Cabot Oil to Sell Offshore, Louisiana Portfolio
August 29, 2006
Reuters has reported that Cabot Oil & Gas Corp. said it agreed to sell its offshore portfolio and south Louisiana properties, which include the Etouffee field, to Phoenix Exploration Co. LP for $340m.
Cabot plans to use the sale proceeds to repurchase shares, fund operations and repay some of its debt, its statement said.
The sale is expected to close September 29 subject to due diligence and other customary closing conditions, the oil and gas company added.
Source: Reuters
Related News
Sapura Ônix Heads to Atlanta Field to Install Subsea Equipment
ESL Shipping's First Plug-in Hybrid Vessel Electramar Christened
UK Imposes Sanctions Over Russia-North Korea ‘Arms-for-oil’ Trade
No Shortage of Good Ideas to Address the Mariner Shortage
US Says Warship Intercepted Houthi Missile, Merchant Vessel Untouched