Anadarko sells minority stake in project for $860M

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Associated Press

Posted on March 5, 2013 at 2:01 PM

Updated Tuesday, Mar 5 at 3:32 PM

HOUSTON (AP) — Anadarko Petroleum is selling a nearly 13 percent stake in the Heidelberg development project in the Gulf of Mexico for $860 million.

The Heidelberg development project is located in 5,300 feet of water, approximately 140 miles off the coast of Louisiana.

Anadarko is one of the world's largest independent oil and gas exploration and production companies. It operates in the Rocky Mountain region, the southern U.S., the Appalachian Basin and the Gulf of Mexico. It has international operations in China, Indonesia, New Zealand, Brazil and Africa.

The company did not disclose who it was selling the 12.75 percent stake to. Anadarko Petroleum Corp. will continue to hold a 31.5 percent stake in the project.

The deal is expected to close in April.

Last month Anadarko reported that it returned to a profit in its fourth quarter as rising production helped to offset lower prices for natural gas and oil.

Shares of Anadarko Petroleum climbed $2.78, or 3.5 percent, to $83.12 in afternoon trading Tuesday. The stock has traded in a 52-week range of $56.42 to $87.37.

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