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Terminal News

Anadarko to sell midstream assets for $4.015 billion

Anadarko to sell midstream assets for $4.015 billion
Anadarko Petroleum is selling all of its remaining midstream assets, including pipeline and oil systems in the Delaware and DJ Basins for $4.015 billion to Western Gas Partners.

At the same time, Western Gas Partners has entered into a merger agreement with Western Gas Equity Partners, which will result in a simplied midstream structure.

Anadarko is selling all of its interest in DBM Oil Services and APC Water Holdings to Western Gas. Western Gas is also acquiring a 50% stake in the Bone Spring Gas Plant and a 50% stake in MiVida Gas Plant in the Delaware Basin.

In the DJ Basin Western Gas will acquire Anadarko's 100% interest stake in both the DJ Basin Oil System and the Wattenberg Plant.

Additional assets being acquired include equity stakes in the Saddlehorn Pipeline, the Panola Pipeline and the Wamsutter Pipeline.

Anadarko will maintain operating control of the largest midstream master limited partnerships with 55.5% pro-forma ownership of the combined entity.

Al Walker, Anadarko chairman, president and CEO, says: 'The size of this asset sale, along with the clear benefits of the simplification transaction, highlights the tremendous value of Anadarko's midstream business.

'This will enhance the read-through value of Anadarko's midstream ownership through increased liquidity and a less complex structure.'



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