Anadarko Petroleum Corp. (APC), which has been selling off noncore North American properties since it bought Kerr-McGee Corp. and Western Gas Resources last year, last week sold a group of Central and East Texas natural gas-weighted assets to several buyers for $750 million. Only one buyer, EV Energy Partners LP (EVEP), was disclosed.
Kerr
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Anadarko Sheds Austin Chalk Gas Properties for $750M
Anadarko Petroleum Corp. (APC), which has been shedding noncore North American properties since it bought Kerr-McGee Corp. and Western Gas Resources last year, on Monday sold a group of Central and East Texas natural gas-weighted assets to several buyers for $750 million. Only one buyer, EV Energy Partners LP (EVEP), was disclosed.
Anadarko Hedges Kerr-McGee, Western Production
In connection with its acquisitions of Kerr-McGee and Western Gas Resources in August, Anadarko Petroleum Corp. has hedged about 75% of the acquired oil and gas volumes through 2008, including hedges existing prior to the acquisitions. Anadarko announced its deal to acquire the companies in June (see Daily GPI, June 26).
Deepwater Lower Tertiary Holds Prospect for Significant Reserves
It will take years to develop, but industry observers are watching what may be the most significant discovery in the Gulf of Mexico (GOM) deepwater to date. The discovery was announced last week by Chevron Corp., Devon Energy Corp. and Statoil ASA after the trio completed the deepest extended drill stem test in history, with a successful production test on the Jack No. 2 well at Walker Ridge Block 758.
Industry Briefs
Anadarko Petroleum Corp. has completed its acquisition of Kerr-McGee Corp. (KMG) and awaits final approval for its acquisition of Western Gas Resources Inc. (WGR) later this month. KMG shareholders voted to adopt the merger agreement and will receive $70.50/share in cash for each share of common stock. Anadarko’s $21.1 billion mega-merger agreement with KMG and WGR was approved by the Federal Trade Commission earlier this week (see Daily GPI, Aug. 9). In connection with the transaction, Anadarko anticipates it will guarantee the outstanding publicly held indebtedness of KMG. In connection with the merger, Charles A. Meloy, KMG’s vice president of exploration and production, will become Anadarko’s senior vice president of Gulf of Mexico and international operations. Luke R. Corbett, formerly chairman and CEO of KMG, has been appointed to Anadarko’s board of directors.
SEC Launches Informal Inquiry of Anadarko Mega-Merger
Anadarko Petroleum Corp., Kerr-McGee Corp. (KMG) and Western Gas Resources (WGR) confirmed Thursday that the Securities and Exchange Commission (SEC) has launched an informal inquiry into possible insider trading involving their $21 billion merger announcement last month (see NGI, June 26).
SEC Launches Informal Inquiry of Anadarko Mega-Merger
Anadarko Petroleum Corp., Kerr-McGee Corp. (KMG) and Western Gas Resources (WGR) confirmed Thursday that the Securities and Exchange Commission (SEC) has launched an informal inquiry into possible insider trading involving their $21 billion merger announcement last month (see Daily GPI, June 26).
North American Producers Escalate Share Buyback Programs
Oil and natural gas reserve replacements are falling, but leading cash-rich producers like ExxonMobil, Royal Dutch Shell, BP plc, ConocoPhillips, Anadarko, Kerr-McGee, EnCana and Devon Energy are investing a lot of money into huge share buybacks. Some analysts have questioned whether more of the excess money should go into the exploration for new resources — which is still taking a hefty chunk of the cash — but companies cite a lack of profitable targets. Meanwhile, investors are reaping the benefits in larger dividends and stronger companies.
Gulf Operations Back to Normal as Claudette Steals 8 Bcf From Market
Gas prices fell about 20 cents last week at most points East of the Rockies despite the loss of about 8 Bcf of gas production because of shut ins in the Gulf of Mexico due to Hurricane Claudette. While about 2.7 Bcf/d of supply was knocked out on Tuesday when the hurricane made landfall on the central Gulf Coast of Texas near Matagorda Bay, nearly all of the supply was back on stream by Friday.