Anadarko Announces $2 Billion Property Acquisition
Wednesday 14 September 2016
Anadarko Petroleum Corporation (NYSE: APC) announced today it has entered into a definitive agreement to acquire the deepwater Gulf of Mexico assets of Freeport McMoRan Oil & Gas for $2.0 billion. The transaction, effective Aug. 1, 2016, is expected to close prior to year end.
TRANSACTION HIGHLIGHTS
Doubles Anadarko's ownership in the Lucius development to approximately 49 percent
Adds approximately 80,000 net barrels of oil equivalent (BOE) per day, more than 80 percent of which is oil
Expands Anadarko's operated infrastructure throughout the Gulf of Mexico
Generates an estimated $3.0 billion of incremental Gulf of Mexico free cash flow(1) over the next five years at current strip prices
Enables accelerated investment in Anadarko's Delaware and DJ basin assets
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