Coterra to Buy Shale Assets in Permian Basin for $4 Billion
- Deal is with Franklin Mountain and Avant Natural Resources
- It expands Coterra’s reach on New Mexico side of Permian
Texas oil and natural gas producer Coterra Energy Inc. has reached agreements with two closely-held companies to buy assets in the Permian Basin for $3.95 billion.
Coterra will pay for the assets from Franklin Mountain Energy and Avant Natural Resources with $2.95 billion in cash and $1 billion in stock, according to a statement Wednesday.