A Denver energy company said it's unloading its Wyoming assets for $777.5 million.
QEP Resources Inc. (NYSE: QEP) said it's selling two natural gas assets in southwest Wyoming for combined proceeds of $777.5 million.
It's selling its assets in the Pinedale Anticline field in Sublette County, Wyoming, for $740 million to Pinedale Energy Partners LLC, an affiliate of Oak Ridge Natural Resources, LLC. And it's selling non-core natural gas assets in southern Wyoming to an undisclosed buyer for $37.5 million.
“As we continue to evolve as a company, these transactions are a necessary next step in simplifying our asset portfolio and delivering significant financial proceeds that will further strengthen our balance sheet and help fund future development projects and acquisition opportunities," said Chuck Stanley, chairman, president and CEO, in a statement.
Read more at the Denver Business Journal: http://bit.ly/2v50z3E