By Josh Beckerman
Vine Energy Inc., which focuses on natural gas in the Haynesville and Mid-Bossier shale plays in Louisiana, has filed for an initial public offering.
The company, which is backed by Blackstone Group, filed for an IPO in 2017 and withdrew the filing in 2019.
Vine Energy said the Vine Oil & Gas business posted 2020 revenue of $378.7 million, compared with $586.5 million in 2019. After a corporate reorganization, Vine Energy Inc. will also include Brix Oil & Gas Holdings LP and Harvest Royalties Holding LP.
The company said in the filing that it expects "the Haynesville will be particularly critical to meeting future natural gas demand." It said other sources of natural gas supply "are facing headwinds in the form of reduced activity and infrastructure constraints."
While the Marcellus and Utica shales currently account for about 30% of North American natural gas supply, "there is limited pipeline capacity available to transport natural gas out of the area," the company said. "Additionally, the demanding regulatory environment in the Northeast has limited new gas pipeline infrastructure."
Vine plans to seek a New York Stock Exchange listing under symbol "VEI."
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(END) Dow Jones Newswires
February 22, 2021 18:52 ET (23:52 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.