Asset Sales Accelerate In The Oil & Gas Industry

ArticleEnergyMarch 22, 2018 - 7:35:46 AM

Get ready for more asset sales in the oil and gas industry.

Earlier this month, Devon Energy sold properties in North Texas' Barnett Shale for $553 million, which analysts said represented a "relatively attractive" multiple of cash flow.

Last week Pioneer Natural Resources and Reliance Industries agreed to sell some of their oil and gas properties in South Texas' Eagle Ford Shale to Australia's Sundance Energy for $221.5 million.

And on Tuesday EnerVest said it agreed to sell its Eagle Ford and Austin Chalk properties for $2.66 billion in cash and stock to special purpose acquisition entity TPG Pace Energy Holdings, which will be renamed Magnolia Oil & Gas and be led by former Occidental Petroleum CEO Steve Chazen...

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