Anadarko Petroleum Corp., Houston, (NYSE: APC) has closed the acquisition of Western Gas Resources Inc., Denver, (NYSE: WGR) for approximately $4.8 billion in cash, plus $650 million in assumed debt. The Western Gas assets are in the Powder River Basin in Montana and Wyoming. Proved reserves total 153 million barrels of oil equivalent (57% proved undeveloped). Production this year is expected to total about 12.5 million barrels (mostly gas). Anadarko plans to recover approximately 705 million barrels of oil equivalent on the Western Gas properties, at a full-cycle cost of approximately $6.7 billion, or less than $10 per barrel.
Recommended Reading
Norway’s Equinor Divests Gina Krog Field Interests
2024-06-04 - Equinor is selling its 19.5% interests in production licenses (PL) 048E, which is the Eirin field, and PL 1201 to PGNiG Upstream Norway for an undisclosed amount.
EQT Strengthens Appalachian Position in Swap with Equinor
2024-04-16 - EQT, the largest natural gas producer in the U.S., is taking greater control of the production chain with its latest move.
EQT, Equinor Agree to Massive Appalachia Acreage Swap
2024-04-15 - Equinor will part with its operated assets in the Marcellus and Utica Shale and pay $500 million to EQT in exchange for 40% of EQT’s non-operated assets in the Northern Marcellus Shale.
Weatherford, Equinor Extend Completions, Slot Recovery Agreement
2024-05-28 - Weatherford’s technology will provide Equinor with simplified downhole architecture, cost savings and remote monitoring.
Equinor Acquires Stake in Standard Lithium Smackover Projects
2024-05-08 - Equinor’s transaction, completed effective May 7, includes interests in Standard Lithium’s flagship South West Arkansas Project and East Texas properties.