Anadarko to Sell South Texas Assets to Sanchez and Blackstone in $2.3 Billion Deal
January 12 2017 - 8:06PM
Dow Jones News
By Maria Armental
Anadarko Petroleum Corp. has agreed to sell its South Texas
oil-and-gas assets to Sanchez Energy Corp. and Blackstone Group LP
for $2.3 billion.
The Wall Street Journal had reported on the deal in October.
The deal, expected to close in the first quarter, includes
roughly 155,000 net acres located next to Sanchez's existing assets
with 130 gross drilled but uncompleted wells and is part of
Anadarko's planned asset sales to pay down debt. The company had
also said it would also consider investing some of the money in its
best assets if commodity prices improve.
Western Gas Partners LP, Anadarko's master limited partnership,
still owns and operate midstream assets in the area and likely do
business with Sanchez Energy and Blackstone.
Kirkland & Ellis LLP served as legal adviser and Jefferies
& Co. served as the sole financial adviser to Blackstone.
Intrepid Partners served as the Sanchez Energy's financial adviser
and Akin Gump Strauss Hauer & Feld LLP and Kirkland & Ellis
LLP as its legal advisers.
Sanchez Energy's rose 1.7% to $8.85 in after-hours trading and
Blackstone's 0.5% to $30.35 while Anadarko's were up 0.14% to
$71.59.
Dana Mattioli and Kevin Kingsbury contributed to this
article.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
January 12, 2017 19:51 ET (00:51 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Blackstone (NYSE:BX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Blackstone (NYSE:BX)
Historical Stock Chart
From Sep 2023 to Sep 2024