Bloomberg News

Anadarko Agrees to Sell Processing Complex to Western Gas

December 15, 2011

(Adds pipeline size in third paragraph.)

Dec. 15 (Bloomberg) -- Anadarko Petroleum Corp. agreed to sell a natural-gas processing complex in Wyoming to an affiliate for $483 million.

Western Gas Partners LP will buy Anadarko’s interest in Mountain Gas Resources LLC, which owns the Red Desert Complex, according to a statement today.

The facility consists of two processing plants with a combined capacity of 173 million cubic feet per day and 1,295 miles (2,084 kilometers) of gathering lines. Western Gas is also buying a 22 percent interest in Rendezvous Gas Services LLC, which owns a 338-mile gathering system in the Jonah and Pinedale Anticline fields in southwest Wyoming.

“These assets are a great complement to our existing footprint in the greater Green River Basin, which continues to see solid resource development,” Western Gas Partners Chief Executive Officer Don Sinclair said in the statement.

Western Gas is a partnership set up by Anadarko to buy and operate pipelines and processing plants, according to its website. Both companies are based in The Woodlands, Texas.

Tudor, Pickering, Holt & Co. Securities, Inc. acted as Western Gas’s financial adviser, and Bracewell & Giuliani LLP was its legal adviser.

--Editors: Charles Siler, Jasmina Kelemen

To contact the reporter on this story: Mike Lee in Dallas at mlee326@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


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