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07.05.2014 23:57:00
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Freeport-McMoRan Corporation -- Moody's says FCX sale of its Eagle Ford properties to Encana is a credit positive
New York, May 07, 2014 -- On May 7, 2014, Freeport-McMoRan Copper & Gold Inc. (FCX, Baa3 stable) announced that its oil and gas subsidiary, Freeport-McMoRan Oil & Gas (FM O&G) had agreed to sell its Eagle Ford shale assets in Texas to a subsidiary of Encana Corporation (Encana, Baa2 stable) for $3.1 billion, of which FCX expects to receive $2.5 billion in net proceeds after tax. FCX has stated that approximately half of the proceeds will be used to repay debt and the remainder will be deployed for investments in additional Deepwater Gulf of Mexico assets.
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