Anadarko to Sell Colorado Pipeline Assets
Texas-based Anadarko Petroleum Corp., has agreed to sell Colorado pipeline assets to Western Gas Partners LP for $498 million.
The purchase of the Wattenberg system includes 1,734 miles of pipelines that gather natural gas from producing wells, as well as a plant that can process 105 million cubic feet of fuel a day, Western said in a statement. The deal also includes contracts held by Anadarko to process gas for producers.
The deal will bring Anadarko more than $470 million in cash and partnership units of Western, according to the announcement made yesterday. The oil and gas producer has a 25 percent stake in BP’s Macondo well, which caused the biggest oil spill in U.S. history. Anadarko is in a dispute with BP over whether it should have to pay a share of spill-related costs after alleging that its partner, which operated the well, caused the disaster.
Filed Under: ARCHIVES • Corporate News
Tags: Anadarko Petroleum • colorado oil and gas industry • Western Gas Partners
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