Anadarko to Pay $310MM for Bankrupt TXCO's Assets

HOUSTON (Dow Jones), Jan. 6, 2010

Anadarko Petroleum Corp. has agreed to pay $310 million in cash for most of bankrupt TXCO Resources Inc.'s assets, outbidding Newfield Exploration Co., according to a filing with the U.S. Securities and Exchange Commission.

The price is 39% higher than the $223 million that Houston-based Newfield agreed to pay Nov. 6 for the same assets, according to the document filed by TXCO Jan. 1.

Oil and gas exploration company TXCO has been operating in bankruptcy. The deal with Anadarko, which is expected to close before Feb. 28, is subject to the bankruptcy court's approval.

The deal gives Anadarko, based in The Woodlands, Texas, a larger position in the Eagle Ford shale in South Texas, according to analysts from Tudor Pickering Holt & Co.

Copyright (c) 2010 Dow Jones & Company, Inc.