Tesoro, EP Energy Team Up To Form Drilling Joint Venture
Zacks Investment Research | May 29, 2017 08:26AM ET
Independent oil refiner and marketer Tesoro Corporation (NYSE:TSO) has tied up with Texas-based upstream energy player EP Energy Corporation (NYSE:EPE) to fund oil and natural gas development in Uinta Basin in Utah.
The companies recently inked a deal to form a drilling joint venture (JV) to operate 60 wells in order to support EP Energy’s Altamont program. Under this Altamont program, EP Energy has completed the drilling of 18 wells in Uinta Basin since the first quarter of 2016. The drilling program thus holds significance in the operations of EP Energy in the region. The deal represents the second major JV entered into by EP Energy this year, following the company’s announcement in Jan to enter into a Original post
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