HOUSTON, Jan. 12, 2017 /PRNewswire/ -- Anadarko
Petroleum Corporation (NYSE: APC) announced today it has agreed to
sell its Eagleford Shale assets in South
Texas for approximately $2.3
billion to Sanchez Energy Corporation and Blackstone Group
LP. Anadarko's sponsored master limited partnership, Western Gas
Partners, LP (NYSE: WES), will continue to own and operate its
midstream assets in South Texas
and is expected to benefit from drilling commitments made by the
buyers in conjunction with this transaction.
"The ongoing success of our portfolio-management activities
provides us with the flexibility to further accelerate capital
investments in our higher-return oil opportunities in the
Delaware Basin, the DJ Basin, and
the deepwater Gulf of Mexico,
which drive our ability to deliver a 12- to 14-percent five-year
compounded annual oil growth rate," said Al
Walker, Anadarko Chairman, President and CEO. "We are deeply
grateful to the team at Anadarko, which has built the Eagleford
Shale into a coveted asset that will continue to be an important
domestic source of energy for our nation."
The divestiture includes approximately 155,000 net acres
primarily located in Dimmit and
Webb counties. At the end of the
fourth quarter of 2016, sales volumes from these properties totaled
approximately 45,000 barrels of liquids per day and approximately
131 million cubic feet of natural gas per day.
The transaction is expected to close in the first quarter of
2017, subject to customary closing conditions and adjustments.
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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, realize its expectations regarding
performance and drill, develop and commercially operate the
projects identified 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
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