Anadarko Divests Canadian Unit, Adds US Properties

Anadarko Petroleum Corporation on Thursday completed the previously announced sale of its wholly owned subsidiary, Anadarko Canada Corporation, to Canadian Natural Resources Ltd. In addition, Anadarko has agreed to divest its remaining Canadian arctic frontier interests through a separate exchange of assets with Chevron USA Inc. and Chevron Canada Limited, wholly owned subsidiaries of Chevron Corporation.

"These divestitures advance our efforts to refocus the portfolio and reduce debt following our acquisitions of Kerr-McGee and Western Gas Resources in August," Anadarko Chairman, President and CEO Jim Hackett said. "The sale of Anadarko Canada has allowed us to reduce debt by about $4 billion, while the Chevron transaction has provided valuable new interests within our core onshore and deepwater Gulf of Mexico focus areas."

The transaction with Chevron involves a swap of Anadarko's interests in the Mackenzie Delta, Beaufort Sea and Yukon areas in return for an incremental 12.5 percent working interest in seven deepwater Gulf of Mexico blocks encompassing the Tonga discovery, as well as enhanced terms within the companies' recently announced west Texas exploration joint venture. Anadarko, which currently is drilling an offset well to the Tonga discovery, now has a 37.5 percent working interest and intends to accelerate development of the field, potentially as a tie-back to the company's 100 percent owned Constitution production facility.

Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2005, the company had 2.45 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. In August 2006, Anadarko acquired Kerr-McGee Corporation and Western Gas Resources, Inc. in separate transactions totaling $23.3 billion, including the assumption of debt.

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