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Gold/Mining/Energy : Big Dog's Boom Boom Room
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From: CusterInvestor5/7/2014 8:48:06 AM
   of 206135
 
Encana to buy Eagle Ford shale from Freeport McMoRan for $3.1B • 7:30 AM

  • Encana ( ECA) agrees to acquire 45K Eagle Ford Shale acres in Texas from Freeport McMoRan ( FCX) for $3.1B.
  • The assets include more than 400 drilling locations and produced ~53K boe during Q1.
  • ECA, which has sought to broaden its portfolio beyond natural gas, expects the deal will double its current rate of oil production.
  • FCX plans to use about half the proceeds to repay outstanding debt and the remainder to invest in assets in the Gulf of Mexico.
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