Just a few days after announcing it was selling its Wyoming oil and gas assets for $777 million, a Denver energy company is buying big in Texas.
QEP Resources Inc. (NYSE: QEP) said it's buying about 13,800 net acres in Martin County, in west Texas near its existing Midland Basin acreage, for $732 million.
The company said it's focusing its efforts on Texas oil.
"Earlier this week, we announced agreements to sell all of our Pinedale assets and other southwest Wyoming gas assets for a total of $777.5 million, which combined with today’s announced agreement to acquire approximately 13,800 additional net acres in the core of the northern Midland Basin, continues our pivot towards a more oil-focused portfolio. We expect to fund the Permian Basin Acquisition with proceeds from our Pinedale asset sale and with cash on hand," said Chuck Stanley, QEP president, chairman and CEO, in a statement.
Read more at the Denver Business Journal: http://bit.ly/2w6If6u