EP Energy is exploring a sale of oil-producing acreage in Utah it hopes will avert a challenge from a U.S. antitrust regulator to its agreed $1.5 billion takeover by private equity firm EnCap Investments LP, people familiar with the matter said.
The Federal Trade Commission has privately informed EP Energy and EnCap that it would sue to block their deal if they went ahead with it, the sources said. The regulator is concerned that EnCap - which owns XCL Resources, another Utah oil producer - would become too dominant a player in Utah's Uinta Basin, the sources added.
EP Energy, which emerged from bankruptcy in 2020 and is owned by former creditors, has retained an investment bank to find a buyer for its Uinta assets, the sources said. One added the 155,000 net acres are likely worth in the high hundreds of millions of dollars. EP Energy and XCL jointly accounted for about a third of the 92,000 barrels per day Uinta oil production in October, according to data provider Enverus. Rival Ovintiv IncIn opposing the deal, the FTC has heeded concerns that refiners in Salt Lake City, which produce gasoline and other petroleum products for Utah and other Western states, could pay more to buy oil if competition from EP Energy is eliminated, the sources said.
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