Anadarko Announces New Acquisition Facility
The original acquisition facility was used to finance the 2006 acquisitions of Kerr-McGee Corporation and Western Gas Resources, Inc. As part of its portfolio optimization activity, the company has been using proceeds from asset sales to reduce the initial $22.5 billion of borrowings under the original facility.
"Anadarko remains on track to accomplish its asset divestiture and debt reduction goals during 2007 as originally planned. The maturity extension through the new facility provides us with additional flexibility during our balance sheet restoration program should market dynamics change," Anadarko Chief Financial Officer Al Walker said. "We are very focused on maintaining our investment grade credit ratings as a strategic component of our business model. In addition to the substantial debt reduction to date, we have announced approximately $4 billion in asset sales that are anticipated to close in the near term and will further reduce the balance outstanding under the facility. We continue to expect our net total debt outstanding at the end of 2007 will be reduced to $12 billion or less."
UBS Investment Bank, Credit Suisse and Citigroup, the arrangers under the original facility, have provided firm commitments to Anadarko to underwrite the entire new $10 billion facility.
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call