Anadarko sells Eagleford Shale acreage

Anadarko Petroleum Corporation will sell its Eagleford Shale acreage, the US major said late on Thursday. The assets will be acquired by Sanchez Energy Corporation and Blackstone Group.

The transaction covers Anadarko’s 627 square kilometres across Dimmit and Webb counties. Valued at USD 2.3 billion, the deal is expected to close before the end of the first quarter of 2017. At the end of last year, hydrocarbons sales volumes from the assets were recorded at 45,000 barrels of liquids and 3.7 mcm (131 mcf) of natural gas per day.

“The ongoing success of our portfolio-management activities provides us with the flexibility to further accelerate capital investments in our higher-return oil opportunities in the Delaware Basin, the DJ Basin, and the deepwater Gulf of Mexico, which drive our ability to deliver a 12- to 14-percent five-year compounded annual oil growth rate,” Anadarko Chairman, President and CEO Al Walker said in a press release.

The Eagleford sell off follows Anadarko’s December 2016 exit from the Marcellus Shale. In a transaction valued at USD 1.24 billion, the US independent sold its 789-square-kilometre Marcellus Shale position, along with associated assets, to privately held Alta Resources Development. Anadarko sourced 13.3 mcm (470 mcf) per day in natural gas sales volumes from the package during the third quarter of 2016.

Photo courtesy of Anadarko