Legacy Reserves seeks buyers for shale oil and gas assets - sources

By Shariq Khan reuters.com January 7, 2022

NOTE:  LEGACY RESERVES APPEARED IN THE WEEKLY RIG REPORT.  ONE RIG DRILLING SHELBY CTY.

Jan 7 (Reuters) - Privately owned shale producer Legacy Reserves is in search of a buyer for its oil and gas assets in the Permian and Haynesville basins, two people familiar with the matter told Reuters on Friday.

Legacy, which is among the biggest natural gas producers in the United States, has hired an investment bank to run the sale process for the assets and is valuing them at around $800 million at current commodity prices, the sources said.

The company did not respond to phone calls requesting comment and the sources requested anonymity as the sale talks are confidential.

Crude oil and natural gas prices hit multi-year records last year as the easing of pandemic restrictions boosted fuel demand. U.S. crude oil was trading around $79 per barrel on Friday, up 5% for the week.