Divestiture

Since its blockbuster acquisitions of Kerr-McGee Corp. and Western Gas Resources Inc. (see Daily GPI, June 26, 2006), Anadarko Petroleum Corp. has been on a divestiture tear, cutting down acquisition debt through multiple asset sales. So far, the company’s plan to end 2007 with $12 billion of debt is on track, according to analysts.

Following up on its divestiture plan that was first announced in June, Anadarko Petroleum Corp. on Thursday reported that it has completed the sale of its Anadarko Canada Corp. (ACC) subsidiary to Canadian Natural Resources Ltd. with no adjustments to the previously announced aggregate consideration of US$4.075 billion. In addition, Anadarko announced that it has agreed to divest its remaining Canadian arctic frontier interests through a separate exchange of assets with Chevron USA Inc. and Chevron Canada Limited, wholly owned subsidiaries of Chevron Corp.

Following up on its divestiture plan that was first announced in June, Anadarko Petroleum Corp. on Thursday announced that it has completed the sale of its Anadarko Canada Corp. subsidiary to Canadian Natural Resources Ltd. with no adjustments to the previously announced aggregate consideration of US$4.075 billion. In addition, Anadarko announced that it has agreed to divest its remaining Canadian arctic frontier interests through a separate exchange of assets with Chevron USA Inc. and Chevron Canada Limited, wholly owned subsidiaries of Chevron Corp.

Stopping to catch its breath following a busy summer on the acquisition and divestiture front, The Woodlands, TX-based Anadarko Petroleum Corp. said last week it is well on its way to restoring its balance sheet while putting in place permanent financing for its August acquisitions of Kerr-McGee Corp. and Western Gas Resources Inc. Following the announcement two weeks ago that it is selling its Canadian subsidiary, the company added that it is also eyeing further divestitures.

Stopping to catch its breath following a busy summer on the acquisition and divestiture front, The Woodlands, TX-based Anadarko Petroleum Corp. said Tuesday it is well on its way to restoring its balance sheet while putting in place permanent financing for its August 2006 acquisitions of Kerr-McGee Corp. and Western Gas Resources Inc. Following the announcement last week that it is selling its Canadian subsidiary, the company added that it is also eyeing further divestitures.

High commodity prices and an active market for assets have prompted Houston-based Plains Exploration & Production Co. (PXP) to pursue the divestiture of nonstrategic oil and gas properties, mainly in California and Texas, the company said Wednesday. Separately, Midland, TX-based independent Saber Resources LLC hired Energy Spectrum Advisors Inc. (ESA) to divest all of its oil and gas interests in the Permian Basin, which are about 90% oil producing.

EnCana Corp. completed the first phase of a $1.5 billion gas storage asset divestiture on Friday, selling the bulk of its AECO Hub storage operations in Alberta, the Salt Plains storage facility in Oklahoma and the proposed Starks Gas Storage complex in Louisiana to the Carlyle/Riverstone Global Power and Energy Fund for $1.3 billion. The assets will be owned by Carlyle/Riverstone subsidiary Niska Gas Storage.

Devon Energy Corp. said last week that it has completed its three year program to divest non-core midstream assets. The program, which began in 2002, involved nine separate transactions.

Devon Energy Corp. said Thursday that it has completed its three year program to divest non-core midstream assets. The program, which began in 2002, involved nine separate transactions.