Encana Sells Newfield Leftovers

摘要

ENCANA CORP.is selling off its Arkoma Basin position as the Calgary,Alberta-based company continues to digest the slew of assets it acquired earlier this year from its multibil-lion-dollar deal for U.S.independent Newfield Exploration Co.Encana said it sold about 140,000 net acres of leasehold in Oklahoma to a buyer,which the company did not disclose,according to a July 8 release.Production from the assets is currently about 77 million cubic feet equivalent per day,98% of which is natural gas.Encana said it will receive $165 million cash from the Arkoma exit,which is in line with estimates made by analysts with Tudor,Pickering,Holt & Co.(TPH)in a research note on July 8.The TPH analysts also noted that the Arkoma sale represents the second Newfield legacy asset to be let go by Encana.In early June,Encana said it will exit its China operations through an agreement with its partner the Chinese National Offshore Oil Corp.The company had acquired the assets comprised of a production-sharing contract offshore China from Newfield,which had been active in the South China Sea since 2005.