One of the latest south Texas oil and gas deals involves the $765 million sale of Eagle Ford shale holdings by Cabot Oil and Gas Corp.
It’s selling 65,100 operated and 9,400 nonoperated acres to an affiliate of Venado Oil and Gas LLC of Austin. The holdings are located in the South Texas counties of Frio and Atascosa.
Based in Houston, Cabot expects to record a noncash after-tax impairment of $280 million in the fourth quarter. Third quarter production from the Eagle Ford assets totaled 15,656 boe/d of oil and natural gas. The closing of the sale is expected to be in the first quarter of 2018.