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Article: Pacific Enterprises agrees to sell oil, gas properties to Hunt Oil.
- Article from:
- The Oil Daily
- Article date:
- October 14, 1992
CopyrightCOPYRIGHT 1992 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LOS ANGELES -- Pacific Enterprises Corp. said it has reached a definitive agreement to sell substantially all of its domestic oil and natural gas assets to Hunt Oil Co. of Dallas for $371 million.
Pacific Enterprises said it took a $156 million ($2.09/share) after-tax charge against earnings to reflect an expected loss on the sale of the oil and gas assets.
The company does not expect to adjust this charge as a result of the sale agreement, according to Willis Wood, chairman, president and chief executive of Pacific Enterprises.
The sale agreement is for the bulk of the company's oil and gas exploration and production operations, which in ...