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.
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