Cabot Oil & Gas said it would sell its Eagle Ford 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 15,656 barrels of shale, which had produced 74,500 net acres 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 Ahmed Farhatha . (Refiles to remove extraneous word “said” in fourth paragraph) Separately, Cabot said it sold its remaining U.S. assets to an undisclosed buyer.
Cabot Oil & Gas said it would sell its Eagle Ford 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 15,656 barrels of shale, which had produced 74,500 net acres 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 Ahmed Farhatha . Separately, Cabot said it sold its remaining U.S. assets to an undisclosed buyer.