M on an undiscounted basis. Further, Encana will transport and market GeoSouthern's Haynesville production on a fee for service basis for the next five years. Encana will use the total cash consideration to reduce its net debt, further strengthening its balance sheet. Consistent with its strategy, Encana remains focused on growing high margin production. Over 80% of 2015 capital will be invested in the company's four most strategic assets in the Permian, Eagle Ford, Duvernay and Montney. During the first half of 2015, Encana's Haynesville assets produced an average 217 mmcf/d, contributed approximately 9% to companywide production and less than 2.5% to Encana's first half operating cash flow, excluding hedges. The sale of Encana's Haynesville assets is subject to satisfaction of normal closing conditions, as well as regulatory approvals and post-closing adjustments, and is expected to close in Q4 with an effective date of January 1.

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