SM Energy to Sell Some Texas Assets for $950 Million

SM Energy said on Wednesday it would sell select assets in South Texas to Caturus Energy for $950 million in cash to reduce debt and bolster its capital structure.

The U.S.-based oil and gas producer has agreed to sell nearly 61,000 net acres and about 260 producing wells in its southern Maverick Basin position in Webb County, Texas, along with related support facilities. Its shares were up 1.2% in premarket trading.

The transaction is expected to close in the second quarter, with an effective date of February 1.

(Reporting by Pooja Menon in Bengaluru; Editing by Shilpi Majumdar)