Seeking Alpha

Freeport-McMoRan closes sale of Eagle Ford assets for $3.1B

  • The all-cash deal includes all of FCX's interests on about 45.5K net acres with net proved reserves of 59M BOE and estimated net proved and probable reserves of 69M BOE. The buyer is a subsidiary of Encana (ECA).
  • At least some of the proceeds will be used to fund Freeport's acquisition of deepwater Gulf assets from Apache which is expected to close on June 30.
  • Source: Press Release
  • Previously: Encana to buy Eagle Ford shale from Freeport McMoRan for $3.1B
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