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BRIEF-Freeport-McMoran to sell onshore California Oil & Gas properties for $742 mln
October 14, 2016 / 12:27 PM / in a year

BRIEF-Freeport-McMoran to sell onshore California Oil & Gas properties for $742 mln

Oct 14 (Reuters) - Freeport-McMoran Inc

* Co to sell its onshore California Oil And Gas Properties to Sentinel Peak Resources California Llc

* Announces agreement to sell onshore California Oil & Gas properties for $742 million, including contingent consideration

* FCX to receive cash consideration of $592 million at closing, additional consideration of $50 million per annum in each of 2018, 2019, 2020

* Says net cash proceeds will be used for debt repayment

* Company does not expect to record a material gain or loss on transaction

* Says purchasers to also assume future abandonment obligations associated with properties, which had book value of about $0.1 billion at June 30 Source text for Eikon: Further company coverage:

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