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Anadarko Announces Sale Of Eagleford Shale Assets

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Oilfield Technology,

Anadarko Petroleum Corporation announced today it has agreed to sell its Eagleford Shale assets in South Texas for approximately US$2.3 billion to Sanchez Energy Corporation and Blackstone Group LP. Anadarko's sponsored master limited partnership, Western Gas Partners, LP, 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 - 14% 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 totalled approximately 45 000 bbls of liquids per day and approximately 131 million ft3 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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