Cabot Oil & Gas Sells Offshore Portfolio

Natural gas producer Cabot Oil & Gas Corp. said Tuesday it will sell its offshore portfolio and its south Louisiana properties to oil and gas exploration company Phoenix Exploration Co. LP for $340 million.

The sale is expected to close Sept. 29, subject to customary closing conditions.

With proceeds from the sale Cabot intends to repurchase common stock, fund operations, repay part of its outstanding debt and pay the resulting tax bill.