Freeport-McMoRan Oil & Gas has a deal in place to sell its US Haynesville shale acreage to joint venture partner Chesapeake Energy for $88 million, according to sources, eight years after a predecessor company paid Chesapeake $3.3 billion for the original position.
Mining giant Freeport has made no secret that it was looking to sell its oil and gas portfolio either in pieces or in its entirety after scrapping plans for an initial public offering of the unit due to the downturn in commodity prices.
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