Exclusive: Ovintiv puts Eagle Ford shale assets up for sale – sources

(Reuters) – Ovintiv Inc is looking to sell its Eagle Ford acreage in south-central Texas, several people familiar with the matter said on Friday, the latest debt-laden oil and gas producer to put assets on the block to raise cash during this year’s coronavirus-fueled oil slump.

The Denver-based company’s Eagle Ford position, which it bought in 2014 from Freeport-McMoRan Inc for $3.1 billion, could help it pay off some of the $7.14 billion in long-term debt it had as of the end of September.

The coronavirus pandemic caused a worldwide slump in fuel demand. Recovery has begun but is threatened by the surge in infections in the United States, Europe and elsewhere. The crash in oil prices made investors turn their backs on the shale industry and pushed companies to look at asset sales and mergers for survival.

Shale production has dropped sharply in response

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EXCLUSIVE-Ovintiv puts Eagle Ford shale assets up for sale -sources

By Shariq Khan and David French

Nov 13 (Reuters)Ovintiv Inc OVV.N is looking to sell its Eagle Ford acreage in south-central Texas, several people familiar with the matter said on Friday, the latest debt-laden oil and gas producer to put assets on the block to raise cash during this year’s coronavirus-fueled oil slump.

Ovintiv, formerly known as Encana, moved its headquarters from Canada to Denver, Colorado, in January in the hopes of getting access to more capital. The crash in oil prices this year has made investors turn their backs on the shale industry and pushed companies to look at asset sales and mergers for survival.

The company’s Eagle Ford position, which it bought in 2014 from Freeport-McMoRan Inc FCX.N for $3.1 billion, could help it pay off some of the $7.14 billion in long-term debt it had as of the end of September.

The divestiture plan

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Journal Times editorial: County listened to Case Eagle Park neighbors | Editorial

We make critical comments about government, whether local or national, in this space when we think they are warranted. So it’s only fair and appropriate to call attention to good decisions made in government. Another example of the latter took place recently in Racine County.

During a public hearing on the proposed Racine County budget on Oct. 22, County Executive Jonathan Delagrave asked the County Board’s Finance Committee to propose removing the $250,000 for campground planning at Case Eagle Park in Rochester and set it aside for another purpose.

The reason Delagrave provided for that request was that the county received “dozens of letters” from area residents who were concerned about potential “negative impacts” a campground could bring to the park and its surrounding area.

“We take public input seriously and we fully understand and appreciate the concerns from residents in the area. I will be asking the County Board

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Global Eagle Receives Court Approval for Sale

LOS ANGELES, Oct. 15, 2020 (GLOBE NEWSWIRE) — Global Eagle Entertainment Inc. (“Global Eagle” or the “Company”), a leading provider of media, content, connectivity and data analytics to mobility end-markets across air, sea and land, today announced that the U.S. Bankruptcy Court for the District of Delaware has approved the sale of substantially all of the Company’s assets to a group comprising the Company’s first-lien investors (the “Investor Group”). As a result of the sale, Global Eagle will reduce its total debt by approximately $475 million and obtain significant additional liquidity, positioning it to continue driving long-term innovation and growth.

As previously announced, the Investor Group comprises Apollo Global Management, Inc., Eaton Vance Management, Arbour Lane Capital Management, L.P., Mudrick Capital Management, Sound Point Capital Management, Carlyle Group, or one or more of their respective affiliates, and certain funds and accounts under management by BlackRock Financial Management, Inc., among others.

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