Market Overview

EOG Resources Confirms Deal for Kitimat LNG Plant Stake, Horn River Basin Acreage

Share:
Related EOG
A Peek Into The Markets: U.S. Stock Futures Edge Higher Ahead Of Economic Data
Stocks Hitting 52-Week Highs
U.S. Oil Rig Count Climbs By 2 But Permian, Eagle Ford See Dips (Investor's Business Daily)
Related CVX
Exxon Mobil Quickly Sheds $1 Billion In Market Cap Amid SEC Probe Allegations
Goldman Sachs On Oil: 5 Key Topics You Need To Know
Why Does Saudi Arabia Wish Me Poverty? (Seeking Alpha)

EOG Resources, Inc. (NYSE: EOG), (EOG) through its Canadian subsidiary, EOG Resources Canada Inc. (EOG Canada), today announced the signing of a purchase and sale agreement for its interest in the Kitimat LNG facility to Chevron Canada Limited. The transaction, subject to approval by Canadian regulatory authorities, is expected to close by the end of the first quarter 2013. The agreement includes EOG Canada's 30 percent interest in the planned natural gas liquefaction and export facility on British Columbia's west coast and associated Pacific Trail Pipelines project, as well as approximately 28,500 undeveloped net acres in the Horn River Basin.

"While we still believe in the viability of the Kitimat project, our decision to exit is consistent with EOG's focus on domestic onshore crude oil production, which is generating more immediate reinvestment opportunities," said Mark G. Papa, Chairman and Chief Executive Officer.

Further details with respect to the terms of the sale are not being disclosed by the parties. RBC Capital Markets acted as financial advisor for Apache Corporation, Encana Corporation and EOG Resources in regards to the Horn River acreage aspect of this transaction.

Posted-In: News Asset Sales

 

Related Articles (APA + CVX)

View Comments and Join the Discussion!