Private Equity | Deals - Acquisition, Mergers, Divestitures | Capital Markets
Sumitomo Sells Off Stake in Marcellus JV Project
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Sumitomo Corp. has closed on the sale of its 30% stake in Marcellus Shale Gas development project.
The buyer and sale price were not disclosed.
Sumitomo acquired the stake in the project back in 2010, purchasing the interest from Rex Energy Corp. for $194 million plus $1.2 billion commited to drill 1,100 wells. To-date some 400 wells have been drilled in bultler county.
Operatorship / ownership (70%) of the project transferred to PennEnergy in 2018, when it acquired bankrupt Rex Energy's entire asset portfolio.
This is the second major project / jv dismantling that Sumitomo is involved in. Back in 2015, the company cancelled its JV with Devon Energy Corp., citing the inability to recover enough oil & gas to show a return on invested capital.
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