Linn Energy Selling Some Assets for $2.3 billion
HOUSTON (AP) — Linn Energy is selling several assets for $2.3 billion, with proceeds likely to be used to finance its purchase of some U.S. oil and gas properties from Devon Energy Corp.
Linn Energy said Friday that it signed a deal to sell its entire position in the Granite Wash and Cleveland properties in the Texas Panhandle and western Oklahoma to affiliates of EnerVest Ltd. for $1.95 billion. It is also selling its Wolfberry positions in the Permian Basin to Fleur de Lis Energy LLC for $350 million.
Houston-based Linn Energy LLC said the sales are expected to close in the fourth quarter.
In June Linn Energy agreed to buy properties from Devon Energy including those in the Rockies, onshore Gulf Coast and Mid-Continent region.
Linn Energy shares finished at $29.08 on Thursday. Its shares have risen more than 10 percent over the past year.