Anadarko Petroleum to sell two fields for $1.8bn
Anadarko Petroleum Inc Tuesday announced that it has agreed to sell its two Louisiana oilfields to Exco Resources for $1.8 billion in cash.
Anadarko Petroleum mentioned that the Vernon and Ansley fields produce 192 million cubic feet of equivalent per day from about 350 wells and have six drilling rigs and four workover rigs at work, which are used to restore or increase production, the company added. Anadarko Petroleum’s Chairman, President and Chief Executive, Jim Hackett, said the sale was part of the company’s attempt to restructure its asset base and reduce debt. The deal is expected to close in the first quarter of 2007.
