Anadarko Petroleum to Shed More Propertiesadmin
Following last week’s sale of its Canadian subsidiary and a successful debt issuance, Anadarko Petroleum Corp. has announced plans to sell additional international assets, including its Mackenzie Delta and other Canadian arctic properties.
According to a Dow Jones MarketWatch report, Anadarko said in a news release that it is “actively marketing” the Canadian properties, along with some deepwater Gulf of Mexico properties it had previously acknowledged advertising.
“In addition to raising capital for debt reduction, targeted divestitures are expected to result in a portfolio of assets that is less capital intensive, more geographically concentrated, and has better growth potential with lower execution risk,” said Anadarko Chief Financial Officer Al Walker.
Anadarko has vowed to raise $15 billion in asset sales and new equity in the aftermath of its dual acquisitions this year of Kerr-McGee Corp. and Western Gas Resources, for which it raised $24 billion in debt. Last week, Anadarko raised $5.5 billion in new debt, after increasing the offering by $500 million in response to investor demand. This week’s news release called the debt offering “the largest issuance ever” by an energy independent.
As CSNews Online reported on September 15, the company also announced that it was selling its Canadian subsidiary, Anadarko Canada Corp., to Canadian Natural Resources Ltd. for $4.1 billion. The deal is expected to close by the end of October.
Anadarko’s chief executive, Jim Hackett, told the Associated Press that the Anadarko Canada sale would help the company focus its portfolio and reduce debt.