Bill Barrett Corp. Sells Natural Gas Assets for $371 Million

DENVER (AP) -- Bill Barrett Corp. said Wednesday that it reached a deal to sell its West Tavaputs natural gas property in Utah for $371 million. The company did not disclose who the purchaser was.

The Denver-based oil and gas company expects the deal to close before the end of the year. Bill Barrett will use the proceeds to pay down debt, which stood at $1.2 billion as of June 30.

The property, located in the Uinta Basin, is 35,000 net acres and has 300 producing wells. Bill Barrett expects to record non-cash impairment charges of $200 million in the third quarter.

Shares of Bill Barrett fell $1.10, or 4%, to $26.09 in late morning trading Wednesday. The stock is down more than 45% since the start of the year.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2695202, ~/Articles/ArticleHandler.aspx, 9/23/2014 10:31:49 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement