Cabot to Sell Properties

The deal is worth $340 million.
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Cabot Oil and Gas

(COG) - Get Report

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.