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.
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 a higher oil price environment, the Eagle Ford Shale assets were a nice complement to our Marcellus Shale position and provided capital allocation optionality,” said CEO Dan Dingus. Separately, Cabot said it sold its remaining East Texas assets to an undisclosed buyer.