The U.S. Federal Trade Commission (FTC) on March 25 said it would require EnCap Investments LP to sell EP Energy’s entire Utah oil business to resolve allegations its planned merger would lead to higher prices.
Reuters had previously reported that EP was exploring a sale of oil-producing acreage in Utah in hopes of averting an FTC challenge to its agreed $1.5 billion takeover by private equity firm EnCap.
RELATED:
Crescent Energy to Acquire EP Energy Utah Assets for $815 Million
The FTC said the deal without the sale of the assets in Utah would have left just three significant producers that sell Uinta Basin crude oil to refiners in Salt Lake City, and led to higher prices for consumers.
EnCap did not immediately respond to a request for comment.
Under EnCap'’ agreement with the FTC, it will sell EP’s assets in Utah to Crescent Energy Co., which will be a new competitor in the Uinta Basin, the FTC said. That deal was announced in February.
Recommended Reading
ADNOC Contracts Flowserve to Supply Tech for CCS, EOR Project
2025-01-14 - Abu Dhabi National Oil Co. has contracted Flowserve Corp. for the supply of dry gas seal systems for EOR and a carbon capture project at its Habshan facility in the Middle East.
Enchanted Rock’s Microgrids Pull Double Duty with Both Backup, Grid Support
2025-02-21 - Enchanted Rock’s natural gas-fired generators can start up with just a few seconds of notice to easily provide support for a stressed ERCOT grid.
Equinor’s Norwegian Troll Gas Field Breaks Production Record
2025-01-06 - Equinor says its 2024 North Sea production hit a new high thanks to equipment upgrades and little downtime.
Tethys Oil Suspends Kunooz-1 Well in Oman
2024-12-13 - The decision to suspend its Kunooz-1 exploration well comes after flow testing failed to confirm the presence of commercially-viable hydrocarbons, Tethys said.
ProPetro Agrees to Provide Electric Fracking Services to Permian Operator
2024-12-19 - ProPetro Holding Corp. now has four electric fleets on contract.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.