Recently announced land deals involving Oklahoma oil and gas operators Ovintiv Inc. and Laredo Petroleum are among the growing national movement of companies and private equity firms to unload some of their assets in the U.S. oil patch. The recovery in the price of oil is behind much of the movement.
It was mid-May when Oklahoma City-based Ovintiv finished its $880 million sale of operations in the Eagle Ford to Validus Energy and promptly announced it would repay $1.1 billion in debt.
Tulsa-based Laredo Petroleum sold its 37.5% stake last month in hydrocarbons extracted from two Texas counties to alternative capital provider Sixth Street Partners. Laredo said at the time it would use the proceeds to fund some of its $715 million acquisition of Sabalo Energy.
Reuters reported with increased oil prices, more deals are on the way.
Click here for Reuters report.