Anadarko Selling Pipeline, Storage Assets
11/9/2018
Anadarko said it will sell “substantially all of its remaining midstream assets” for $4 billion to Western Gas Partners in a move the company said will result in a simplified midstream structure. The sale is expected to close in the first quarter of 2019.
“The size of this asset sale, along with the clear benefits of the simplification transaction, highlights the tremendous value of Anadarko's midstream business,” said Al Walker, Anadarko chairman, president and CEO.
In announcing the move, Anadarko said it will maintain control of one of the largest midstream master limited partnerships, with about 55% ownership of the combined equity.
The sale also reduces future midstream capital funding requirements associated with the divested assets.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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