Endeavor Energy Resources explores the potential sale
Endeavor Energy Resources explores the potential sale
Endeavor Energy Resources LP is exploring a sale that could value the great Texas private oil fryer in more than $ 10 billion, according to people familiar with the matter.
The company is working with JPMorgan Chase & Co. and
To poll the buyers, said the people.
A transaction, if it occurs, would be the largest in a wave of recent agreements centered on the Permian Basin in western Texas and New Mexico, the engine of growth in crude oil production in the United States in recent years. years.
Founded by Autry Stevens, a Texas wildcat that has aggressively drilled in the region for more than five decades, Endeavor has one of the most prized land positions of any oil and gas company in the world. Drilling rights on land in the Permian Basin have been sold for more than $ 70,000 per acre. Endeavor has more than 300,000 acres.
As oil prices plummeted in 2014, Endeavor turned to debt markets and used partnerships to break through the crisis. The company signed multi-year agreements with
Exxon Mobil
Corp.
In 2014 and 2015 to develop part of its cultivated area.
In recent years, Endeavor has hired industry veterans to help run the company, including Charles Meloy as executive director and Lance Robertson as operations director. Both had worked for large exploration and production companies. Endeavor has also begun to report well and production results on a quarterly basis. The company produced about 64,000 barrels per day in the second quarter, according to an August announcement.
It is not clear who could be interested in buying Endeavor, but the big oil companies like Exxon,
Chevron
Corp.
and BP PLC has been eager to gobble up such assets and it is expected that oil prices will generate more cash than in the years of 2018. They have increased their expenditures to increase the production of shale assets and seek considerable agreements. BP, for example, in July agreed to pay $ 10.5 billion to take over
BHP Billiton
Ltd.
Oil and gas assets on land in the US UU
Endeavor had initially sought an initial public offering, but those plans have stalled amid worries about investors' lukewarm appetite for oil and gas reserves, people said.
An IPO has not been ruled out, but now it seems more likely that there will be a sale if the company is valued according to recent transactions in the area, some of the people said. A smaller sale of assets is also possible, people said.
-Bradley Olson contributed to this article.
Write to Ben Dummett in ben.dummett@wsj.com and Dana Mattioli in dana.mattioli@wsj.com
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