logo
Share SHARE
FONT-SIZE Plus   Neg

El Paso To Sell Exploration And Production Business For About $7.15 Bln

El Paso Corp. (EP) announced that it has entered into a definitive agreement to sell its exploration and production business, EP Energy Corporation, for approximately $7.15 billion to affiliates of Apollo Global Management, LLC and Riverstone Holdings, LLC, who are joined by Access Industries, Inc. and other parties.

El Paso's entering into a definitive agreement for the sale of its exploration and production business was contemplated in Kinder Morgan, Inc.'s (KMI) previously announced agreement to acquire El Paso Corporation.

El Paso noted that the sale of EP Energy is dependent upon completion of the Kinder Morgan-El Paso transaction, which is expected to close in the second quarter of 2012. The sale of EP Energy is also expected to close about the same time as that transaction.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shares of thyssenKrupp AG were gaining around 2 percent in the morning trading in Germany after the steel giant Thursday said it expects clearly positive net income and significantly higher adjusted EBIT, a key earnings metric, in fiscal 2018. This was after reporting higher adjusted EBIT, sales and order intake in its fiscal 2017, despite a net loss due to charges. Senator Lisa Murkowski, R-Alaska, has expressed support for repealing Obamacare's individual mandate, a key provision Senate Republicans are hoping to use to offset the cost of their tax reform bill. The Congressional Budget Office estimates repealing the requirement that nearly all Americans purchase... Automotive startup Divergent 3D said that a Chinese-led investment syndicate has agreed to commit up to $107 million in financing through a new investment round. Hong Kong-based investment holding company, O Luxe Holdings Limited, led the investment group, which includes Horizons Ventures, Shanghai Alliance Investment Limited and Altran Technologies.
comments powered by Disqus
Follow RTT