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You are here: HomeNewsFront Page News ArticlesFCX Completes Sale of Eagle Ford Interests for $3.1 Billion

FCX Completes Sale of Eagle Ford Interests for $3.1 Billion

PHOENIX, AZ, June 20, 2014 – Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced today that its oil and gas subsidiary, Freeport-McMoRan Oil & Gas (FM O&G), has completed its previously announced sale of its Eagle Ford Shale assets to a subsidiary of Encana Corporation (Encana) (TSX, NYSE: ECA) for cash consideration of $3.1 billion, before closing adjustments from the effective date of April 1, 2014, through the closing date. The Eagle Ford assets include all of FM O&G's interests on approximately 45,500 net acres with estimated net proved reserves totaling 59 million barrels of oil equivalents (BOE) and estimated net proved and probable reserves of 69 million BOE at year-end 2013.

The company expects to complete the acquisition of interests in the Deepwater Gulf of Mexico from Apache on June 30, 2014.

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