The company is combining the Gulf of Mexico interests of the two companies, gets long-lived assets in California from PXP, and gains exposure to the Eagle Ford Shale. [Read more…]
FCX Gains 60,000 Net Acres in the Eagle Ford Shale
Dec 6, 2012 By Leave a Comment
Freeport McMoRan Copper & Gold (FCX) announced plans to acquire Plains Exploration & Production (PXP) and McMoRan Exploration (MMR) on December 5, 2012. FCX will pay $6.9 billion (24% premium) for Plains E&P and will pay $2.1 billion (74% premium) for McMoRan Exploration. FCX said it is bullish natural gas prices post 2013, but will have to make good investment decisions with the amount of debt that will be carried.