Anadarko sell Eagleford shale assets in $2.3 billion deal

Anadarko to sell Eagleford shale assets in $2.3 billion deal

7:56 AM, 16th January 2017
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HOUSTON, US: Anadarko Petroleum Corporation (APC) has agreed to sell its Eagleford shale assets in South Texas to Sanchez Energy Corporation and Blackstone Group LP. For a transaction value of approximately $2.3 billion.

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 transaction is expected to close in the first quarter of 2017. 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 totalled approximately 45,000 barrels of liquids per day and approximately 131 million cubic feet of natural gas per day.

"The ongoing success of our portfolio management activities provides us with the flexibility to further accelerate capital investments in our higher-return oil opportunities. 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,” said Al Walker, chairman, president and CEO, Anadarko.

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