Encana to buy oil-rich shale assets from Freeport for $3.1 bln

Wed May 7, 2014 6:15am EDT
 
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May 7 (Reuters) - Encana Corp , Canada's largest natural gas producer, said it would buy $3.1 billion of assets in the oil-rich Eagle Ford shale basin in south Texas from Freeport-McMoRan Copper & Gold Inc.

The properties produced about 53,000 barrels of oil equivalent per day (boe/d) in the first quarter of 2014, the company said.

Encana said it expected the deal to add to its 2014 cash flow and nearly double its current oil production. (Reporting by Sayantani Ghosh in Bangalore; Editing by Sriraj Kalluvila)