EOG Resources Inc. (NYSE: EOG) is selling its nonoperated stake in more than 2,500 Utah wells through a sealed-bid offering being handled by EnergyNet.
The offer comprises working interest and overriding royalty interest in the Greater Monument Butte Unit (GMBU) located in Duchesne and Uintah counties, Utah. An affiliate of Newfield Exploration Co. (NYSE: NFX) operates the GMBU, which is the largest federal unit in the Lower 48, according to EnergyNet.
EOG has said it is targeting asset sales to strengthen its balance sheet—not fund capex. As of May 9, the company reported year-to-date 2017 sales of $118 million.
- About 10.11% working interest and 8.74% net revenue interest in more than 2,500 wells;
- Net revenue interest includes overriding royalty interest in majority of wells, EnergyNet said;
- Nine-month average net income of $311,450 per month; and
- Six-month average 8/8ths production of 10,289 barrels per day of oil and 7.906 million cubic feet per day of gas; and
- Operated by Newfield Production Co.
Bids are due by 4 p.m. CST July 19 and can be emailed to Lindsay Ballard, business development manager for EnergyNet. For information visit energynet.com or contact EnergyNet’s Denna Arias at 281-949-8463.