HOUSTON, Feb. 24, 2021 /PRNewswire/ -- EP Energy
Corporation ("EP Energy" or the "Company") announced today that it
has closed the divestiture of its Southern Midland Basin
assets.
EP Energy's go-forward portfolio will consist of approximately
410,000 gross (270,000 net) acres in the Uinta Basin in
Northeastern Utah and the Eagle
Ford. Average daily net production for the fourth quarter
2020 pro-forma for the transaction was 44,000 barrels of oil
equivalent per day and 28,000 barrels of oil per day. End of
year 2020 Net Debt and Liquidity, pro-forma for the transaction was
approximately $95MM and $465MM, respectively.
President and Chief Executive Officer Russell Parker said, "We are very pleased to
close this transaction that enables EP Energy to core up its
portfolio and significantly reduce debt. EP Energy has
industry leading leverage metrics, a strong liquidity position, and
an asset base that generates attractive returns and free cash flow
in the current price environment."
About EP Energy Corporation
The Company focuses on
enhancing the value of its high quality asset portfolio, increasing
capital efficiency, maintaining financial flexibility, and pursuing
accretive acquisitions and divestitures. EP Energy is working to
set the standard for efficient development of hydrocarbons in the
U.S. Learn more at epenergy.com.
Forward Looking Statements
This release includes certain forward-looking statements and
projections of EP Energy. Such statements are subject to risks and
uncertainties that could cause results to differ materially from
the Company's expectations. While the Company makes these
statements in good faith, neither the Company nor its management
can guarantee that anticipated future results will be achieved. The
Company assumes no obligation to publicly update or revise any
forward-looking statements made herein or any other forward-looking
statements made by the Company, whether as a result of new
information, future events, or otherwise. All forward-looking
statements attributable to the Company or persons acting on the
Company's behalf are expressly qualified in their entirety by the
foregoing cautionary statements. All such statements speak only as
of the date made, and, except as required by law, the Company
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE EP Energy Corporation