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May 1, 2014, 11:17 AM
- EP Energy (EPE +2.8%) is higher after yesterday's pair of transactions that swapped legacy assets for bolt-on Permian acreage, potentially adding ~475 drilling locations.
- EPE is buying Midland Basin producing properties and undeveloped acreage adjacent to existing operations, expanding its Wolfcamp position by ~25%, for $153M; it also is selling non-core assets in the Ark-La-Tex Cotton Valley and South Louisiana Wilcox areas for $150M.
- Howard Weil upgrades shares to Sector Outperform from Sector Perform and raises its price target to $28 from $26, saying the conventional Ark-La-Tex assets were mostly gas and were not receiving capital, and EPE is maintaining the deeper Haynesville rights (Briefing.com).
EPE vs. ETF Alternatives
EP Energy Corp is an oil exploration and production company, engaged in the acquisition and development of oil and natural gas properties. It operates in the Eagle Ford Shale, the Wolfcamp Shale, the Altamont field and the Haynesville Shale.
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