Anadarko Sells Interest in Peregrino Oilfield Offshore Brazil for $1.4B

Anadarko has completed the previously announced sale of its 50% interest in the Peregrino heavy-oil field offshore Brazil to StatoilHydro and received approximately $1.4 billion of net after-tax proceeds.

"The sale of Peregrino provides us with an opportunity to strategically redeploy capital toward our lower-risk assets in the U.S. onshore and high-impact oil projects such as Caesar/Tonga in the deepwater Gulf of Mexico and the Jubilee development offshore Ghana, both of which are anticipated to add significant volumes by 2011," Anadarko Chairman and CEO Jim Hackett said. "With the $1.4 billion of cash received from the sale and the anticipated book gain of approximately $900 million, we've enhanced the strength of our balance sheet, and we are confident that we will achieve our targeted net debt-to-cap range of 25 to 35 percent by the end of this year."

"This transaction directly benefits Anadarko and our stakeholders, as well as StatoilHydro and the nation of Brazil. We look forward to continuing our relationship with Brazil as we build upon the early success of our pre-salt exploration program in the deepwater Campos and Espirito Santo basins," added Hackett.

Anadarko retains its interest in seven exploration blocks, covering approximately 1 million gross acres in the Campos and Espirito Santo basins. Anadarko and partners are currently drilling the pre-salt Serpa prospect on block BM-ES-24. At least four additional pre-salt tests are planned for 2009, including further exploration and appraisal drilling near Anadarko's recent Wahoo discovery on block BM-C-30 in the Campos Basin.