Wells Fargo Bank, part of Wells Fargo & Co. (NYSE: WFC), has entered into a definitive agreement to acquire the North American reserve-based and related diversified energy lending business of BNP Paribas SA, Paris, (Euronext Paris: BNP). Terms of the all-cash trans- action were not disclosed.
Headquartered in Houston, the BNP energy business consists of approximately 175 customer relationships, nearly $9.5 billion of loan commitments, and approximately $3.9 billion in loans outstanding. Some 90% of the portfolio is U.S.-based, with the remainder primarily located in Canada, a market of growing importance for the Wells Fargo Energy group.
Upon closing, all BNP Paribas employees who have been part of the energy business being acquired will be given an opportunity to join Wells Fargo.
The transaction, subject to regulatory approvals and other customary closing conditions, is expected to close in second-quarter 2012.
Recommended Reading
Coterra Takes Harkey Sand ‘Row’ Show on the Road
2024-11-20 - With success to date in Harkey sandstone overlying the Wolfcamp, the company aims to make mega-DSUs in New Mexico with the 49,000-net-acre bolt-on of adjacent sections.
Matador’s U-lateral Delaware Tests Outproduce 2-mile Straight Holes
2024-10-30 - Matador Resources' results from eight Loving County, Texas, tests include two 2-mile U-turn laterals, five 2-mile straight laterals and one 1-mile straight lateral, according to state data.
Now, the Uinta: Drillers are Taking Utah’s Oily Stacked Pay Horizontal, at Last
2024-10-04 - Recently unconstrained by new rail capacity, operators are now putting laterals into the oily, western side of this long-producing basin that comes with little associated gas and little water, making it compete with the Permian Basin.
Classic Rock, New Wells: Permian Conventional Zones Gain Momentum
2024-12-02 - Spurned or simply ignored by the big publics, the Permian Basin’s conventional zones—the Central Basin Platform, Northwest Shelf and Eastern Shelf—remain playgrounds for independent producers.
Comstock: Monster Western Haynesville Wildcats Cost $30MM-plus
2024-10-31 - Comstock Resources is flowing back a 13th well currently in the play where the oldest has made 2.2 Bcf per 1,000 lateral feet to date in its first 29 months online.
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.