Anadarko receives $419 million additional payment associated with 2008 sale of Peregrino oil field

Source: Anadarko Petroleum Corporation

Anadarko Petroleum Corporation (NYSE: APC) today announced it has received approximately $419 million from Statoil Brasil Óleo e Gás Ltda. to satisfy the contingent payment feature associated with the 2008 divestiture of Anadarko's 50-percent working interest in the Peregrino oil field located in the Campos Basin offshore Brazil. In December 2008, Anadarko closed the sale of its interest in the Peregrino field to Statoil for proceeds of approximately $1.4 billion plus future consideration contingent upon commodity prices.

"Beyond the initial value realized by the Peregrino transaction, this additional $419 million payment was achieved by structuring the divestiture to capture a portion of the future value of the asset," said Al Walker, Anadarko President and Chief Operating Officer. "The value of this contingent pricing mechanism, which significantly exceeded the amount we anticipated at the time of the transaction, was aided by both the strength of Brent oil pricing and Statoil's operational success in bringing the Peregrino field on line."

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