has completedthe sale of the last oiland natural gas assets being marketed by its subsidiary Fidelity Exploration & Production Co., marking its exitfrom the E&P business, according to an April 5 news release.
The sale yieldedaggregate recognized proceeds and tax benefits amounting to about $500 million,a majority of which would be used to repay debt associated with Fidelity. The restwould be reinvested into its other business units, including its utility operations,which has a $1.5 billion, five-year CapEx program, MDU Resources said in the release.
" lowersour risk profile, and it allows us to focus more on growing our other business operations,"said David Goodin, president and CEO of the company.
Fidelity's offices,including its Denver headquarters, are scheduled to close by midyear, accordingto the release.