potential buyer might be forced to accelerate the payment of up to two thirds of the $18.7 billion in penalties the company agreed to pay the U.S. and several states, according to company filings. As it stands, BP has more than 15 years.
The company said it does not intend to extend the agreement beyond the current extension’s Sept. 30 expiration date. Instead, Schlumberger will focus on other opportunities for mergers and acquisitions, the company said in a statement.
The sale of Alta Mesa Eagle to EnerVest, which is expected to close by the end of the month, includes 7.8 million barrels of oil equivalent in reserve, most of which are in Karnes County, one of the most active regions within the South Texas shale play.
The Switzerland-based company, which is operated out of Houston, said it plans to raise the money through a combination of debt and stock offerings. Weatherford said it will use the proceeds to fund potential acquisitions and for “general corporate purposes.”
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