Total agreed to sell its midstream assets in the Utica Shale to a group of Korean companies for $450 million. E1 Corp. and a consortium led by Samchully will buy Total’s 25% interest in Utica midstream firm Cardinal Gas Services. The transaction is expected to close in October.
Total on Monday announced it would sell off $10 billion in assets between 2015 and 2017 as part of a broader effort to improve its financial performance. The company said it would remain active in the Utica through its upstream joint venture with Chesapeake and Enervest.
SEE ALSO: Western Refining to buy idled ConocoPhillips fractionation plant
