Mon, Mar. 21, 6:05 PM
- EP Energy (NYSE:EPE) announced earlier that it agreed to sell substantially all of its assets located in the Haynesville and Bossier shales to Covey Park Gas for $420M in cash.
- The sale moves EPE toward better financial footing but with leverage still elevated as 2017 hedges roll off, more work will be needed to address the balance sheet, says Wells Fargo analyst Gordon Douthat.
- Topeka Capital's Gabriele Sorbara says that with the loss of its Haynesville reserves, EPE may see its revolver revised downward, making its leverage nearly the same as prior to the sale.
- EPE shares fell 8.6% in today's trade.
EP Energy Corp. operates as an independent exploration and production company. It engages in the acquisition and development of unconventional onshore oil and natural gas properties in the United States. The company's exploration properties and assets include the Eagle Ford Shale (South Texas),... More
Sector: Basic Materials
Industry: Oil & Gas Drilling & Exploration
Country: United States
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