By October 15, 2015 Read More →

Clayton Williams Energy may be exploring sale

Clayton Williams Energy shares traded as high as $69.37 on Wednesday

Midland, Texas-based Clayton Williams Energy, Inc. may be putting itself up for sale after announcing that it has begun a review of “strategic alternatives” and hired Goldman, Sachs & Co. to provide advice.

Clayton Williams Energy

Clayton Williams Energy, Inc. (the “Company”) (NYSE:CWEI) today announced that its Board of Directors has initiated a review of strategic alternatives to enhance shareholder value and has engaged Goldman, Sachs & Co. to serve as its exclusive financial adviser in that process.

Potential strategic alternatives to be considered during the review may include the sale of certain of the Company’s core assets, a recapitalization transaction or a merger, the company says.

Clayton Williams Energy (NYSE:CWEI) shares were trading at $63.90, up 5.14 per cent from open as of Thursday morning, reaching a  high of $69.37 on Wednesday when the company made the announcement.

“We are considering everything,” President Mel Riggs said during a presentation at an industry conference sponsored by EnerCom Inc., according to a transcript compiled by Bloomberg.

“We have to keep an eye on the exit. There’s a point where that may be the right thing to do.”

Clayton Williams Energy said in its press release that there can be “no assurance that this review process will result in any transaction in the future, and no decision has been made to enter into any transaction at this time.”

 

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