Mach Natural Resources to buy Anadarko Basin assets for $815 mln
Nov 13 (Reuters) — Mach Natural Resources said on Monday said it will buy certain oil and gas assets in the Anadarko Basin in Oklahoma from privately-held Paloma Partners for $815 million in cash.
Mach Natural said the assets have reserves of 31.5 million barrels of oil equivalent (mmboe) and will boost its existing output of about 65,000 barrels of oil equivalent per day (boepd) by roughly 32,000 boepd.
The assets cover about 62,000 net acres in the Anadarko Basin, one of the most productive U.S. basins and which spans parts of Oklahoma, Kansas, Texas, and Colorado
The deal is expected to close on Dec. 29 this year, with a retrospective effective date of Sept. 1.
Houston-based Paloma Partners is backed by energy sector-focused EnCap Investments and is focused on the acquisition and development of U.S. oil and gas assets. (Reporting by Tanay Dhumal in Bengaluru; Editing by Savio D’Souza)
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”