Anadarko Announces Wattenberg Property Exchange
Anadarko Petroleum Corporation (NYSE: APC) today announced the closing of a property exchange with Noble Energy, Inc. (NYSE: NBL) in the Wattenberg field of northeastern Colorado, effective Jan. 1, 2013.
“This Wattenberg trade unlocks significant additional value for both Anadarko and Noble Energy by consolidating operated acreage positions, which enables more efficient development planning and infrastructure utilization,” said Chuck Meloy, Anadarko Executive Vice President, U.S. Onshore Exploration and Production. “The trade is expected to achieve greater operating efficiencies, reduce costs and local impacts, and further improve safety performance. This exchange also demonstrates Anadarko’s active portfolio management and commitment to accelerating cash generation, as we anticipate increasing activity on our core Wattenberg acreage, where we are generating rates of return that exceed 100 percent.”
Under the terms of the trade, each party will exchange approximately 50,000 net acres. For Anadarko, this acreage exchange will enhance its core development area, while retaining the benefits of its Land Grant mineral ownership on approximately 21,000 acres of the lands to be conveyed to Noble. The trade also will increase Anadarko’s daily production by approximately 8,000 barrels of oil equivalent based on current production levels. The trade is subject to customary post-closing adjustments.
Maps illustrating the Wattenberg acreage positions of Anadarko and Noble both pre- and post-closing are attached to this news release and available on Anadarko’s website.
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