Diversified energy company National Fuel Gas Co slashed its 2011 earnings and production forecast to account for a sale of its offshore Gulf of Mexico oil and natural gas assets for $70 million. Seneca Resources Corp, a unit of National Fuel, has agreed to sell its Gulf coast properties to help its parent redeploy the proceeds to develop its Marcellus shale properties. "Seneca has not made substantial investments in the Gulf Coast for a number of years. This sale allows us to recover the remainder of Seneca's investment quickly," National Fuel Chief Executive David Smith said in a statement.
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