Anadarko Shops Canadian Unit
Anadarko Petroleum (APC) is planning to sell its Canadian unit as part of a broader corporate makeover that will dramatically reshape the oil and gas developer.
Driving the proposed sale are the pending acquisitions of Kerr-McGee (KMG) and Western Gas Resources (WGR). Last week, Texas-based Anadarko disclosed plans to buy the two companies in deals that together are worth more than $20 billion.
The company said it expects the sale to proceed quickly because it's already received unsolicited expressions of interest from multiple parties. Proceeds from the expected sale would be used to retire debt associated with the Kerr-McGee and Western Gas acquisitions.
Anadarko Canada currently produces around 340 million cubic feet equivalent a day, about 85% of which is natural gas. The operation has around 575 employees and is based in Calgary.Shares of Anadarko closed regular trading up $1.04, or 2.4%, to $45.05. The stock added another 45 cents after hours.
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