Cabot Oil & Gas (COG) Announces Canadian Sale
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Price: $72.17 +1.21%
Overall Analyst Rating:
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Dividend Yield: 0.1%
Revenue Growth %: +37.2%
Overall Analyst Rating:
BUY (
Up)Dividend Yield: 0.1%
Revenue Growth %: +37.2%
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Cabot Oil & Gas Corporation (NYSE: COG) announced a definitive agreement to sell its Canadian operations to a private Canadian company for a combination of cash and stock. Total consideration (denominated in Canadian dollars) for this transaction is CAD$78 million in cash, along with CAD$24 million in new equity.
The sale is expected to close on, or before, May 1, 2009 and is subject to due diligence and other customary closing conditions. "We announced our intent in February to explore the market for a Canadian asset sale, and we are pleased that in this market an agreement was reached," said Dan O. Dinges, Chairman, President and CEO. "Once closed, this further focuses Cabot's regional extent and provides capital to reduce our debt position."
The sale is expected to close on, or before, May 1, 2009 and is subject to due diligence and other customary closing conditions. "We announced our intent in February to explore the market for a Canadian asset sale, and we are pleased that in this market an agreement was reached," said Dan O. Dinges, Chairman, President and CEO. "Once closed, this further focuses Cabot's regional extent and provides capital to reduce our debt position."
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