Sanchez Drilling Rig

January 13, 2017 Comments Off on Blackstone Jumps into More Oil for $2.3B Views: 339 Texas - Other, Texas News, Top Texas Stories

Blackstone Jumps into More Oil for $2.3B

Blackstone Energy Partners LP, sponsored by Blackstone, entered into a partnership with Sanchez Energy Corp. to acquire Andarko Petroleum Corp’s working interest in 155,000 acres in the Western Eagle Ford shale for approximately $2.3 billion. The assets are located in Dimmit and Webb Counties in south Texas, contiguous with Sanchez’s existing assets. The transaction should close in Q1 2017.

Sales volumes from the acreage totaled approximately 45,000 barrels of liquids per day, and approximately 131 million cubic feet of natural gas per day, at the end of Q4 2016. The acreage includes approximately 130 gross drilled, but uncompleted wells.

Kirkland & Ellis served as legal advisor and Jefferies & Company, Inc. served as Blackstone’s financial advisor. JPMorgan Chase & Co., Citigroup Inc. and Morgan Stanley are providing committed debt financing to back Blackstone’s working interest purchase.

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