Bloomberg News

Anadarko Has Agreement for Salt Creek JV Involving 23% of Assets

March 13, 2012

Anadarko Petroleum Corp. (APC) has an initial agreement for a joint venture for its Salt Creek enchanced oil recovery project, the company said in an investor presentation in The Woodlands, Texas, today. Anadarko would sell 23 percent of the assets in a transaction that would include the buyer paying a portion of development costs, Chief Financial Officer Bob Gwin said. He said the transaction has confidentiality restrictions, and may close in coming weeks.

Anadarko also said it’s considering a joint venture for holdings in the DJ Basin, excluding its core Wattenberg area. The company may do at least one more joint-venture transaction during the year, Gwin said.

To contact the reporter on this story: Edward Klump in Houston at eklump@bloomberg.net

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


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