Anadarko to sell portion of K2 stake |
|
|
|
Published
:
Mon, 12 Mar 2007 14:09
|
HOUSTON (AP) - Anadarko Petroleum Corp. on Monday said it plans to sell a portion of its 65 percent working interest in the K2 oil production unit in the Gulf of Mexico to two undisclosed parties for $1.2 billion.Anadarko, which operates the six-well unit, agreed to sell a 23.2 percent working interest, keeping a 41.8 percent stake. A working interest is one in which the holder shoulders a portion of the development costs in exchange for part of the production.The transaction is expected to be completed in the second quarter, subject to closing conditions.Anadarko has been selling off assets to reduce its debt since buying Kerr-McGee and Western Gas Resources in separate deals in August. The company wants to cut its debt from about $26 billion at the start of the year to roughly $12 billion by the end of 2007.UBS and Credit Suisse were Anadarko's financial advisers on the latest sale.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Anadarko sells Wyo. oil fields for $400M 