Anadarko sells Wyo. oil fields for $400M |
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Published
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Wed, 17 Jan 2007 14:28
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HOUSTON (AFX) - Anadarko Petroleum Corp. on Wednesday said it agreed to sell its interests in Wyoming's Elk Basin and Gooseberry oil fields to oil and gas producer Encore Acquisition Co. for $400 million.Production stood at about 4,350 barrels of oil equivalent per day from 614 wells on about 17,550 net acres. Anadarko said the sale also includes its Elk Basin gas plant and Clear Fork Pipeline Co., an oil and gas gathering system.The deal is expected to close by the end of the first quarter.The sale is the latest in a string of divestitures. The Woodlands, Texas-based Anadarko borrowed $22.5 billion in August to buy Kerr-McGee Corp. and Western Gas Resources Inc. and has been selling off other assets since then to reduce debt. The company has said it wants to cut its debt burden to about $12 billion by the end of this year.Late last month, Anadarko agreed to sell two Louisiana oil fields to Exco Resources Inc. for $1.6 billion.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Anadarko CEO to lead Dallas Fed board 