The sale closed in early December.
'The market's recent turbulence has provided us an opportunity to focus our efforts on acquiring assets with good, long-term development potential at favorable pricing," said CEO Allen Wilson.
Spectra Energy Corp. and Spectra Energy Partners will acquire, through their affiliate Spectra Energy Transmission II LLC, 100% of the equity interests in Brazoria Interconnector Gas Pipeline LLC (BIG).
EnergyNet has been retained by Chevron and its subsidiaries to handle the transactions.
Freeport's shares fell 38% since the December 2012 announcements of the Plains Exploration & Production Co. and McMoRan Exploration Co. acquisitions, Bloomberg said.
The transaction will be funded through revolving credit facility capacity.
Sayer Energy Advisors has been engaged to assist the board of directors with the process.
The purchase price includes assumption of debt, Bloomberg said.
The transaction is scheduled to close Jan. 31.
There are 35,600 fee title acres.
Oil companies are retreating from high-cost projects and selling assets across the globe as crude’s six-month slump of more than 50% erodes profit, Bloomberg said.
Others might follow the lead of Talisman Energy Inc. and decide a takeover premium to today’s depressed prices is a better solution, Bloomberg said.
|E&P||USD 240||Members only||Undisclosed|
|Mid||USD 0||Members only||Marlin Midstream Partners LP|
|Mid||USD 162.5||Members only||Azure Midstream Energy LLC|
|E&P||CAD 605||Members only||EnCana Corp.|