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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Chesapeake Energy Corporation | NASDAQ:CHK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.12 | -0.14% | 86.67 | 85.23 | 86.63 | 87.16 | 85.08 | 86.61 | 2,836,731 | 21:26:49 |
By Micah Maidenberg
KKR & Co. (KKR) has formed a new venture to hunt for energy deals in the U.S., striking its first acquisition in the Permian Basin, the epicenter of the fracking boom.
The private-equity firm said Tuesday it will work with Spur Energy Partners LLC to buy oil and gas production and development assets in the continental U.S.
Spur Energy Partners was formed this year with a financial commitment from KKR. The company is led by Jay Graham, the former chief executive of WildHorse Resource Development Corp., which Chesapeake Energy Corp. (CHK) purchased in February.
Private-equity firms have been looking to bet on oil and gas assets. NGP Energy Capital Management raised about $4 billion to invest in the sector, The Wall Street Journal reported earlier this year. Some firms are looking to buy so-called noncore assets that publicly traded producers are selling as those companies focus on their main fields.
In its first deal, the companies agreed to buy interests in 380 gross producing wells and 22,000 net acres on the New Mexico side of the Permian Basin from Percussion Petroleum LLC. Deal terms weren't announced. The assets produced 9,200 net barrels of oil equivalent per day in the first quarter.
The deal in New Mexico kicks off an expected multi-billion investment partnership, Dash Lane, managing director on KKR's energy real assets team, said in a statement. The companies didn't specify how much KKR will invest.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
May 14, 2019 08:01 ET (12:01 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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