Encana Corp , Canada's largest natural gas company, said it would purchase producing assets in the Eagle Ford shale field in Texas from Freeport-McMoRan Copper & Gold Inc for $3.1 billion that will nearly double its oil output.Encana has been concentrating on five shale fields that are rich in oil and natural-gas liquids to lessen its reliance on low-value gas."This transaction directly aligns with Encana's strategy by adding a sixth core growth asset in an established oil production basin ...," Encana said.Encana is buying 45,500 net acres in Karnes, Wilson and Atascosa counties in south Texas.
Freeport-McMoRan Copper & Gold Inc. (FCX) is an international mining company. Shares of FCX fell by 0.68% or $-0.23/share to $33.84. In the past year, the shares have traded as low as $26.37 and as high as $38.09. On average, 10338500 shares of FCX exchange hands on a given day and today's volume is recorded at 6739858.
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