Anadarko secures monetizations totaling $1.3B

Anadarko Petroleum Corp. (NYSE: APC) has closed or signed agreements to monetize $1.3 billion of assets since the beginning of the year. The monetizations include the forward sale of future royalty income from its natural soda ash interest, the divestiture of its East Chalk asset, and the sale of its interest in the Maverick Basin gathering system.

On Feb. 23, Anadarko closed an agreement, under which it sold a portion of its future royalties associated with existing soda ash and coal leases in Sweetwater County, Wyoming, to a third party for $420 million. On Feb. 10, Anadarko signed a sales agreement with an affiliate of Zarvona Energy LLC, to divest Anadarko's interest in the East Chalk area, primarily located in Tyler and Jasper counties, Texas, for $105 million. The transaction is expected to close early in the second quarter of 2016.

Anadarko has also announced an agreement with Western Gas Partners LP (NYSE: WES), whereby WES will acquire a 100% interest in Springfield Pipeline LLC, from Anadarko for $750 million. Springfield's sole asset is a 50.1% interest in the Maverick Basin gathering system, located in Dimmit, La Salle, Maverick and Webb counties in South Texas. The transaction is expected to close by March 15.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...