Anadarko Completes Gulf of Mexico Shelf Divestiture
Anadarko Petroleum has completed the divestiture of its Gulf of Mexico shelf subsidiary to W&T Offshore for pre-tax proceeds of $1 billion, after adjusting for net cash flows subsequent to the Oct. 1, 2005 effective date.
Kerr-McGee Corporation, which was acquired by Anadarko on Aug. 10, 2006, announced the agreement to sell its shelf subsidiary to W&T Offshore on Jan. 23, 2006. Anadarko plans to use the net after-tax cash proceeds of approximately $750 million to reduce debt.
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 June, Anadarko agreed to acquire Kerr-McGee Corporation and Western Gas Resources in separate all-cash transactions totaling $21.1 billion, plus the assumption of debt estimated at $2.2 billion. Both of these transactions have now closed.
- 4 Ways Agile Sourcing Can Lead Enterprises to Success (Nov 10)
- Gadfly: Anadarko Woke Up, and It Really Smells the Coffee (Nov 01)
- No More Free Lunch Is the Big Change Under Way in the Oil Market (Oct 09)