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:
Phillips 66, Bridger Pipeline
Project:
Liberty Pipeline
Type:
Project includes construction of an oil pipeline from the Bakken and Rockies production areas to Corpus Christi, TX
Length:
~1,300 miles
Capacity:
350 Mbpd
Start:
NA
Completion:
4Q 2020
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