Anadarko Petroleum agreed to sell its operated and non-operated upstream assets and operated midstream assets in the Marcellus Shale of north-central Pennsylvania to Alta Marcellus Development, a wholly owned subsidiary of Alta Resources Development, for about $1.24 billion. The transaction is expected to close during the first quarter of 2017.
The midstream assets in the Marcellus owned by Western Gas Partners, Anadarko’s sponsored master limited partnership, are excluded from the agreement.
“With this transaction, we have announced or closed monetizations totaling well in excess of $5 billion in 2016, while principally focusing Anadarko’s U.S. onshore activities in the Delaware and DJ basins,” said Al Walker, Anadarko chairman, president and CEO.
The Marcellus Shale divestiture includes 195,000 net acres. At the end of the third quarter, sales volumes from these properties totaled 470 MMcf/d.
Tags: company, M&A, natural gas