Statoil sells W.Va. assets to Antero in $96-million deal

8/1/2016

HOUSTON -- Statoil has arranged another sale of non-core assets from its U.S. onshore portfolio, the company's third in the southern Marcellus over the past two years.

In the latest transaction, Statoil will divest some of its non-operated interests in West Virginia to Antero Resources Corporation for approximately $96 million in cash.

This follows the announcement by Antero, on June 9, of the acquisition of Southwestern Energy Company’s interest in the same assets. Statoil and Antero have agreed on a price equivalent to that agreed between Southwestern and Antero.

The acreage is primarily located in Wetzel, Tyler and Doddridge Counties and is operated by Southwestern. Statoil’s net acreage included in this transaction is approximately 11,500 acres and its average working interest is 19%.

As with the two previous transactions, the divestment increases Statoil’s financial flexibility and allows capital to be focused on core activities in order to maximize value creation.

In December 2014, Statoil agreed to reduce its working interest in its non-operated southern Marcellus asset from 29% to 23% in a $394-million transaction with Southwestern Energy.

In May 2016, Statoil divested its operated properties in West Virginia to EQT Corporation for $407 million in cash.

“The U.S. business is one of the focus areas in Statoil’s international strategy. We will continue actively to manage the portfolio, optimize field developments, and step up efficiency improvements and cost reduction measures,” said Torgrim Reitan, executive V.P., Development and Production, U.S.

In the Marcellus, Statoil retains its operated properties in Ohio and its 350,000 net acre non-operated position.

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