EnerVest Agrees to Take HighMount Off Loews' Hands
August 13, 2014
EnerVest has reportedly reached an agreement to acquire HighMount Exploration & Production, a natural gas and oil drilling company, from Loews (NYSE: L). The deal is expected to close by year’s end, according to Bloomberg. HighMount, with approximately 1.1 million gross acres in Texas and Oklahoma, announced total assets of $1.1 billion and liabilities of $592 million as of March 31. In 2Q, Loews recognized an after-tax impairment charge of $167 million in relation to the struggling HighMount. That figure could be adjusted based on the final sale price and transaction costs.