CMS Energy Corporation Completes Sale of Ecuadorian Oil Reserves

CMS Energy Corporation, a leading energy provider, has announced the closure of its $102 million sale of its 14 percent working interest in oil reserves located in Ecuador's Oriente Basin to Crestar Energy Inc. This sale marks a significant milestone in CMS Energy's $1.4 billion asset sale and balance sheet debt reduction program, with the company having already completed approximately $800 million of proceeds and balance sheet debt reductions this year. The sale is part of CMS Energy's broader strategy to optimize its portfolio and strengthen its financial position.

Key Takeaways:

• CMS Energy Corporation's exploration and production unit, CMS Oil and Gas Company, has sold its 14 percent working interest in oil reserves in Ecuador's Oriente Basin to Crestar Energy Inc. for $102 million.
• The sale is part of CMS Energy's $1.4 billion asset sale and balance sheet debt reduction program, with the company having completed approximately $800 million of proceeds and balance sheet debt reductions this year.
• CMS Oil and Gas Company is one of the top 50 largest independent oil and gas companies in the United States, with operations in four states and seven countries worldwide.
• At year-end 1999, the company's proven reserves were 248 million net equivalent barrels.
• CMS Energy Corporation has annual sales of more than $6 billion and assets of about $15 billion across the United States and internationally.
• The company is engaged in electric and natural gas utility operations, independent power production, natural gas pipelines, gathering, processing, and storage, oil and gas exploration and production, and energy marketing, services, and trading.

Statistics:

• $102 million: sale price of CMS Energy's 14 percent working interest in oil reserves in Ecuador's Oriente Basin to Crestar Energy Inc.
• $1.4 billion: CMS Energy's asset sale and balance sheet debt reduction program
• $800 million: approximately completed proceeds and balance sheet debt reductions from asset sales this year
• 248 million net equivalent barrels: proven reserves at year-end 1999
• 14 percent: working interest in oil reserves sold by CMS Energy to Crestar Energy Inc.
• 4 states: CMS Oil and Gas Company's domestic operations
• 7 countries: CMS Oil and Gas Company's international operations
• $6 billion: CMS Energy Corporation's annual sales
• $15 billion: CMS Energy Corporation's assets across the United States and internationally

Sources:

• [1] CMS Energy Corporation press release, July 5, 1999

Note: The source provided in the original text does not contain the exact date of publication, but it mentions the press release was distributed on July 5, 1999.