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In the Matter of EnCap Investments, L.P., a limited partnership; EnCap Energy Capital Fund XI, L.P, a limited partnership; Verdun Oil Company II LLC, a limited liability company; EP Energy Corporation, a corporation; and EP Energy LLC, a limited liability company.
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Case Summary

The Federal Trade Commission will require the divestiture of energy producer EP Energy Corp.’s entire business and assets in Utah. The divestiture will resolve the agency’s allegations that EnCap Energy Capital Fund XI, L.P.’s proposed $1.445 billion acquisition of EP Energy Corp. would eliminate head-to-head competition between two of only four significant producers and otherwise harm competition for the sale of Uinta Basin waxy crude oil to Salt Lake City refiners. According to the complaint, the proposed acquisition could also increase the likelihood of collusion or coordination among the remaining competitors in the Uinta Basin.  On Sept. 14, 2022, the Commission announced the final consent agreement in this matter.