MATCH Act Targets ASML and Chinese Chipmakers in New U.S. Export Crackdown 
Microsoft's $10 Billion Japan Investment: AI Infrastructure and Data Sovereignty Push 
Apple's Foldable iPhone Faces Engineering Setbacks, Mass Production Timeline at Risk 
Elon Musk Ties SpaceX IPO Access to Mandatory Grok AI Subscriptions 
U.S. Automakers Push Back Against EU Rules Blocking American Trucks from European Market 
Paramount Skydance Secures $24B from Gulf Sovereign Wealth Funds for Warner Bros. Discovery Takeover 
OpenAI Executive Shake-Up Ahead of Anticipated 2026 IPO 
TSMC Japan's Second Fab to Produce 3nm Chips by 2028 
UPS and Teamsters Reach Agreement to Limit Driver Severance Program 
Annie Altman Amends Sexual Abuse Lawsuit Against OpenAI CEO Sam Altman 
Private Credit Under Pressure: Is a Slow-Motion Crisis Unfolding? 
LG Electronics Posts Record Q1 Revenue Amid Strong Demand and Cost Improvements 
Tesla Q1 2026 Deliveries Miss Estimates as AI Strategy Takes Center Stage 
Britain Courts Anthropic Amid US Defense Department Dispute 
RBC Capital: European Medtech Firms Show Minimal Middle East and Energy Risk Exposure 
Samsung Electronics Eyes Record Q1 Profit Amid AI-Driven Chip Boom 
HOUSTON, Nov. 22, 2016 -- Sanchez Energy Corporation (NYSE:SN) (“Sanchez Energy” or the “Company”), today announced that it has closed on the previously announced definitive agreement to sell the Company’s 50 percent interest in Carnero Processing, LLC (“Carnero Processing”) to Sanchez Production Partners LP (NYSE MKT:SPP) (“SPP”) for total consideration of approximately $80 million. In conjunction with the closing, the Company received cash consideration of $55.5 million and SPP assumed remaining capital commitments to Carnero Processing, which are estimated at $24.5 million.
The Company also announced that it has closed on the previously announced definitive agreement to sell certain non-core producing oil and natural gas assets, located in South Texas, to SPP for total consideration of approximately $27 million. After normal and customary closing adjustments, the Company received cash consideration of $25.6 million from SPP in conjunction with the sale.
The asset sales enhance the Company’s already strong liquidity position which, as of the end of the third quarter 2016, totaled approximately $629 million, consisting of approximately $329 million in cash and cash equivalents and an undrawn bank credit facility with an elected commitment amount of $300 million.
ABOUT SANCHEZ ENERGY CORPORATION
Sanchez Energy Corporation is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources in the onshore U.S. Gulf Coast, with a current focus on the horizontal development of significant resource potential from the Eagle Ford Shale in South Texas, where we have assembled over 200,000 net acres, and the Tuscaloosa Marine Shale. For more information about Sanchez Energy Corporation, please visit our website: www.sanchezenergycorp.com.
COMPANY CONTACT: Howard J. Thill EVP & Chief Financial Officer (713) 783-8000 General Inquiries: (713) 783-8000 www.sanchezenergycorp.com
