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(WO) – Crescent Vitality has continued to streamline its portfolio with the sale of its non-operated DJ Basin property for $90 million in money, marking one other step ahead within the firm’s ongoing non-core divestiture program.
The property—situated largely in Weld County, Colorado—produce roughly 7,000 boed, with oil comprising about 20% of volumes. The transaction, accomplished with a non-public purchaser, is topic to customary post-closing changes.
The sale pushes Crescent’s year-to-date divestiture tally to greater than $900 million, following beforehand introduced gross sales throughout the Rockies and the Barnett shale. Crescent expects all remaining transactions beneath this system to shut earlier than year-end.
Proceeds from the divestitures might be directed towards lowering borrowings beneath the corporate’s revolving credit score facility, a transfer aimed toward strengthening the steadiness sheet and enhancing monetary flexibility.
“This marks our sixth accretive asset sale 12 months up to now,” stated Crescent CEO David Rockecharlie. “Our profitable non-core divestiture program enhances our enterprise and underscores our capacity to navigate a unstable market and seize engaging worth for our traders.”
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