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Anadarko to sell certain Marcellus assets for $1.24 billion
December 21, 2016 / 9:34 PM / 9 months ago

Anadarko to sell certain Marcellus assets for $1.24 billion

(Reuters) - Oil and gas producer Anadarko Petroleum Corp (APC.N) said it would sell certain natural gas assets in the Marcellus shale for about $1.24 billion to a unit of Alta Resources Development LLC.

Anadarko, which bought Gulf of Mexico assets from Freeport McMoRan Inc (FCX.N) for $2 billion in September, said Wednesday’s sale excluded assets of its master limited partnership, Western Gas Partners LP (WES.N).

The Marcellus shale divestiture includes about 195,000 net acres, the company said on Wednesday.

Sales volumes from these assets totaled about 470 million cubic feet per day of natural gas equivalents at the end of the third quarter.

The Marcellus shale play, the largest natural gas shale play in the United States by reserves volume, runs through Pennsylvania, West Virginia, New York and Ohio.

Anadarko’s asset sale is the latest in the Marcellus region.

Norwegian oil company Statoil ASA (STL.OL) sold its assets in the area to EQT Corp (EQT.N) early this year, while Canadian energy producer Enerplus Corp (ERF.TO) put up its natural gas assets in the region up for sale in October.

Jefferies LLC marketed Anadarko’s assets, while Sidley Austin LLP served as legal counsel.

Reporting by John Benny in Bengaluru; Editing by Shounak Dasgupta

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