Total Sells Midstream Utica Assets To Group Of Korean Cos. - Quick Facts

(RTTNews) - French oil and gas giant Total SA's (TTA.L, TTFNF.PK, TOT) affiliate, Total E&P USA, has agreed to sell its 25% stake in Cardinal Gas Services LLC, a midstream company in Ohio's Utica shale play, to E1 Corp. and a consortium led by Samchully, both from Korea, for $400 million plus an estimated price adjustment of $50 million.

Olivier de Langavant, Senior Vice President Strategy Business Development R&D at Total Exploration and Production, said: "The sale of this non strategic asset reflects the Group's active portfolio management and enables us to unlock value while continuing with the development of our resources in the Utica basin as planned."

Following this, Total would remain an active participant in the Utica play via. its upstream joint venture with Chesapeake and Enervest, and Cardinal would continue to provide to Total the same gas gathering and transportation services. The transaction may close in October 2014.