Mcgee

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.

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).

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.

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).

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).

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.