EV Energy Partners LP (EVEP) closed the sale of its 21% interest in Utica East Ohio Midstream LLC (UEO), the company said June 10. The UEO interest was sold to Utica Gas Services LLC, Williams Partners LP subsidiary, and to M3 Ohio Gathering LLC, the company added.
The total sale price was $575 million. EVEP's net capital contribution to UEO was about $294 million.
Net proceeds will repay all outstanding amounts under EVEP’s revolving credit facility, and the remainder will support future activities including property acquisitions.
Jefferies LLC was EVEP's financial adviser.
Houston-based EV Energy Partners LP is an MLP that acquires oil and gas properties.
Recommended Reading
Cracking the Fracking Code: Efficient Approaches to Optimize Wellbores
2024-06-30 - Technology and process innovations improve operational efficiencies even as companies scramble for greener fracking solutions.
E-wireline: NexTier Taps Oilfield Grid, Automation for Completions
2024-07-23 - NexTier Completion Solutions is using advanced electric-drive equipment, automation-enabled pump down technology and digital connectivity to optimize wellsite operations during shale completions.
International, Tech Drive NOV’s 2Q Growth Amid US E&P Headwinds
2024-07-29 - Despite a U.S. drilling slowdown, slightly offset by Permian Basin activity, NOV saw overall second-quarter revenue grow by 6%, although second-half 2024 challenges remain in North America.
ProFrac, IWS Taking the Garbage Out of Oilfield Data Transfer
2024-07-16 - ProFrac and Intelligent Wellhead Systems’ MQTT protocol promises to speed up communications at the frac site, not only by saving costs but laying the foundation for future technological innovations and efficiencies in the field, the companies tell Hart Energy.
At Last, AI Brings Good News for Gas Producers
2024-06-21 - Is artificial intelligence humanity’s power-hungry new friend?