HOUSTON, Dec. 21, 2016 /PRNewswire/ -- Anadarko
Petroleum Corporation (NYSE: APC) announced today it has agreed to
sell its operated and non-operated upstream assets and operated
midstream assets in the Marcellus Shale of north-central
Pennsylvania to Alta Marcellus
Development, LLC, a wholly owned subsidiary of Alta Resources
Development, LLC, for approximately $1.24
billion. The midstream assets in the Marcellus owned by
Western Gas Partners, LP (NYSE: WES), Anadarko's sponsored master
limited partnership, are excluded from the agreement.
"With this transaction, we have announced or closed
monetizations totaling well in excess of $5
billion in 2016, while principally focusing Anadarko's U.S.
onshore activities on our world-class oil-levered assets in the
Delaware and DJ basins," said
Al Walker, Anadarko Chairman,
President and CEO. "Our Marcellus team has done a superb job of
maximizing the value of our position in this natural gas play, and
we are grateful for their efforts and dedication."
The Marcellus Shale divestiture includes approximately 195,000
net acres and, at the end of the third quarter of 2016, sales
volumes from these properties totaled approximately 470 million
cubic feet per day.
The transaction is expected to close during the first quarter of
2017, subject to customary closing conditions and adjustments.
Jefferies LLC marketed the assets, and Sidley Austin LLP served as
Anadarko's legal counsel.
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Anadarko Petroleum Corporation's mission is to deliver a
competitive and sustainable rate of return to shareholders by
exploring for, acquiring and developing oil and natural gas
resources vital to the world's health and welfare. As of year-end
2015, the company had approximately 2.06 billion barrels-equivalent
of proved reserves, making it one of the world's largest
independent exploration and production companies. For more
information about Anadarko and Flash Feed updates, please visit
www.anadarko.com.
This news release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Anadarko
believes that its expectations are based on reasonable assumptions.
No assurance, however, can be given that such expectations will
prove to have been correct. A number of factors could cause actual
results to differ materially from the projections, anticipated
results or other expectations expressed in this news release,
including Anadarko's ability to consummate the transactions
described in this release. See "Risk Factors" in the company's 2015
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
other public filings and press releases. Anadarko undertakes no
obligation to publicly update or revise any forward-looking
statements.
Anadarko Contacts
MEDIA:
John
Christiansen, john.christiansen@anadarko.com,
832.636.8736
Stephanie Moreland,
stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin
Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com,
832.636.8320
Pete Zagrzecki,
pete.zagrzecki@anadarko.com, 832.636.7727
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SOURCE Anadarko Petroleum Corporation