By Ben Miller, Denver Business Journal |
A Colorado energy company is selling some of its North Dakota assets in a deal that will net it about $375 million.
Whiting Petroleum Corp. (NYSE: WLL) said it’s selling its 50 percent interest in its Robinson Lake natural gas processing plant in Mountrail County, North Dakota, and its 50 percent interest in its Belfield natural gas processing plant and associated natural gas, crude oil and water gathering systems located in Stark, Billings and Dunn Counties, North Dakota.
An affiliate of Tesoro Logistics Rockies LLC, is buying the assets for a total of $700 million, with Denver-based Whiting receiving $375 million.
“We expect this sale to further strengthen our balance sheet and provide us with additional financial flexibility to invest for growth in Whiting’s top tier producing assets in the Williston and DJ Basins,” said James Volker, Whiting’s chairman, president and CEO, in a statement.
In August, Whiting Petroleum was ranked as Denver’s fourth-largest oil and gas company by the Denver Business Journal, ranked by 2015 revenues. In June, it was ranked the state’s 20th largest public company by the DBJ, based on 2015 sales.