Linn Energy LLC has hired banks to sell its oil production assets in the Texas Panhandle and western Oklahoma in an auction that could raise as much as $2 billion, according to people familiar with the matter. The Houston-based oil and gas company said in June it would sell the assets, referred to collectively as Granite Wash, to pay back debt it took on to finance its $2.3 billion acquisition of oil and gas assets from Devon Energy Corp.Linn has turned to Bank of Nova Scotia and Royal Bank of Canada to identify prospective buyers and manage the sale process, the people said this week.The people said the Granite Wash assets have roughly $400 million in annual earnings before taxes, depreciation and amortization. The assets could fetch between $1.5 billion and $2 billion, the people added.Some of the sources said other oil and gas companies will likely dominate the sale process, although private equity firms have also shown interest.
The Bank of Nova Scotia (the Bank) is a diversified financial institution. Shares of BNS fell by 0.33% or $-0.22/share to $66.46. In the past year, the shares have traded as low as $53.94 and as high as $68.71. On average, 307355 shares of BNS exchange hands on a given day and today's volume is recorded at 329186.
Devon Energy Corporation (Devon) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). Shares of DVN traded higher by 0.94% or $0.68/share to $73.34. In the past year, the shares have traded as low as $56.03 and as high as $80.63. On average, 2804030 shares of DVN exchange hands on a given day and today's volume is recorded at 2792127.
Linn Energy, LLC (LINN Energy) is an independent oil and natural gas company. Shares of LINE traded higher by 0.29% or $0.09/share to $31.01. In the past year, the shares have traded as low as $23.60 and as high as $34.08. On average, 1203590 shares of LINE exchange hands on a given day and today's volume is recorded at 1487320.
Royal Bank of Canada, is a Canada-based banking company. Shares of RY fell by 0.29% or $-0.21/share to $73.34. In the past year, the shares have traded as low as $60.76 and as high as $74.64. On average, 402277 shares of RY exchange hands on a given day and today's volume is recorded at 423588.
Royal Bank of Canada, is a Canada-based banking company. Shares of RY fell by 0.36% or $-0.29/share to $79.85. In the past year, the shares have traded as low as $63.62 and as high as $81.23. On average, 1819510 shares of RY.TO exchange hands on a given day and today's volume is recorded at 1542478.
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