Breitburn acquires Texas oil and gas properties for $282M
Breitburn Energy Partners LP has inked a definitive deal to purchase additional oil and natural gas assets in the Permian Basin in Texas. The acquisition is valued at approximately $282 million, according to a press release report published by MarketWatch. The company purchased the said properties from CrownRock LP.
The said deal is subject to customary closing conditions and price adjustments. The transaction will be funded with borrowings from Breitburn's existing bank credit facility. The acquisition is expected to close this year, the report detailed.
Hal Washburn, Chief Executive Officer of Breitburn, said of the deal, "This acquisition provides us with new interests in additional oil and gas properties adjacent to our existing operations as well as incremental interests in oil and gas properties that we already own and operate. We believe the acquisition will be immediately accretive to distributable cash flow per unit at closing."
Breitburn is a publicly-traded independent oil and gas firm that focuses on acquisition and development of oil and gas properties. The company's gas reserves are located in Michigan, Oklahoma, Wyoming, Florida, California, Indiana, Kentucky, and Texas, MarketWatch reported.