Cabot Oil and Gas
agreed to sell its offshore portfolio and its south Louisiana properties in a $340 million deal.
The company is selling the properties to Phoenix Exploration in a transaction it expects to close late in September. Cabot plans to use part of the proceeds to repurchase stock, fund its operations and repay a portion of its debt.
Shares of Cabot were losing 77 cents, or 1.4%, to $53.37.