Natural Resource Partners LP (NYSE: NRP) said June 14 it is exiting the nonoperated oil and gas working interest business.
The Houston company's affiliate, NRP Oil and Gas LLC, has signed a definitive agreement to sell all of its Williston Basin nonoperated oil and gas working interest assets to Lime Rock Resources IV-A LP for $116.1 million.
The company plans to use the proceeds to repay the $75 million NRP Oil and Gas revolving credit facility in full. The remainder will be used to further the partnership's ongoing deleveraging strategy.
The closing of the sale is expected to occur by the end of July and is subject to customary closing conditions.
Natural Resource Partners is a diversified natural resource company that owns interests in coal, aggregates, industrial minerals and oil and gas across the U.S.
Recommended Reading
Michael Hillebrand Appointed Chairman of IPAA
2025-01-28 - Oil and gas executive Michael Hillebrand has been appointed chairman of the Independent Petroleum Association of America’s board of directors for a two-year term.
RWE Slashes Investment Upon Uncertainties in US Market
2025-03-20 - RWE introduced stricter investment criteria in the U.S. and cut planned investments by about 25% through 2030, citing regulatory uncertainties and supply chain constraints as some of the reason for the pullback.
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
BlackRock CEO: US Headed for More Inflation in Short Term
2025-03-11 - AI is likely to cause a period of deflation, Larry Fink, founder and CEO of the investment giant BlackRock, said at CERAWeek.
Transocean President, COO to Assume CEO Position in 2Q25
2025-02-19 - Transocean Ltd. announced a CEO succession plan on Feb. 18 in which President and COO Keelan Adamson will take the reins of the company as its chief executive in the second quarter of 2025.