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BRIEF-EP Energy and Tesoro report drilling JV in the Uinta basin
May 24, 2017 / 8:19 PM / 7 months ago

BRIEF-EP Energy and Tesoro report drilling JV in the Uinta basin

May 24 (Reuters) - EP Energy Corp:

* EP Energy and Tesoro announce drilling joint venture in the uinta basin

* Tesoro Corp - ‍Tesoro to provide a capital carry in exchange for 50 percent of EP Energy’s working interest in joint venture wells​

* Tesoro - ‍Tesoro to purchase all oil production from joint venture wells​

* Tesoro - first wells under joint venture are expected to begin production in July 2017

* Tesoro - ‍EPE’s net share of capital is expected to be approximately $64 million​

* Tesoro - EP Energy did not change its 2017 guidance for new drilling venture

* Tesoro - first wells under joint venture are expected to begin production in July 2017

* Tesoro - ‍EPE will retain operational control of joint venture assets​

* Tesoro - EP Energy’s average working interest in joint venture wells is currently approximately 80 percent

* Tesoro - ‍Tesoro and EP Energy also entered into a crude oil supply agreement​

* Tesoro - co to purchase all of oil produced through drilling joint venture, along with additional waxy crude oil produced by EP Energy in Uinta basin​ Source text for Eikon: Further company coverage:

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