EOG discloses its plans to sell 180,000 acres in Texas and Pennsylvania:
The Houston company disclosed to investors Friday that it has put 180,000 acres of oil and gas acreage in Texas , Louisiana, and Pennsylvania up for sale. The offering includes 51,000 acres in Bradford County, the most active area in northern Pennsylvania for Marcellus drilling. Mark G. Papa, EOG’s chairman and chief executive, said the company had spent $1.7 billion in recent years leasing the drilling rights in several prime shale-gas formations and had accumulated more acreage than it could manage. “So we’re going to monetize a bit of this acreage” by selling those leases, he said. He said the proceeds would be used to reduce debt.