Riviera Resources unloads OKC offices in $21 million sale


One Houston-based energy company has just wrapped up the more than $21 million purchase of the Oklahoma City offices of another Houston-based firm.

EOG Resources Inc. completed the purchase of Riviera Operating LLC’s offices at 14701 Quail Springs Parkway in Oklahoma City for a price of $21,392,500.

“We purchased the building and relocated our OKC staff to this location,” confirmed a spokesman for EOG Resources.

Riviera Resources, Inc. and its wholly-owned Subsidiary Blue Mountain Midstream LLC recently took note of the sale in their May 8 release of first quarter financial results. The sale came as Riviera Resources continued working with Tudor, Pickering, Holt and Co. and other advisors “to explore a potential sale or merger for Riviera or Blue Mountain.”

The report showed the company closed four transactions in the first quarter of 2020 that generated aggregate proceeds of approximately $69 million.

“The four transactions include the sale of properties located in the Uinta Basin (closed January 2020), the sale of properties located in East Texas (Overton field closed January 2020 and Personville field closed February 2020), and the Oklahoma City Office building (closed February 2020),” stated the Riviera Operating report.

The website for Riviera Resources states that it owns and operates oil and gas assets in several onshore basins. Located in the heart of the liquids-rich Merge play in central Oklahoma, Blue Mountain Midstream is a wholly-owned subsidiary of Riviera Resources.

Riviera Resources is also a spinoff from LINN Energy, Inc. and its President and CEO, David Rottino previously was LINN Energy’s Executive Vice President and Chief Financial Officer.

Prior to Riviera Resources’ spin-off from LINN Energy, Inc., he served as LINN Energy’s Executive Vice President and Chief Financial Officer and as a member of the board of directors.

Cash distribution for Riviera investors went from $4.25 a share in December 2019 to $1 a share in April 2020.

Source: Riviera 1Q report