Loews Corporation Completes Acquisition of Permian, Michigan and Alabama Natural Gas Exploration and Production Operations
31 Julho 2007 - 4:15PM
Business Wire
Loews Corporation (NYSE:LTR) today announced that its newly-formed
wholly-owned subsidiary, HighMount Exploration & Production
LLC, has completed its previously announced acquisition of natural
gas exploration and production assets from Dominion Resources
(NYSE: D) for $4.0 billion cash. The transaction was financed with
approximately $2.4 billion of cash provided by Loews Corporation
and a $1.6 billion term loan by the newly-created subsidiary. The
primary properties acquired are located in the Permian Basin in
Texas, the Antrim Shale in Michigan, and the Black Warrior Basin in
Alabama, with estimated proved reserves totaling approximately 2.5
trillion cubic feet equivalent. These properties produce
predominantly natural gas and are characterized by long reserve
lives and high well completion success rates. Loews Corporation, a
holding company, is one of the largest diversified corporations in
the United States. Its principal subsidiaries are CNA Financial
Corporation (NYSE: CNA); Lorillard, Inc.; Boardwalk Pipeline
Partners, LP (NYSE: BWP); Diamond Offshore Drilling, Inc. (NYSE:
DO); HighMount Exploration & Production LLC; Loews Hotels; and
Bulova Corporation.
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