(Source: Shutterstock.com)
Sitio Royalties Corp. has upsized its offer to sell senior unsecured noted due in 2028 to $600 million from $500 million, the company said on Sept. 26.
The notes are being offered by subsidiaries Sitio Royalties Operating Partnership LP (Partnership) and Sitio Finance Corp. The offered notes will accrue interest at a rate of 7.875% per annum and mature on Nov. 1, 2028.
The offering is expected to close on Oct. 3, subject to customary closing conditions. Net proceeds from the offering are intended to fund the redemption of all of the Partnership’s outstanding senior unsecured notes due 2026 and repay a portion of the outstanding borrowings under the Partnership's revolving credit facility.
Recommended Reading
New BOEM Regulations Raise Industry Decommissioning Obligations by $6.9B
2024-04-15 - Under new regulations, the Bureau of Ocean Energy Management estimates the oil and gas industry will be required to provide an additional $6.9 billion in new financial assurances to cover industry decommissioning costs.
US Interior Department Releases Offshore Wind Lease Schedule
2024-04-24 - The U.S. Interior Department’s schedule includes up to a dozen lease sales through 2028 for offshore wind, compared to three for oil and gas lease sales through 2029.
Analyst: Exxon Mobil, Pioneer Deal Close Likely ‘Imminent’
2024-05-01 - With approval from the Federal Trade Commission, Exxon Mobil could close its $59.5 million acquisition of Pioneer Natural Resources after more than six months of review.
US Finalizes Big Reforms to Federal Oil, Gas Drilling
2024-04-12 - Under the new policy, drilling is limited in wildlife and cultural areas and oil and gas companies will pay higher bonding rates to cover the cost of plugging abandoned oil and gas wells, among other higher rates and costs.
Exclusive: Dan Romito Urges Methane Mitigation Game Plan
2024-04-08 - Dan Romito, the consulting partner at Pickering Energy Partners, says evading mitigation responsibility is "naive" as methane detection technology and regulation are focusing on oil and gas companies, in this Hart Energy Exclusive interview.