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QEP Resources closes $735M sale of northwest La. assets

QEP Resources Inc. announced Jan. 10 that it closed the previously announced sale of its oil and natural gas upstream and midstream assets in the Haynesville/Cotton Valley area of northwest Louisiana for $735 million to Aethon Energy Management LLC affiliate Aethon III BR LLC.

As part of the deal, Aethon III assumed all firm gas transportation agreements associated to the assets, along with natural gas derivative contracts covering approximately 40 Bcf of gas for the last 11 months of 2019, according to a news release.

The proceeds from the sale will be used to repay the outstanding balance of QEP Resources' revolving credit facility and to help finance a part of the firm's 2019 capital expenditures program.