Anadarko to sell Texas fields for $1B |
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Thu, 18 Jan 2007 15:40
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HOUSTON (AFX) - Anadarko Petroleum Corp. on Thursday said it agreed to sell its interests in 28 crude oil fields in West Texas to Apache Corp. for $1 billion in its latest debt reduction move.The Permian Basin fields are expected to produce about 12,000 barrels of oil equivalent per day from about 3,950 wells on 143,000 net acres. Anadarko operates roughly 90 percent of the properties.Anadarko has been selling assets ever since borrowing $22.5 billion to buy Kerr-McGee Corp. and Western Gas Resources Inc. in August. The Woodlands, Texas-based company has stated a target of cutting debt to about $12 billion this year.The deal will be arranged through a joint venture and is expected to close in the first quarter, subject to customary conditions.On Wednesday, Anadarko agreed to sell its interests in certain Wyoming oil fields to crude oil and natural gas producer Encore Acquisition Co. for $400 million. Last month, the company 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 This material may not be published, broadcast, rewritten, or redistributed.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 sells Wyo. oil fields for $400M 