- In line with ALFA's strategy to divest Newpek's assets outside Mexico - Transaction includes all wells and leases in the Eagle Ford and Edwards shale formations in Texas - ALFA will recognize a US $58 million gain in 3Q20 EBITDA resulting from the cancellation of obligations - In line with ALFA's recent announcement to unlock value via fully independent subsidiaries
SAN PEDRO GARZA GARCÍA, N.L. Mexico, Aug. 18, 2020 - ALFA S.A.B. de C.V. (BMV: ALFAA) ("ALFA") announced today that its subsidiary, Newpek LLC ("Newpek"), divested all of its assets in Texas, including all wells and leases in the Eagle Ford Shale ("EFS") and Edwards Shale ("Edwards"). Newpek transferred its assets in Texas to Ensign Operating LLC ("Ensign") and Reliance Eagleford Upstream Holding LP ("Reliance") in exchange for a complete cancellation of its obligations in the joint venture and operating contracts.
At the close of 2Q20, EFS and Edwards had a total of 591 wells connected to sales.
This transaction has an implied value of US $88 million for Newpek, resulting from the cancellation of its obligations. Hence, ALFA will recognize an extraordinary gain of US $58 million in 3Q20 EBITDA. Details of the agreement were not disclosed.
In line with ALFA's strategy to divest Oil & Gas assets outside Mexico, Newpek also closed its administrative office in Irving, Texas and moved remaining functions to Monterrey, Mexico.
This transaction is also aligned with ALFA's recent announcement to unlock its high underlying value potential through a gradual and orderly process towards fully independent subsidiaries; versus the current conglomerate structure.
For more information please visit: https://www.alfa.com.mx/SP/press.htm
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