Dominion Closes Sale of Offshore Gulf of Mexico Operations
Dominion (NYSE: D) announced it has closed the sale of its remaining offshore Gulf of Mexico natural gas and oil exploration and production operations today. This is one of several closings of previously announced asset sales.
The offshore operations were sold to Eni Petroleum Co. Inc., for approximately $4.73 billion. The operations include approximately 961 billion cubic feet equivalent (Bcfe) of proved natural gas and oil reserves in the Gulf of Mexico as of Dec. 31, 2006. Proceeds from the sale will fund debt reduction, including the debt tender offer announced on June 13, and the repurchase of common stock.
JPMorgan, Lehman Brothers and Juniper Advisory LP were Dominion's financial advisers and BakerBotts LLP and McGuireWoods LLP are the company's legal advisers for the sale.
Dominion is in the process of selling all of its E&P operations except those in the Appalachian Basin as part of its previously announced plan to refocus the company on the power generation and energy distribution, transmission, storage and retail businesses.
- Dominion Hub III Project Seeking Binding Precedent (Jan 08)
- 2007 Mr. Spindletop Retires: Dominion Bids Farewell to Radtke (Jan 04)
- Dominion Closes Sale on its E&P Mid-Continent Properties (Aug 31)