On Wednesday, in the course of afternoon trade, Shares of Encana Corporation (USA) (NYSE:ECA), climbed 1.83%, and is now trading at $6.11.
Encana Corporation, declared that its wholly owned partner, Encana Oil & Gas (USA) Inc., has reached a contract to sell its Haynesville natural gas assets, located in northern Louisiana, to GEP Haynesville, LLC (GeoSouthern), a joint venture formed by GeoSouthern Haynesville, LP and funds managed by GSO Capital Partners LP.
Total cash consideration to Encana under the transaction is US$850 million. In addition, through the transfer of current and future obligations, Encana will reduce its gathering and midstream commitments, which will be substantially complete through 2020, by about US$480 million on an undiscounted basis. Further, Encana will transport and market GeoSouthern’s Haynesville production on a fee for service basis for the next five years.
Encana will use the total cash consideration to reduce its net debt, further strengthening its balance sheet.
Encana Corporation, together with its auxiliaries, engages in the development, exploration, production, and marketing of natural gas, oil, and natural gas liquids in Canada and the United States.
During an Afternoon trade, Shares of PDC Energy Inc (NASDAQ:PDCE), raised 2.84%, and is now trading at $48.08.
PDC Energy stated its 2015-second quarter financial and operating results and updated its 2015 full-year guidance.
2015 Second Quarter Highlights
- Production of 37,001 Boe per day; 46% enhance year-over-year and 15% growth contrast to the first quarter of 2015.
- Crude oil production of 17,378 Bbls per day; 47% enhance year-over-year and 20% growth contrast to the first quarter of 2015.
- Spud 43 and turned-in-line 44 gross operated horizontal wells.
- In July 2015, Moody’s and Standard & Poor’s upgraded PDC’s corporate debt rating to B1 and B+ respectively, reflecting stronger operational and debt metrics.
PDC Energy, Inc., an independent exploration and production company, acquires, explores for, develops, and produces crude oil, natural gas, and natural gas liquids in the United States. The company operates in two segments: Oil and Gas Exploration and Production, and Gas Marketing.
Finally, Markwest Energy Partners LP (NYSE:MWE), gained 0.66% Wednesday.
MPLX LP and MarkWest Energy Partners, L.P. (MWE) declared that they have received notification of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the projected merger whereby MarkWest would become a wholly owned partner of MPLX, thereby satisfying one of the conditions to closing of the transaction. The transaction remains subject to approval by MarkWest unitholders and to other customary closing conditions, and is predictable to close in the fourth quarter of 2015.
MarkWest Energy Partners, L.P. engages in the gathering, processing, and transportation of natural gas. The company is also involved in the gathering, transportation, fractionation, storage, and marketing of natural gas liquids; and the gathering and transportation of crude oil.
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