Cabot Oil & Gas said it would sell its Eagle Ford Shale assets to a unit of Venado Oil & Gas for $765m to focus on its Permian acreage in a bid to increase shareholder returns. The sale includes 74,500 net acres of shale, which had produced 15,656 barrels of oil equivalent per day in the third quarter. The Eagle Ford sale is expected to close in the first quarter of 2018. In other energy news, BP announced that it will spend $1.5bn (£1.1bn) over three years developing new technologies and drilling more wells in North America as part of an effort to boost production Separately, Cabot said it sold its remaining East Texas assets to an undisclosed buyer.
Cabot Oil & Gas said it would sell its Eagle Ford Shale assets to a unit of Venado Oil & Gas for $765m to focus on its Permian acreage in a bid to increase shareholder returns. The sale includes 74,500 net acres of shale, which had produced 15,656 barrels of oil equivalent per day in the third quarter. In other energy news, BP announced that it will spend $1.5bn (£1.1bn) over three years developing new technologies and drilling more wells in North America as part of an effort to boost production Separately, Cabot said it sold its remaining East Texas assets to an undisclosed buyer.