Energy Up on Expected Higher Fuel Demand -- Energy Roundup

Energy companies rose on a continued rally in oil prices on expectations for a rise in summer fuel demand.

EnCap Investments' $2.55 billion sale of oil-and-gas assets in Utah's Uinta Basin shows that a wave of private-equity exit deals in the U.S. oil patch has washed beyond the more popular Permian Basin in Texas and New Mexico.

EnCap-backed energy company XCL Resources is selling an 80% interest in its Uinta assets to publicly traded strategic buyer SM Energy for $2.04 billion, while Northern Oil and Gas would pick up the remaining 20% for $510 million, according to Denver-based SM Energy. The assets include about 37,200 net acres with a daily output of 38,000 barrels of crude and 390 locations to drill new wells. EnCap first backed XCL Resources in 2018.

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(END) Dow Jones Newswires

06-28-24 1745ET