Anadarko to sell Eagle Ford assets for $2.3 billion

Anadarko Petroleum Corp. will collect $2.3 billion selling properties in the Eagle Ford Shale in South Texas, as it reroutes cash to more profitable oil fields, the company said Thursday.

The Woodlands-based oil explorer will sell 155,000 net acres in Dimmit and Webb Counties, regions where the company pumped 45,000 barrels of oil a day and 131 million cubic feet of natural gas a day.

Anadarko CEO Al Walker said the deal gives the company flexibility to keep parking cash in more economic fields in the Delaware Basin in West Texas, the DJ Basin in Colorado and the deep water regions in the Gulf of Mexico.

The sale to Houston oil producer Sanchez Energy Corp. and private equity firm Blackstone Group is expected to close in the first quarter. John Christiansen, a spokesman for Anadarko, said the acreage represents the entirety of its oil and gas-producing assets in the Eagle Ford, though it still operates midstream assets there through a subsidiary, Western Gas Partners.

SHOW MORE