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Southwestern Energy Company (NYSE: SWN) told investors Tuesday that its $394 million acquisition of oil and gas assets from Statoil ASA (NYSE: STO) will close by the end of the first quarter.
Southwestern Energy, which said earlier it will boost 2015 production 28 percent despite an oil glut, fell more than 6 percent to $27.40.
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Southwestern Energy is making a big push into West Virginia and southwest Pennsylvania where the Statoil assets are located.
Last week, Southwestern completed a $4.975 billion acquisition of similar assets in the same region from Chesapeake Energy Corp. (NYSE: CHK).
Southwestern said Monday it will boost 2015 capital spending more than 8 percent from 2014, to $2.6 billion, excluding the cost of fourth-quarter acquisitions.
Chief Executive Steve Mueller told investors that the company's approach "has allowed us to capture opportunities in places off the beaten path from the rest of the industry."
Mueller added that 2015 "will be a transformational year" for Southwestern.
Oil traded near a five-year low Tuesday amid a global surplus of the commodity.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.