Private equity firm EnCap Investments has agreed to acquire EP Energy for $1.5 billion, people familiar with the matter said, less than a year after the oil and gas producer emerged from a bankruptcy process that handed control to its creditors.
EnCap plans to split EP, which holds production assets in South Texas and Northeastern Utah, into its separate geographies and merge them with existing portfolio companies, according to the sources.
The Utah assets, in the Uinta Basin, will be merged with XCL Resources, while the operations in Texas’ Eagle Ford will be combined with an EnCap company with acreage in the area, the sources added.
By Shariq Khan and David French
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.