Phoenix Exploration Company, a platform of The Carlyle Group and Riverstone Holdings, today announced an agreement to buy on- and offshore oil-field assets from Cabot Oil and Gas Corporation for $340 million (€265 million).
The assets include all of the Gulf of Mexico and south Louisiana assets of Cabot Oil, including 22 fields located onshore and in waters along the Louisiana Gulf Coast, as well as 34 offshore sites on the Gulf of Mexico shelf.
Phoenix Exploration was created in April with a $250 million commitment from Carlyle and Carlyle energy affiliate Riverstone. The platform is led by a management team that previously worked at Gryphon Exploration Company, a Warburg Pincus portfolio company that was sold last year to Woodside Energy.
The Cabot Oil transaction involves oil swap hedges from $70.37 per barrel to $76.30 per barrel and natural gas swaps at $8.135 to $9.745 per mmbtu.
In a statement, Phoenix chief executive William Flores noted that Cabot had decided to “narrow the focus of its operations and capital allocation”.